What is Behavioural and Experimental Economics?
Behavioural economics is an emerging subfield of economics, which makes extensive use of psychological theory in explaining economic decision-making. Experimental economics, again borrowing from psychology, is an emerging alternative to traditional large-scale surveys in economics, which makes use of control and treatment groups to establish causal impacts in economic decision-making. Experimental economics is the most commonly used tool to study behavioural economics, and hence it is essential to have a fundamental understanding of both fields in order to go beyond the traditional ‘homoeconomicus’ model of rational decision-making in economics.
Why Do You Need it?
- Behavioural and experimental economics as a field is at the frontier of economic research. Almost all recent high-impact research in economics relies on at least one of these two fields.
- Students of economics (and psychology) stand to gain a great deal of insight into an alternative approach to decision-making by human agents.
- Those researching in economics and psychology will be able to incorporate a novel interdisciplinary approach into their work.
- In India, there is no university that teaches behavioural economics as part of formal coursework, and the few experimental economics courses focus strictly on methodology.
- The workshop aims to inculcate a strong sense of critical thinking in participants within the realm of behavioural and experimental economics, with a subtle emphasis on understanding basic theoretical concepts.
How do we teach Behavioural and Experimental Economics?
This workshop blends psychological reasoning and economic decision-making, while outlining the utility of experimental methods in providing empirical evidence for the same. We aim to strike a balance between basic concepts, emerging theory, novel applications, and practical examples. There will also be an extensive interactive component to the workshop that emphasises on applying behavioural and experimental economics in research and policy. An in-session assignment is required to be completed by each participant.
Resource Person: Anirudh Tagat, Research Author, Monk® Prayogshala®
Anirudh Tagat is at the Department of Economics at Monk Prayogshala. He is also consultant to the World Resources Institute (WRI) India, and is currently researching various aspects of behavioural and experimental economics. Anirudh holds an MSc in Economics from the University of Warwick, UK.
Undergraduate students, Postgraduate students, MPhil students, PhD students, Professionals or Faculty pursuing research or practice. OR Any person with basic understanding and interest in economics and/or psychology.
4116, 4th Floor, Oberoi Garden Estates, C Wing, Off Saki Vihar Road, near Chandivali Studios, Powai, Mumbai – 400072. Nearest stations: Kanjurmarg (Central); Andheri (Western) Saki Naka (Metro Station)