Economic research using laboratory and field experiments has discovered seemingly robust behavioural deviations from the model of homo oeconomicus, the rational, egoistic decision maker assumed in “standard” economic theory. In this course, we explore critically the challenges these behavioural regularities pose for economic theory, and will study behavioural economic models of decision-making which aim to incorporate and predict real-world economic behaviour. Specifically we review prospect theory (and its key component loss aversion), and theories of reference-dependent preferences, as well as related topics such as endowment effects, the sunk cost/Concorde fallacy, action inertia, mental accounting, risk and time preferences, self command/self-regulation, cognitive illusions such as over-confidence, and simple heuristics that make us smart.
Please note that the University reserves the right to vary student fees in line with relevant legislation. This fee information is provided as a guide and more specific information about fees, including fee policy, can be found on the fee website.
For advice about fees for courses with a fee displayed as "Not Applicable", including some Work Experience and UNSW Canberra at ADFA courses, please contact the relevant Faculty.
Where a Commonwealth Supported Students fee is displayed, it does not guarantee such places are available.