Behavioural Economics

10 Units

Behavioural economics is the revolutionary field that links psychology, sociology and economics together, exploring the reasons behind why people make the choices they do. For example, why do people still choose to start smoking when they know it is likely to kill them? Why does a 90% chance to survive sound better than 10% chance to die? Why is the $100 from your grandmother worth more than the $100 in your bank account? Students are exposed to current and practical applications of behavioural economics that can be used to improve the understanding of decision making in a range of areas in business and government, including in specific sectors such as arts, entertainment and sport. The theories and methodological tools learned can also be applied to other economic areas and industries.

Faculty Faculty of Business and Law
School Newcastle Business School

Not currently offered

Learning Outcomes

On successful completion of this course, students will be able to:

  1. Identify how behavioural economists think and approach economic questions
  2. Synthesise the advantages, disadvantages, criticisms and limitations of Behavioural Economics
  3. Evaluate the tools taught in class and apply them to the analysis of real world situations
  4. Analyse aspects of decision-making under uncertainty and solve simple analytical problems
  5. Interpret and compress project outcomes and communicate the key points

The content in this course includes the following topics:

  • Theories of Behavioural Decision Making
  • Decision Making Models
  • Psychology of Decision Making
  • Group and System Dynamics
  • Business and Management Decision Simulation
  • Representativeness
  • Improving Judgement in Business Decision Making
  • Formulating Decisions
  • Eliciting Beliefs and Values in Business Decision Making
  • Leadership and Power
  • Role of Emotions in Business Decision Making
  • To enrol in this course student must have successfully completed 40 units of GMBA courses and be active in the Master of Business Administrations (Global) program (40160).
  • Successful completion of 40 units of GMBA courses
Assessment Items
  • Literature Review: Literature Review
  • Project: Research Project 1
  • Presentation: Project Presentation

Contact Hours Not currently offered
Timetable 2018 Course Timetables for GMBA6013
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