ECON 178 Behavioral Economics

The field of behavioral economics draws on insights from other disciplines, especially psychology, to enrich our understanding of economic behavior.  The course will discuss how psychological considerations can create “behavioral anomalies” (that is, patterns that diverge from the predictions of standard economic models), the ways in which economists incorporate those considerations into their theories, and the implications of those theories for market outcomes and public policies.  The course will also examine the implications of social motives (such as altruism or concerns about fairness, equity, status, or image) for economic behavior. Prerequisites: ECON 51, ECON 102A