ECON 3703 - Behavioral Economics
Fall 2026 Syllabus, Section 01, CRN 43712,
Credit hours: 3
Course Meeting Times
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Instructor
Tomi Ovaska, Ph.D. (Econ.)
Email: tpovaska@ysu.edu
Course Description
[Description continues] We examine how social, cognitive, and emotional factors influence the economic decisions of individuals and institutions, as well as the consequences of those choices. We will also consider both the potential and the risks of public policies designed to create environments that encourage better individual decision-making. By the end of the course, you should understand how people make economic choices, recognize common mistakes in economic decision-making, and be able to think about ways those mistakes might be avoided or corrected.
Course Readings
| Group | Title | Author | ISBN |
|---|---|---|---|
| Required | Thinking, Fast and Slow | Daniel Kahneman |
Full citation: Daniel Kahneman (2011): Thinking, Fast and Slow, Princeton University Press, Princeton, NJ.
The course readings are subject to change in the event of extenuating circumstances, research developments, current events, and/or to ensure better learning.
Assignments/Assessments
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Schedule of Topics
| Week of | Reading(s) | Proposed Topic | Due/To Prepare for Class |
|---|---|---|---|
| 8/24 | Kahneman (2011): Thinking, Fast and Slow 1.1. Two systems: the effortless vs. effortful system 1.2. Cognitive ease: illusions of remembering and of truth |
. . See section titles |
. . Read preceding section(s) before every class. |
| 8/31 | 1.3. Creating causes and explanations, jumping to conclusions 1.4. How judgments happen substituting questions |
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| 9/7 | 2.1. The law of small numbers and anchors 2.2. The science of availability, emotion and risk |
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| 9/14 | 2.3. Representativeness, less is more | ||
| 9/21 | 2.4. Causes trump statistics | ||
| 9/28 | 2.5. Regression to the mean, taming intuitive predictions | ||
| 10/5 | 3.1. The illusion of understanding 3.2. The illusion of validity |
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| 10/12 | 3.3. Intuitions vs. formulas | ||
| 10/19 | 3.4. Expert intuition: when can we trust it? | ||
| 10/26 | 3.5. The inside and the outside view: the engine of capitalism | ||
| 11/2 | 4.1. Prospect theory | ||
| 11/9 | 4.2. The endowment effect | ||
| 11/16 | 4.3. Loss aversion | ||
| 11/23 | 4.4. Reversals, frames and reality | ||
| 11/30 | 5. Putting it together: what does this all mean to individuals, public policies, and economics as a discipline? |
The course schedule, policies, procedures, and assignments in this course are subject to change in the event of extenuating circumstances, by mutual agreement, and/or to ensure better learning.