This course will explore ways to integrate insights from psychology to build richer economic models. We will formalize models that capture key biases, beliefs, preferences, or traits, so that we can explore their potential economic ramifications. We will review the evidence in the lab or field for these models, and in the process explore how to measure beliefs and preferences, as well as the numerous challenges in doing so.

Unlike in previous years, the focus this year will be on designing simulations, surveys, and experiments to explore, understand, and improve the models we see. You will design surveys and experiments that we will run on simulated agents (if the required software is up to the task by then); on other students who are taking this class; and if I can get funding for it, on small groups of online participants. The experiments you will design will replicate, and if possible, extend beyond existing experiments. This will provide you with the full lifecycle of running an experiment, which also provides you with a better understanding of the models and psychology being studied. At the end of the course, we will hopefully have a joint paper that – while certainly not earth-shattering – will synthesize the topics we covered and provide you with a glimpse into research-level economics. At the same time, the skills for running a successful online survey or experiment are useful skills outside of academic research, including in policy and business.