Module 1 – The Economic approach
In this module we will review the key foundations of the standard economics of decisions. Concepts covered in this module are a prerequisite to understanding the contributions of behavioural economics.
Topics covered include:
Foundations
- The economic approach
- Rationality
- Preferences
- The idea of homo economicus.
Key economic ideas
- Opportunity costs
- The concept of ‘value’
- Economic decisions
- Markets
- The role of incentives.
Trade-offs with risk and time
Module 2 – The Challenge of incentives
In this module, we delve into the challenges raised by individual incentives, dividing this into challenges in markets, organisations and for policy.Topics covered include:
In markets
- Asymmetry of information
- Reputation
- Signalling.
In organisations
- Firms
- Incompleteness of contracts
- Organisational goals and individual incentives.
In policy
- Judging good policy
- Good properties of the market
- Market limitations
- Government policy.
Important information - participants will receive access to all learning materials in the three weeks before the official course start date. During this time, participants are strongly encouraged to commence working through the course materials in preparation for the first supported learning session, marking the official course start date.
Course delivery
This course is taught through a blend of online resources, self-directed study and four live Q&A sessions. Course content will be presented to participants in a variety of formats (lecture slides, notes, videos, articles) and delivered online via the UTS Open Canvas learning management system.
At the beginning of each unit, participants are expected to review materials and complete tasks on their own before attending online review sessions with the lecturer, spread across the learning period. Materials will be provided to participants on the learning management system but participants are also expected to seek information independently.
Specific insights from economic thinking will be taught through principles and applications, with discussion of many examples where economic thinking cast useful light in understanding a ‘puzzle’ or problem.
