Module Lead: Michalis Drouvelis
Introduction and module objectives:
The module deals with questions of how economic agents make decisions in situations under risk and uncertainty. Topics discussed may include: foundations of expected utility theory and its applications, violations of expected utility axioms, alternative models and their applications, measurement of social preferences using a number of simple experimental games and their policy implications.
By the end of the module students should be able to:
- demonstrate comprehensive knowledge and understanding of models and their application in a variety of decision making situations;
- demonstrate a critical understanding of concepts such as equilibrium and uncertainty;
- critically analyse current issues of decision-making and their applications.
- 1500 word essay (30%)
- Two hour written unseen examination (70%)