Module overview
This module will familiarise students with some fundamental insights and principles in economics through participating, analysing and discussing experiments and it will introduce students to experimental methods as used in economics. This is done by using the modern tool of economic experiments in order to explore and illustrate central topics in economics.
This module complements ECON1020/ECON1022 and ECON1021 by enabling students to experience central concepts in economics in an interactive way.
Aims and Objectives
Learning Outcomes
Knowledge and Understanding
Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:
- deviations from expected equilibrium behaviour in actual behaviour in experiments
- central concepts of microeconomics in theory and practice
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.
- apply formal logic to solve simple games
- derive the optimal and equilbrium behaviour in simple games
Transferable and Generic Skills
Having successfully completed this module you will be able to:
- 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.
- 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
Syllabus
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.
Learning and Teaching
Teaching and learning methods
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.
| Type | Hours |
|---|---|
| Tutorial | 12 |
| Lecture | 12 |
| Independent Study | 126 |
| Total study time | 150 |
Resources & Reading list
General Resources
Detailed lecture notes freely available via Blackboard.
Textbooks
D.K. Levine (2012). Is Behavioural Economics Doomed? The ordinary versus the Extraordinary. Freely available at: https://www.openbookpublishers.com/product/77/.
D. Kahnemann (2012). Thinking, fast and slow. Penguin.
Assessment
Assessment strategy
Continuous participation in experiments, take-home problem sets, a presentation and essay (2250 words) prepared in groups. This is supported by formative assessment in form of problem sets. There is no final exam. This is the same for internal repeats. Referral and external repeat assessment are through 100% individual essay.Summative
This is how we’ll formally assess what you have learned in this module.
| Method | Percentage contribution |
|---|---|
| Experiment | 10% |
| Analytical essay | 40% |
| Coursework assignment(s) | 40% |
| Presentation | 10% |
Referral
This is how we’ll assess you if you don’t meet the criteria to pass this module.
| Method | Percentage contribution |
|---|---|
| Analytical essay | 100% |
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.
| Method | Percentage contribution |
|---|---|
| Analytical essay | 100% |
Repeat Information
Repeat type: Internal & External