A loyal MR reader writes:
For a research on how undergraduate teaching of microeconomics incorporates the recent developments in behavioral economics, I have been trying to get the syllabuses of undergraduate microeconomics courses…
Syllabus or not, do you have information on how behavioral economics is being taught at the micro level? Comments are, of course, open…
Next Comments →
At least at UChicago, at the undergraduate level, it has been completely ignored, or attacked (pretty convincingly).
I skip it, for two reasons. First, I find that otherwise I don’t have time for oligopoly or other more important topics. And second, as interesting as behavioral economics is, I think it mostly confuses the students.
See Charlie Holt’s new micro textbook: Markets, Games, and Strategic Behavior on one way you can add elements of this.
We don’t have enough econ majors to teach intermediat
micro often (although we do teach managerial economics
to our business majors). In intro micro, none of the
three of us spends any time on behavioral economics,
for the usual reason-there’s not enough time to do
everything.
In Managerial, I don’t do much with is, for much the
same reason (and I lose a week or so having to do
a review of stats–most of my students are at least one
year, and often more than that, removed from their
stats classes–part-timers, mostly, and I do use some
stats stuff in Managerial).
Re: Dagger – depends on what you think ‘micro’ should be. Behavioral economics is essentially ‘positive’ economics – it tries to explain and model what people actually do. Mainstream economics is idealized and, essentially, normative – it says what people (specifically, purely self-interested actors) should do. It works well for firms, less so for consumers as a positive analytic tool. Behavioral econ on its own is mostly a ‘port’ of near-current psychology, sociology, and marketing science into the theoretical economics framework, not an attack on that framework.
Now, if someone were to update institutional economics, and pair its analysis of firm behavior with behavioral’s analysis of individuals, now that is a dagger pointing at mainstream micro. (The Mainstream micro does wear a nice suit of armor, though – it isn’t obvious the dagger would pierce the heart.)
We are teaching experimental economics to high school teachers, some of whom are using it at area high schools. And in most of our undergrad courses students do experiments. (Are we distinguishing between behavioral and experimental here? It makes a difference.) The neat thing is that more often than not, markets work well even though students are not thinking like economists.
Holt’s new book is very useful for a micro course.
BTW, re: introductory micro and behavioral – I doubt that it is in very many curricula. Game Theory has barely penetrated that far down. In general it takes about 20-30 years from the acceptance of a new concept, to the time it hits the introductory textbooks. Think Keynes – invented in the ’30s, hit the intro texts in the ’50s. Game theory hit in the ’70s, reached the books in the late ’90s, monopolistic competition, monetarism, etc – all reached intro books about 20-30 years after being invented. This happens in all fields, from physics(which barely gets into the 20th century in the first class, never mind the 21st) to sociology(which is just in the last few years shedding its marxist roots at the principles level) – the intro classes ‘stop’ at least 20 years prior to the present, whenever the present happened to be.
At the London School of Economics, 2nd year undergrads are taught a bit of behavioural economics (I happen to be a class teacher for that course). Nothing much really, just the Kahneman & Tversky value function and its most basic applications (Allais paradox, hedonic framing..)
“Put differently, is behavioral economics ultimately
a dagger pointed at the heart of mainstream micro?”
Put differently still, is mainstream economics a disease, and behavioral economics a cure?
Keep taking the medicine
.
Joe:
Bernanke’s point was not that economic models are flawed. An economic model can accurately describe people’s behavior without demanding that they think like economists. rvman’s point about simplifying assumptions is well taken. Bernanke uses Kahneman and Tversky to show how the assumptions that make economic models work are often difficult for the layman to understand, even if they convincingly describe his behavior in general terms. I agree that it seems like an odd way to open an introductory textbook, but it was particularly illustrative for me when I first read it.
I teach a one-semester AP Micro course to high school seniors, and we touch on behavioral economics at the end of the semester. The last week of the semester we spend about half of each class on some application or advanced topic in micro (environmental economics, applications to crime and personal relationships, etc.) One of our half-class sessions is a discussion of behavioral economics and exceptions to the rationality assumption. We base our discussion on a chapter in the Mankiw Principles text called “Frontiers of Microeconomics.”
I think the book by Dixit and Skeath came from an introductory (freshman level) class on “strategic behavior”. Does that count?
US Real Estate
UK Real Estate Online
Real Estate Las Vegas
Michigan Real Estate
Real Estate Listings
Real Estate South Carolina
Real Estate Loan Insurance Deals
Flights To Delhi
Software Outsourcing Software Development
Offshore Software Development Outsourcing
Outsourced Product Development Center
Offshore Software Product Testing
Smart Card Development Solutions Consultancy
jessica mcclintock perfume
britney spear perfume
dior perfume
celine dion perfume
creed perfume
lauren ralph perfume
angel perfume
Armani Perfume
Chloe Perfume
Designer Perfume
Dolce Gabbana Perfume
Ellen Tracy Perfume
Hermes Perfume
Hilton Paris Perfume
Healthy Cooking Recipies
Taj Mahal Agra
US Real Estate
UK Real Estate
Real Estate Las Vegas
Michigan Real Estate
Australian Real Estate
Summerlin Real Estate
Real Estate Agent
Real Estate Florida
Playstation Game Cheats
Emoticons for MSN
Women World
Dating
Recepies
Teen Lingerie
Hair style
Teen Dating
Teen Model
Kitchen worktops granite worktops granite supplier UK
You can find hot deals for Granite worktops kitchen worktops granite supplier, UK
Get yourself with bank intranet and credit union portals
Bank Intranet
Credit Union Intranet
this is great blog..its quite difficult to find such lucrative blogs these days
software outsourcing
software development india
offshore software development
SEO Company Ireland
SEO Company
Best affordable SEO solution from Ireland SEO Company UK at Maximum Hit, Our expert SEO consultants keen to help marketing and promotion of website for Google, Yahoo, MSN from all sized businesses and industry.
wholesale jewelry
sterling silver jewelry
diamond jewelry
christian jewelry
birthstone jewelry
wedding jewelry
mens jewelry
pearl jewelry
diamond engagement rings
mens rings
cheap engagement rings
mothers rings
emerald rings
tanzanite rings
mens diamond rings
diamond pendants
diamond journey pendant
journey pendant
pendant necklace
heart pendants
diamond necklaces
silver necklace
cross necklace
freshwater pearl necklaces
heart necklace
diamond earrings
unique earrings
dangle earrings
stud earrings
diamond hoop earrings
garnet earrings
amethyst earrings
diamond tennis bracelets
sterling silver bracelet
mens bracelets
amethyst bracelets
beach wedding dresses
linen pants men
mens linen shirts
Wedding shirts
Wedding pants
beach wedding dress
wedding attire for the beach
Laser hair removal clinic london is a specialist in treatments like aesthetic skin renewals and cosmetic procedures providing you with excellent results at competitive prices.
Behavioral economics may ultimately allow invite an institutional approach, which could be a dagger to the heart of mainstream micro. If economic rationality is not common, and yet we see in aggregate convergence to the mainstream micro predictions, then perhaps what is driving us there are institutions and not behavior. Hence a study of institutional arrangements may come to play a larger role in explaining economic outcomes than the narrow specter of economic rationality and common knowledge. The zero-intelligence Gode and Sunder (1993) literature or a biological system approach with evolutionary dynamics under the combined influences of chance, inheritance, and natural selection, are void of rational behavior or individual optimization, and yet aggregate outcomes are optimized. In this vein, agent-based computational economics could help resolve what contribution to economic outcomes are due to behavior and what is institutional.
In looking for micro courses that teach behavioral economics I came across this syllabus which looks interesting
http://www.iser.uaa.alaska.edu/iser/people/elhowe/ECON_F06/Econ_202_F06.pdf
Genuine Dyson Spares Parts
Dyson Doctor UK provides genuine Dyson spares, Dyson parts, Dyson vacuum cleaners spares parts, Dyson repair replacement vacuum cleaner parts with all types of spare parts repairing for Dyson. Visit site http://www.dysondoctor.com
Tropical Aquarium Heaters Supplies
Leading supplier of tropical aquariums, garden pond equipments, aquarium heaters, marine products, nishikoi staple fish food, pond liners, aquatics products and other aquarium supplies in UK. Visit site http://www.aquatics-direct.co.uk
Outdoor Camping Equipment Suppliers UK
We are the leading suppliers of outdoor camping equipment in UK. We provide camping stoves, regatta clothing, hiking boots, sleeping bags, coloman tents, gelert tents and other camping equipment supplies at massive discount prices. Visit site http://www.singersoutdoors.co.uk
Mobile phone covers UK
Mobile phone covers and mobile accessories UK for brands like Nokia, Siemens, Motorola, Samsung, Ericsson and Sagem. Choose from a range of phone covers that best suits your mobile model. Visit site http://www.thephonecovershop.co.uk
Aquarium Product Supplies
Aquatics online is the leading supplier of tropical aquarium accessories, lighting, pond pumps, aquarium tank equipment, filters, heaters, liners and other aquarium products in UK. Visit site http://www.aquatics-online.co.uk
Contemporary Diamond Earrings
Richard Anthony’s jewellery shop have beautiful collection of lovelinks jewellery, signet rings, contemporary diamond earrings, sterling silver earrings, necklaces and pendants, bangles and bracelets, rotary, mark echo and citizen eco-drive watches at the best price. Visit site http://www.richard-anthony.com
Clock Watch Repair
Mistal clock and watch repair restoration services provide clock repair services and watch repair services for old and branded watches like Omega watch repair, Seiko watch repair, Rolex watch repair, Armani watch repair, Timex watch repair, antique clock repair, cuckoo clock repair etc. Visit site http://www.mistal.co.uk
Please come to cheap aoc gold, we will give you a great surprise.
Next Comments →
Comments on this entry are closed.