Behavioral and Experimental Economics (6 cr)

During the course, researchers will learn to understand the methods, central results, and theories of both experimental and psychological (behavioral) economics, and their relation to other fields of economics. The course offers an overview into behavioral decisions, behavioral games, dynamic behavioral decisions, experimental economics and experiment settings, as well as their applications.

Teacher: Professor Topi Miettinen, Department of Economics, Hanken School of Economics

Learning outcomes: After completing the course, researchers will better understand the various purposes of modelling in economics, finance and accounting, and in particular the novel perspectives that behavioral economics provides. They will be able to recognize and explain some of the core concepts and solve theoretical models in behavioral economics models, derive economic implications and relate them to those of non-behavioral economic models.

Number of participants: Maximum 15 PhD students majoring in economics, finance, accounting, and other relevant social and human sciences.

Schedule: I part 15.-18.5 and II part 31.5. and 1.6., total 20-24 hours of lectures.

Language of instruction: English

The contribution of this course to support education of researchers: The recent Nobel prize awards of Robert Shiller (2013) and Richard Thaler (2017) acknowledge the importance of behavioral approaches in economics, and other related fields. Behavioral economics is quickly moving beyond just collecting evidence of context-specific psychological biases and irrational (i.e. non-optimal) decision making; the evidence is mounting that such biases and irrational decision making are systematic. Proper modelling of economic phenomena will require the use of agents embodying such psychological biases and irrational decision making.

The course will benefit students in multiple ways. Most undergraduate teaching in economics and business uses classical theory – perfectly rational agents and frictionless markets in equilibrium. This course will introduce students to theories and models that incorporate less than perfectly rational agents and imperfect markets. These types of models are becoming more common in economics, as the field shifts from a strictly normative stance (how agents behave and markets function in a perfect world) to a more descriptive stance (how agents actually behave and markets actually function in the real world). Also, the part of the course covering experimental economics will help students understand and apply proper experiment designs.

For more information contact: Sanna Huikari (
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Last updated: 19.3.2018