ECNS 491-001  Behavioral Economics  (CRN: 25404)

Instructor:  Dr. Carrera
Course Meeting Time:  MW 3:10pm - 4:25pm
Course Meeting Location:  LINH (Linfield Hall) Room 109
Course Prerequisites:  ECNS 301 and STAT 216

An Introduction to Behavioral Economics, a microeconomics field which uses insights from psychology to improve economic models of behavior.

Course Topics will include the following:

  • Decisions involving risk
         o Expected utility theory
         o Prospect Theory
         o Loss aversion, the endowment effect
         o Reference points and social comparison
  • Decisions involving the future
         o Time inconsistent preferences
         o Present bias and procrastination
         o Misprediction of future preferences
         o Habit formation
         o Applications to borrowing, saving, and health behaviors
  • Decisions affecting other people
         o Ultimatum and dictator games
         o Inequality aversion
         o When is generosity driven by social pressure as opposed to altruism?
         o Reciprocity and revenge
  • Behavioral game theory
  • Cognitive Biases
  • Design and conduct a simple experiment conduct a simple experiment motivated by the concepts covered in this course.

 

ECNS 491-002  Game Theory  (CRN: 25473)

Instructor:  Dr. Jeff Carnegie
Course Meeting Time:  MWF 4:10pm - 5:00pm
Course Meeting Location:  LINH (Linfield Hall) Room 231
Course Prerequisites:  ECNS 204 and M 161

An Introduction to Game Theory, the formal method of mathematically modelling strategic choices between two or more players.

Course Topics will include the following:

  • Sequential Games
        o Extensive form games
         o Equilibria as a concept
         o Backward induction
         o Zero-sum games
         o E.g.: Cuban Missle Crisis & DPRK-US escalation
  • Simultaneous Games
         o Normal form games
         o Nash equilibria
         o Dominant strategies
         o Mixed (probabilistic) strategies
         o E.g.: Tragedy of the Commons
  • Repeated Games
         o Finite and infinite timelines
         o Grim Trigger and Tit-for-tat strategies
         o E.g.: Centipede and Trade agreements
         o Reciprocity and revenge
  • Bargaining
         o Rubinstein barganing
         o Take-it-or-leave-it offers
         o Negotiation strategies
         o E.g.: Rational Choice Models of War
  • Voting
         o Cooperative games
         o Axiomatic Theory
         o E.g.: Instant Rumoff and Range Voting