Behavioural & Experimental Economics Certificate Program
- Students will get introduced to cutting-edge research in behavioral and experimental economics and its implications for public policy.
- Students will learn how to conduct experiments both in the laboratory and in the field.
- Students will be able to analyze complex public policy issues as well as compare the merits and demerits of different policy approaches using insights from behavioral economics.
This certificate program is offered jointly with Jesus & Mary College, Delhi
March 2: Introduction to Experimental and Behavioral Economics
Session 1 (90 mins)- Introduction to experiments in economics:
- What are economic experiments
- The role of experiments in economics
- Types of experiments in economics
- Software used to design experiments in economics
The students then participate in 3 experiments- dictator game, public good and common pool experiment.
Session 2 (90 mins)- Introduction to Behavioral Economics:
- What is Behavioral Economics
- Key insights in behavioral economics
- Historical perspective
- System 1 and system 2 thinking
- Heuristics and biases
- Loss aversion and prospect theory
March 3: Behavioral Economics, Non-standard Preferences and Decision Making
Session 3 (90 mins)- Social Preferences and Social Dilemmas:
- Self-regarding preference
- Other-regarding preference
- Non-rival and non-exclusive good
- Public Good
- Free riding problem
- Common Pool resources and tragedy of commons
The results from the dictator game experiment conducted in the previous day will be analysed and shown to the students to teach about altruism. The results from the public good and common pool game experiments conducted in the previous day will be analysed and shown to the students to teach about free riding and tragedy of commons.
Session 4 (90 mins)-: Time Preference and Self-Control:
- Time inconsistency problem
- Exponential discounting
- Quasi-hyperbolic discounting
- Self-control problems
- Self-control strategies
Students will also participate in a time elicitation experiment.
March 4: Behavioral Economics and Public Policy: Theory and Applications
Session 5 (90 mins): Behavioral Economics and Public Policy:
- Evidence-based policy
- Nudge Theory and application
- Libertarian Paternalism
- Choice architecture
- Early steps of nudging in human society
Session 6 (90 mins)- Behavioral Economics in Different Domains and Countries:
Application of behavioural economics in public services, education, health, energy and environment, employment and productivity, banking and credit.
This will be taught through various case studies from around the world. The program will conclude with a discussion on the application of behavioural economics in the policymaking in India
Eligibility - 2nd and 3rd Year students
Fees - Rs. 1000 + GST