AØKK08117U The Psychology of Choice - Experimental Theory and Methods
Explanations and predictions of people’s choices, in everyday life as well as in the social sciences, are often founded on the assumption that humans are rational. The definition of rationality has been much debated, but there is general consensus that rational choices should satisfy some elementary requirements of consistency and coherence in the assessment of values.
In this course we will study decision problems in which people systematically violate these requirements of consistency and coherency, and we trace the violations to the psychological principles that govern the perception of decision problems and the evaluation of options. The course will provide an overview of the field by focusing on the most central topics and experiments.
Some of the topics we will focus on during the course are:
- Reference dependence, framing and loss aversion
- Anchoring and heuristics
- Choice architecture
After completing the course the student is expected to be able to:
- Identify the interdisciplinary field of `the psychology of choice´.
- Investigate choice behavior by means of empirically testable hypotheses and experiments.
- Discuss how psychologists and economists together have shaped our understanding of the microfoundations of human choice behavior.
- Define how seminar works in the topics covered during the course.
- Critically assess and relate the diverse ideas, concepts and theories developed in the topics covered during the course.
- Evaluate experiments used in the topics covered during the course.
- Debate and present often complex topics in a precise, simple
and clear way.
- Apply the empirical and theoretical knowledge and the skills obtained in this course to understand real-world behavioral phenomena that lie beyond the scope of this course.
- Initiate discussions and solve decision problems that lie outside the scope of the course.
A list of required readings will be given to the students in the beginning of the course
2 hours lectures 1 to 2 times a week from week 36 to 50 (except week 42).
The overall schema for the Master can be seen at KUnet:
MSc in Economics => "Courses and teaching" => "Planning and overview" => "Your timetable"
Timetable and venue:
To see the time and location of lectures please press the link under "Timetable"/"Se skema" at the right side of this page. E means Autumn.
You can find the similar information partly in English at
-Select Department: “2200-Økonomisk Institut” (and wait for respond)
-Select Module:: “2200-E20; [Name of course]”
-Select Report Type: “List – Weekdays”
-Select Period: “Efterår/Autumn – Weeks 31-5”
Press: “ View Timetable
For foreign students not enrolled: Admission requirements, registration etc: Study Economics.
For gæste- og enkelfagsstuderende: Tilmelding og information via Uddannelse i Økonomi.
- 7,5 ECTS
- Type of assessment
- Written examination, 3 hours under invigilationThe exam assignment is in English and must be answered in English.
- Exam registration requirements
To qualify for the exam the student must
- no later than the given deadline during the course hand in and have approved one mandatory assignment,
- participate in the demonstration experiments.
- Without aids
- Marking scale
- 7-point grading scale
- Censorship form
- No external censorship
for the written exam. The exam may be choosed for external censorship by random check.
- Exam period
The exam takes place at the exam venues of the university
20 January 2021
The exact time and room will be available in Digital Exam from the middle of the semester.
In special cases, the exam date can be changed to another day and time within the exam period.
The written reexam takes place in the exam venues of the university:
23 February 2021
NOTE: If only a few students have registered for the written re-exam, the reexam might change to an oral exam including the date, time and place for the exam, which will be informed by the Examination Office.
Information about the reexam will be available in the Digital Exam early February.
Criteria for exam assesment
Students are assessed on the extent to which they master the learning outcome for the course.
To receive the top grade, the student must with no or only a few minor weaknesses be able to demonstrate an excellent performance displaying a high level of command of all aspects of the relevant material and can make use of the knowledge, skills and competencies listed in the learning outcomes.