M.A. (Psychology) Behavioral Economics Syllabus - Mumbai University 2026
Semesters III and IV are from the Board's own Semester III and IV syllabus approved on 12 July 2024 (item 5.7 (N)), in force from 2024-25. The 2023 document's credit table shows an earlier plan for Semesters III and IV; the 2024 syllabus is the one the University examines, and its Winter 2026 timetables name these papers.
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Syllabus for Behavioral Economics
Course objectives
- 1 To help learners to understand psychological aspects of economic behavior
- 2 To help learners understand behavioral aspects of selfishness, rationality and preferences
- 3 Understand and design policy implications of the Behavioral economics, and psychology
Course outcomes
- CO1 Summarize and demonstrate various models of the Behavioral Economics
- CO2 Analyse and Critically evaluate role of psychology in Behavioral Economics
- CO3 Explain the Information, Uncertainty and Risk as well as Social and Psychological Dimension of Economics Behavior
- CO4 Evaluate and synthesize behavioural economics in Indian context
Unit 1: Behavioral Economics and Real world Choices
- A Assumptions of Economics and evaluations
- B Game theory and Experimental Game theory
- C Neuroeconomics; Evolutionary Psychology and Economic Psychology
- D Conceptual Framework: Thinking automatically; Thinking socially; Thinking with mental models
- E Methods of Behavioral Economics
Unit 2: Information, Uncertainty and Risk
- A Understanding Choice: Rational Choice theory
- B Bracketing Decisions
- C Heuristics and Biases Approach under uncertainty
- D Decision under Risk and Uncertainty; Prospects Theory
Unit 3: Social and Psychological Dimension of Economics Behavior
- A Selfishness and altruism
- B Fairness and Psychological Games
- C Trust and Reciprocity
- D Motivation and Incentives; Personality, Mood, and Motivation. Culture.
Unit 4: Behavioral Economics and Policy: Psychological and social perspectives
- A Poverty
- B Behavioral Finance; Household finance
- C Auctions
- D Economic Behavioral and Public Policy; Behavior in macroeconomy
- E Lessons from Behavioral Economics
References
- 1 Wilkinson, N. and Klaes, M. (2012). An Introduction to Behavioral Economics. Palgrave Macmillan Lewis, A. (2008). The Cambridge Handbook of Psychology and Economic Behaviour. CUP: Cambridge, New York.
- 2 World Bank Group (2015). Mind, Society, And Behavior. DC: International Bank for Reconstruction and Development.
- 3 Agarwal, B. and Vercelli, A. (2005) Psychology, rationality, and economic behaviour : challenging standard assumptions . Palgrave Macmillan: NY
- 4 Just, D. R. (2014). Introduction To Behavioral Economics Noneconomic Factors That Shape Economic Decisions. Wiely: NY
- 5 Diamond, P. & Vartiainen, H. (Eds.)(2007) Behavioral Economics and Its Applications. Princeton University Press: NJ.
- 6 Ikeda, Kato, H. K., Ohtake, F. Tsutsui, Y. (Eds). (2016). Behavioral Economics of Preferences, Choices, and Happiness. Springer; Japan.
- 7 Wendel, S. (2014). Designing for Behavior Change: Applying Psychology and Behavioral Economics. Oreal: Beging.
- 8 Akerlof, G. A. and Shiller, R. J. (2016). Phishing for Phools: The Economics of Manipulation and Deception. Princeton University Press.
- 9 Cartwrite; E. (2011). Behavioural Economics. Routledge: Oxon.
- 10 Camerer C. F. (2011) Advances in Behavioural Economics. Princeton University Press: Princeton. Altman, M. (2007). Handbook of Contemporary Behavioral Economics: Foundations and Developments. Prentice Hall India Learning Private Limit: NY.
- 11 Camerer, C. F. (2003). Behavioral Game Theory: Experiments in Strategic Interaction. Princeton University Press. Princeton.
- 12 Frey, B. S. & Stutzer, A. (2010). Economics and Psychology - A Promising New Cross-Disciplinary Field (CESifo Seminar Series). MIT Press
Reproduced from the University of Mumbai syllabus for M.A. (Psychology), Semester III and IV, AC 12/07/2024, Item No. 5.7 (N), in force from the academic year 2024-25. Wording and numbering are as printed there; the marks scheme is in the PDF above.
The complete syllabus
This subject is cut from the University document for its semesters. Open the document here if you want the whole thing rather than a single subject.