Speaker: Maria Kozlovskaya (Aston)
Title: Using In-class Experiments to Teach Behavioural Economics
Format: Hybrid
Organisers: Mike and Anastasia
Abstract: Behavioural Economics is a popular module in Economics degrees, owing to its focus on nuanced, empirically supported models of decision-making. The applied approach taken in the module is further enhanced by the use of classroom experiments which let students observe psychological aspects of economic decision-making in themselves and their peers. Classroom experiments can help introduce many behavioural biases, including the endowment effect, self-control problems, social preferences, framing, anchoring, overconfidence and base-rate neglect. In large cohorts, treatment effects can be estimated owing to random assignment of students to seminar groups. Through their participation in such randomised trials, students can learn the principles of experimental Economics and relevant statistical techniques first-hand. In our experience, classroom experiments not only enhance learning, but also help improve teaching evaluations by attracting consistently high student feedback.