Programmes

Behavioural Economics and the Modern Economy

  • Executive
  • Department of Economics
  • Application code EE941
  • Starting 2019
  • Short course: Open
  • Location: Houghton Street London

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

5 day intensive programme running 15 - 19 June 2020

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.  

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

This executive course is suitable for:

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

Tuition Fee: £5,995

Includes all LSE tuition, course materials, daily lunches, and networking events. You will also be awarded an LSE certificate of completion at the end of the five days.

Part of LSE Executive Education Courses

Programme details

Entry requirements

All LSE executive education participants are required to have:

  • Fluency in English.
  • A good undergraduate degree or significant work experience in a relevant role(s).
  • Minimum two years’ professional experience. Typically our participants have more than ten years’ work experience.

Course pre-requisites: 
Basic knowledge of Microeconomics

 

Programme structure

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. 

View a sample timetable of the week >>

Course outcomes

  • 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.

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Faculty and guest speakers

The course will be taught by:

  • Dr Matthew Levy
  • Professor Erik Eyster
  • Professor Nava Ashwaf
  • Dr Kristof Madarasz

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