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Beyond Rationality: Behavioural Economics and the Modern Economy

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This five day intensive short course will bring participants up to date with modern developments in behavioural economics.

Register here for a detailed course outline.|

Behavioural economics has revolutionised economics in the past thirty years by replacing the standard assumptions of perfect rationality and unbridled self-interest with more psychologically realistic alternatives. Behavioural economists believe that economists have traditionally acted as if humans are smarter and harsher than they actually are. More importantly, the departures from rationality and selfishness are systematic – the scientific goal of behavioural economics is to understand how people actually behave. 

Programme benefits:

  • Understand the heuristics and biases that characterise key aspects of human decision making
  • Gain an overview of people's social, risk and time preferences. In particular, how a better understanding of imperfect self-control and loss aversion have revolutionised economic debates in the past decade
  • Build a deeper understanding of the foundations of behavioural finance and some of the anomalies in financial markets
  • Acquire knowledge to help navigate some of the new regulatory solutions that behavioural economists advocate, and also the possibilities and limits of libertarian paternalism.

"The hard work of the lecturers paved the way to a comprehensive coverage of behavioural economics and an increasing understanding for an economic area this developing rapidly."

Participant on Beyond Rationality: Behavioural Economics and the Modern Economy

The course will draw on psychological/experimental research as well as formal behavioural economic models.

This course will bring students up to date with modern developments in behavioural economics, with the aim of providing a clear statement of both behavioural economic thought and its implications for both firms and regulators. It will draw heavily on psychological and experimental research and formal economic models, and would appeal to those who have read about nudges or biases in the popular press but want a more disciplined understanding before applying it to their sector.

Key topics addressed:

  • Behavioural Finance: Trade, Insurance and Risk Perceptions
  • Planning over Time: Procrastination, Credit Markets, Housing, Saving and Retirement
  • Limited Social Rationality: Winner's Curse, Social Learning, Defensive Medicine
  • Libertarian Paternalism, Nudges.

This executive course is suitable for:

  • Professionals in the business and financial sector
  • Policy practitioners interested in applying behavioural insights to public policy.



"Lecturers had great presentation skills. Good awareness of the class members desire to comment or question & allowed them ample time to contribute plus concisely answered their questions."

Investments Manager, AUSCOAL Superannuation Pty Ltd, Australia

"Very well organised programme. I enjoyed the academic nature of this particular course. Teaching staff were very knowledgeable, friendly and approachable."

European Investment Communications Manager, Capital International Ltd, UK

Our client list includes:

  • Auscoal Superannuation Pty Ltd
  • Banca d’Italia
  • Bayer SAS
  • Dutch Ministry of Justice
  • EPOS Health Management
  • European Central Bank
  • Financial Conduct Authority
  • Foreign & Commonwealth Office
  • Hanway Films Ltd
  • HSBC
  • ING Real Estate
  • Institute of Chartered Accountants
  • International Labour Organisation
  • JP Morgan Asset Management
  • National Savings and Investments
  • Netherlands Authority for the Financial Markets
  • Norwegian Ministry of Finance
  • Procter & Gamble
  • Saudi Arabia Ministry of Foreign Affairs
  • Saudi Aramco
  • University of California
  • Whole Foods Market UK
  • Xstrata Canada Corporation



Course details:

Dates: 29 June - 3 July 2015

Format: Five day intensive executive programme

Location: LSE's Central London Campus, New Academic Building, WC2A 2AE

Teaching faculty:

Dr Matthew Levy|

 Dr Kristof Madarasz|

Tuition fee:  £3,495 (includes all course materials)

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