30155 - EXPERIMENTAL DECISION MAKING
CLEAM - CLEF - CLEACC - BESS-CLES - BIEMF
Course taught in English
Go to class group/s: 31
DEBRAH MELOSO
This course reviews the current state of the study of decision making in Economics, using both a theoretical and an experimental approach. Through this review, students learn the following:
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The relation between the study of individual decision making and the understanding of complex systems like markets and social and political institutions
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The use of experiments in Economics for the understanding of both individual and group decision making
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The use of experiments and theory to improve group decision making (more efficient markets, more informative voting systems, etc)
- Individual choice, utility, and axiom of revealed preferences. Experiments on individual decision making
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Aggregation of individual preferences and information: voting and Arrow's impossibility result. Experiments on committees and voting
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Strategic interactions and group decision making inefficiencies: Prisoner's dilemma and Battle of the sexes. Experiments on cooperation and coordination, social preferences
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Non-strategic interactions and decision making in complex and uncertain environments: markets. Asset market experiments
Mechanism design: design of efficient markets, voting systems, and auctions. How can experiments help us do this?
All exams for this course are written. There is a final exam, which must be taken by all students. There are also 3 homework sets that must be done by all attending students. The grade obtained in the home work sets is used only to improve upon the grade obtained in the final.
A folder of reading material is provided at the beginning of the course. If a textbook is chosen, students are informed before the summer holidays.