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Behavioral Economic Theory (Adv.) (Ph.D. and M.Sc. Economics)

  • Field: Economic Design and Behavior
  • Lecture and Tutorial:
    Wednesday, 14:00 - 15:30, Seminar Building, S 26
    Thursday, 12:00 - 13:30, Seminar Building, S 24
  • Course starts 19.04.2017
  • Lecture and Tutorial will alternate in a block fashion.
  • Post-exam review: 13.09.2017, 9:00, SSC, room 4.323
  • Retake exam: 7.10.2017, 10:00-11:30, SSC, room 4.323


This Ph.D. course covers formal-analytical approaches to behavioral economics. We depart from the assumption of full rationality and cover modern models and techniques which allow for the analysis of boundedly rational behavior in economic settings. The course is conceived as a "Topics" unit with three differentiated, but conceptually related parts. In the first, we will review modern models of preferences reflecting psychological biases and departures from the classical view of rationality. In the second part, we will concentrate on game-theoretic equilibrium concepts departing from full rationality assumptions, which are nowadays frequently used in experimental economics. In the third part, we will review dynamical models of economic interactions with boundedly rational agents. That last part includes both evolutionary approaches and the recent literature on behavioral rules as e.g. imitation.

  1. Behavioral Approaches to Preferences
    1a. Prospect Theory
    1b. Reference-Dependent Preferences
    1c. Temptation and Self-Control
  2. Behavioral Approaches to Static Equilibrium
    2a. Quantal-Response Equilibria
    2b. Cognitive Hierarchies
  3. Behavioral Approaches to Dynamics
    3a. Stochastic Stability
    3b. Applications


Contact:   office.alos-ferrer(at)wiso.uni-koeln.de