Economics with Experiments

Learning Outcomes

Knowledge and Understanding

Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:

• central concepts of microeconomics in theory and practice
• deviations from expected equilibrium behaviour in actual behaviour in experiments

Transferable and Generic Skills

Having successfully completed this module you will be able to:

• communicate logical arguments and quantitative reasoning through discussion in class and in form of an essay;
• identify, select and access a range of sources to develop and present arguments and evidence in the form of critical essays
• collaborate with others and identify problems and strategies for the achievement of common goals both practically in experiments and group work and analytically in assignments.

Subject Specific Intellectual and Research Skills

Having successfully completed this module you will be able to:

• abstract the essential features of complex systems and provide a useable framework for basic analysis in form of simple games.
• derive the optimal and equilbrium behaviour in simple games
• apply formal logic to solve simple games

This module will use the modern tool of economic experiments in order to explore important topics in economics, such as the functioning of markets, economic inequality and redistribution, human coordination and cooperation, behaviour in risky environments, evidence-based behavioural economic policy, and more.

For each topic, students will first participate in an economic experiment. The experience of participating in economic experiments in small, laboratory sessions will provide first-hand experience of economic problems as modelled and understood by economists. We will then discuss the results of the experiment, the economic theories that try to explain the observed behaviour, and some economic applications to which the experiment tries to bring insights.

Lectures, masterclasses and experiments, both in the classroom and in the Social Sciences Experimental Laboratory of the University of Southampton. The incorporation of laboratory experiments is truly innovative in that it provides "hands-on" training to the student in a way that complements the instruction of theoretical notions. In addition, all experiments will be interactive and pleasant.

Summative

This is how we’ll formally assess what you have learned in this module.

Referral

This is how we’ll assess you if you don’t meet the criteria to pass this module.

Repeat

An internal repeat is where you take all of your modules again, including any you passed. An external repeat is where you only re-take the modules you failed.