AØKA08166U Behavioral Finance (F)

Volume 2025/2026
Education

MSc programme in Economics – elective course

The course is part of the MSc programme in Economics, Financial line, symbolized by ‘F’.

 

The course is open to:

  • Exchange and Guest students from abroad
  • Credit students from Danish Universities
  • Open University students
Content

Traditional economic theory assumes that economic agents are fully rational with unlimited cognitive abilities and willpower. However, individuals frequently and systematically make decisions in contradiction with these standard presumptions.

Against the background of this finding the course addresses e.g. the following questions:

  • What are the shortcomings of traditional theories in economics and finance?

  • How do the new concepts / theories in behavioral finance and behavioral economics address these shortcomings?

  • How do these new theories relate to the traditional theories and what are their strengths and limitations?

  • How do the new behavioral presumptions in behavioral finance and economics change the predictions of classical economic theories?

Learning Outcome

After completing the course the student is expected to be able to:

 

Knowledge:

  • Account for how behavioral finance and economics attempts to understand the most important systematic behavioral departures from standard economic theories.

  • Provide an in-depth overview of the most important seminal works in behavioral finance

  • Identify and discuss the impact and relevance of the new concepts and theories presented in these seminal works.

 

Skills:

  • Critically assess and relate the new concepts and the supporting empirical evidence put forward in the hitherto existing seminal works in behavioral finance.

  • Debate and present these new and often complex concepts in a simple, clear and pricise way.

 

Competences:

  • 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.

  • Solve problems and implement decision for subject within behavioral finance that lie outside the scope of the course.

Literature

A list of required readings will be given to the students in the beginning of the course

A sound knowledge of microeconomics and game theory is required from a course equivalent to Microeconomics III, Studies of Economics, University of Copenhagen. It is strongly recommended to have followed the course before or at least parallel to "Behavioral Finance".
In the first week of the course there will be an opening lecture during which also all organizational issues are discussed. In all the following weeks there will be lectures on different topics in behavioral finance and economics.
Schedule:
2 hours lectures 1 to 2 times a week from week 6 to 20.
  • Category
  • Hours
  • Lectures
  • 42
  • Preparation
  • 162
  • Exam
  • 2
  • Total
  • 206
Oral
Collective

 

Students have the possibility to get individual oral feedback during office hours

Credit
7,5 ECTS
Type of assessment
On-site written exam, 2 hours under invigilation
Type of assessment details
ITX-exam in the exam venues of the university.
Examination prerequisites

There are no requirements that the student has to fulfill during the course to be able to sit the exam.

Aid
No aids allowed
Marking scale
7-point grading scale
Censorship form
No external censorship
Exam period

Exam information:

The examination date can be found in the exam schedule  here

The exact time and place will be available in Digital Exam from the middle of the semester. 

More information about examination, rules, aids etc. at Master (UK) and Master (DK).

Re-exam

Same as the ordinary exam. 

 

Reexam information:

The reexamination date/period can be found in the reexam schedule  here

More information in Digital Exam in August

More info: Master(UK) and Master(DK)

Criteria for exam assesment

Students are assessed on the extent to which they master the learning outcome for the course.

 

In order to obtain the top grade "12", 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.

 

In order to obtain the passing grade “02”, the student must in a satisfactory way be able to demonstrate a minimal acceptable level of  the knowledge, skills and competencies listed in the learning outcomes.