Nottingham University Business School
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Behavioural Economics and Finance

Please note that the following information may be subject to change.

Programme: Undergraduate

Module Code: N13429

Semester: Spring

Convenor: Thorsten Chmura

Credits & Level: 10 credits; Level 3

Pre-requisites: N11607 (Business Economics) or N11606 (Microeconomics for Business A) or equivalent.

Co-requisites: None.

Target Students: Available to all Part I or Part II students with the required pre-requisite N11607 Business Economics OR N11606 Microeconomics for Business A OR N11604 Business Economics. CANNOT be taken by students who have taken L12316 or L13617 from the School of Economics.

Delivery: 11 one-hour lectures; 3 one-hour tutorials

Assessment: One 1.5 hour exam (100%)

Exam Format:Section A: Answer FIVE compulsory questions (10 marks each); Section B: Answer ONE question from a choice of TWO (50 marks).

Summary of Content In this module, the aim is to provide students with an understanding of methods, results and models of behavioural economics and behavioural finance. We will talk about experiments and their importance in several fields. Within this context we will cover topic such as: how to design an experiment, asset markets, labour markets, social dilemmas, bargaining, contests, behavioural finance, market structure and risk. You will learn how to design your own experiment and how to interpret empirical results.

Studying this module should contribute to your knowledge and understanding of markets. How humans behave in markets will be the major topic. Further, the module will help to develop the ability to think critically and be creative, the ability to solve complex problems and make decisions, the ability to use information and knowledge effectively as well as quantitative skills. In addition, the module should develop practical skills such as the ability to conduct research into business and management issues through research design, synthesis and reporting and key transferrable skills including listening, effective oral and written communication of complex ideas and arguments, critical self-reflection, self-management and time management.

Aims This module is aimed at giving students an understanding of behaviour in an economic context.

Key Words: Experimental Economics, Behavioural Economics, Behavioural Finance, Game Theory, Industrial Economics

Learning Objectives & Outcomes Knowledge and understanding
This module develops a knowledge and understanding of:
  • The dynamic and changing nature of business and the consideration of the future of organisations within the global business environment, including the management of risk
  • The management of customer expectations, relationships and development of service excellence
  • The sources, uses and management of finance
  • Leadership, management and development of people including the implications of the legal context
  • The development, management, application and implementation of information systems and their impact upon organisations
  • The need for individuals and organisations to manage responsibly and sustainably and behave ethically in relation to social, cultural, economic and environmental issues
  • The design, development of organisations, including cross-cultural issues, change, diversity and values
Intellectual skills
This module develops:
  • The ability to analyse facts and circumstances to determine the cause of a problem and identifying and selecting appropriate solutions
  • The ability to analyse and evaluate a range of business data, sources of information and appropriate methodologies, which includes the need for strong digital literacy, and to use that research for evidence-based decision-making
  • Conceptual and critical thinking, analysis, synthesis and evaluation
Professional practical skills
This module develops:
  • Numeracy and quantitative skills to manipulate data, evaluate, estimate and model business problems, functions and phenomena
  • Self-analysis and awareness/sensitivity to diversity in terms of people and cultures. This includes a continuing appetitie for development.
  • People management, to include communications, team building, leadership and motivating others
Transferable (key) skills
This module develops:
  • Communication and listening including the ability to produce clear, structured business communications in a variety of media
  • An awareness of the interpersonal skills of effective listening, negotiating, persuasion and presentation and their use in generating business contacts
  • Ability to work collaboratively both internally and with external customers and an awareness of mutual interdependence
  • Self-management and a readiness to accept responsibility and flexibility, to be resilient, self-starting and appropriately assertive, to plan, organise and manage time
  • Ability to work with people from a range of cultures
  • Emotional intelligence and empathy

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