Confronting Decision Theory with Experimental Data and Vice Versa

About the course

The goal of the course is to review the intersection of theoretical and experimental research on preferences for personal and social consumption and attitudes toward risk, time, and inequality.

These preferences and attitudes are important inputs into any broader measure of social welfare and enter virtually every realm of individual decision-making. This research's fundamental contributions to understanding these preferences and attitudes will therefore have broad-reaching implications for human interactions.

Developing appropriate methods for appropriately confronting the basic theory of choice with empirical or experimental evidence has implications in many areas of economic theory and policy. This knowledge is obviously important for the formulation of economic policy, but it has implications for a host of applications beyond economics.

Finally, the entire apparatus that will be discussed -- theory, experimental methodology, and econometric methods for linking theory to data -- can provide useful tools in a range of fields interested in examining individual choices.


Term paper due 6 weeks after the course ends.
September 30th

ECTS Credits: 5