| Course Name | Behavioral Economics & Public Policy |
| Course Code | 24SDS601 |
| Program | M.Sc. in Social Data Science & Policy |
| Semester | III |
| Credits | 4 |
| Campus | Faridabad |
Intro to Prospect Theory – Rational decision making: standard vs behavioral approach. Heuristics and biases. Empirical methods for behavioral economics. Field and lab experiments. Econometrics review. Qualitative methods. Case studies used for real-world understanding.
Static and Dynamic Models of Individual Decision-Making – Loss aversion, reference points, status quo. The endowment effect. Present bias and commitment devices. Multiple selves models and their applications to temptation, self-control, procrastination.
Applications of Behavioral Economics to Public Policy – Architecture of choice and the nudging Debate. Mental accounting, nudging and applications to savings, microfinance, health, and education. Case studies used for real-world understanding.
Prosocial Preferences and Motivation – Intrinsic vs. extrinsic motivation. Prosocial preferences and altruistic capital. Policies for the accumulation of altruistic capital.
Behavioral Game Theory – Behavioral theories of collective decision making: inequity aversion, fairness, reciprocity, guilt aversion, etc. Experimental evidence. Case studies used for real-world understanding.
Prerequisite: Economics for Public Policy
Summary: The course aims to familiarize students with recent advances in psychology and economics and teach them to apply behavioral insights to design better solutions to societal challenges. It focuses on a rigorous application of experimental methodology in various social contexts and shows how the resulting findings can be used to advance policy in such areas as health, education, energy, etc. Behavioral economics deviates from the standard assumption of the economic theory that individuals are rational and self-seeking. Key findings in the field identify ways in which economic agents can systematically behave irrationally or prosocially. These behavioral insights enable us to design “choice architecture”, which nudges individuals to make better decisions and enhance their well-being. At the same time, public policy instruments can be used to transform social preferences to foster higher cooperation, long-term orientation and sustainable economic practices in a society. This course prepares students to understand cutting edge research in the field of behavioral sciences, apply these insights to improve social policy and communicate their ideas in a succinct and compelling way to government agencies, non-profit organizations, and a wider audience.
Course Objectives:
Course Outcomes:
Skills:
-Program outcome PO – Course Outcomes CO Mapping
| PO1 | PO2 | PO3 | PO4 | PO5 | PO6 | PO7 | PO8 | |
| CO1 | X | – | – | – | – | – | – | – |
| CO2 | – | – | – | X | – | – | – | – |
| CO3 | X | – | – | – | – | – | – | |
| CO4 | X | – | – | – | – | – | – | – |
| CO5 | X | – | – | – | – | – | – | – |
Program Specific Outcomes PSO – Course Objectives – Mapping
| PSO1 | PSO2 | PSO3 | PSO4 | PSO5 | |
| CO1 | X | – | – | – | – |
| CO2 | – | – | – | X | – |
| CO3 | – | – | X | – | – |
| CO4 | – | X | – | – | – |
| CO5 | – | X | – | – | – |
Evaluation Pattern
| Assessment | Internal | External |
| Midterm Exam | 30 | |
| *Continuous Assessment (CA) | 30 | |
| End Semester | 40 |
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