behavioral economics phd uk

BEHAVIOURAL ECONOMICS

Behavioural economics is a blend of traditional neoclassical microeconomics and empirically motivated assumptions whose goal is a better understanding of economic behaviour. It can be divided into behavioural decision theory and behavioural game theory. Each subfield differs from its mainstream counterpart by paying particular attention to the psychological realism of behavioural assumptions and their consistency with empirical evidence. The goal is to identify empirically important deviations from traditional assumptions, use the alternative assumptions the evidence suggests to build tractable formal models, and use the models to reconsider standard microeconomic questions.

The research group holds regular seminars in conjunction with the Centre for Experimental Social Sciences (CESS) at Nuffield College.

For further information on CESS

The Nuffield Economic Theory seminars also periodically have speakers whose orientation is "behavioural".

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Behavioural Economics

Self-funded

Project code

ECFN4601020

Start dates

February and October

Application deadline

Applications accepted all year round

Applications are invited for a self-funded, 3 year full-time or 6 year part-time PhD project, to commence in October or February.

The PhD will be based in the Faculty of Business and Law and will be supervised by Dr Wolfgang Luhan , Dr Zahra Murad  and Dr Federica Alberti .

The Faculty of Business and Law offers funding to attend conferences (currently £550), training (currently £450), and a work-based placement (currently a maximum of £3,000 tied up to the period of 12 weeks).

The work on this project will involve:

• research design and project management
• theoretical modelling
• experimental design and implementation
• quantitative data analysis – econometrics and non-parametric inference tests

We are an active group of behavioural economists offering various projects for, or as basis of, Ph.D. thesis. Our research extends the standard economic models by looking at how psychological, emotional and social factors affect economic decision-making.

We are currently looking for Ph.D. candidates to work on the following topics:

1. Negotiations and Climate Change

The international community has set a target of keeping global warming below 1.5 C. The EU has outlined a vision of reducing global emissions by at least 60% below 2010 by 2050. Objectives and visions are of little use without a clear way forward and the progress made has been disappointing. So far, a global, enforcement agreement has proven elusive. (For example, the Paris Agreement falls short of requirements as proven by the US walking away from the agreement.) The project will focus provide insight into why a climate change agreement is difficult to achieve using game theory and behavioural economics. This, in turn, may provide insight into how to overcome such difficulties.

2. Can Behavioural Economics help to tackle Climate Change?

How to accommodate human behaviour to help prevent climate change? Adequate answers require a deep understanding of human-decision making in a wide range of domains including energy use, consumption of goods, and mobility choices. The project will focus on behavioural and environmental economics to explore environmental consumer and firm behaviours related to climate change.

3. The effect of biases on economic decision-making

Psychological literature has identified numerous biases that determine economic decisions. In most situations, people do not behave in the rational manner economic theories would predict. Prominent examples include the status-quo bias, overconfidence, bandwagon effect, confirmation bias, in-group/out-group bias and framing. The project will look at how cognitive bias(es) affect certain economic decisions and how de-biasing techniques may work to arrive at optimal decisions.

4. Decision-Making for others

A recent strand of literature considers decision making for others focusing on the question whether people would make similar or different decisions for others as for themselves. This form of decision making for others is not incorporated in standard economics models but is well included in every day decision-making environments (parents, brokers, managers, policy makers). This project aims to systematically identify and analyse economic situations in which existing theoretical models as well as related empirical results predict differences in behaviour between decisions taken for oneself and for others.

Fees and funding

Visit the research subject area page for fees and funding information for this project.

Funding availability: Self-funded PhD students only. 

PhD full-time and part-time courses are eligible for the UK  Government Doctoral Loan  (UK and EU students only – eligibility criteria apply).

Some PhD projects may include additional fees – known as bench fees – for equipment and other consumables, and these will be added to your standard tuition fee. Speak to the supervisory team during your interview about any additional fees you may have to pay. Please note, bench fees are not eligible for discounts and are non-refundable.

Entry Requirements

General admissions.

You'll need a good first degree from an internationally recognized university (minimum upper second class or equivalent, depending on your chosen course) or a Master’s degree in economics or a related relevant area. In exceptional cases, we may consider equivalent professional experience and/or Qualifications. English language proficiency at a minimum of IELTS band 6.5 with no component score below 6.0.

Specific Admissions

We welcome applications from highly motivated prospective students with a background in behavioural sciences (e.g. economics, psychology and other relevant disciplines). A familiarity with behavioural theory, game theory, econometrics and experimental methods is desirable, familiarity with at least one of these is essential. We encourage prospective students to design their own research strategies depending on their interest and core skills.

We encourage you to contact Dr Zahra Murad ( [email protected] ) to discuss your interest before you apply, quoting the project code.

When you are ready to apply, please follow the 'Apply now' link on the Economics PhD subject area page and select the link for the relevant intake. Make sure you submit a personal statement, proof of your degrees and grades, details of two referees, proof of your English language proficiency and an up-to-date CV. Our ‘ How to Apply ’ page offers further guidance on the PhD application process. 

When applying please quote project code: ECFN4601020

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Behavioural and Experimental Economics MSc

The Behavioural and Experimental Economics MSc provides you with advanced training in core areas of economics. You'll acquire specialist knowledge in behavioural economic theory and experimental methods in economics.

You are currently viewing course information for entry year:

Start date(s):

• September 2024

You will learn how psychological foundations of behaviour are integrated in recent economic theory. These foundations shape policy making in areas such as health and environment.

You will gain understanding of experimental methods in economics through classroom experiments.

You can tailor your degree by choosing from a range of optional modules.

The MSc dissertation will give you the opportunity to apply your insights and design your own experiment. Our knowledgeable academics will offer support and guidance throughout your studies.

Upon graduating, you will have developed the skills necessary to excel in your career. These skills can lead to roles including a professional economist, policy maker or academic researcher.

We also offer the following courses for candidates with a substantial background in Economics (undergraduate degree in Economics or equivalent):

• MSc Economics
• MSc Economics & Data Science

We offer the following course for candidates without a background in Economics:

• MSc Economics and Finance

Important information

We've highlighted important information about your course. Please take note of any deadlines.

Please rest assured we make all reasonable efforts to provide you with the programmes, services and facilities described. However, it may be necessary to make changes due to significant disruption, for example in response to Covid-19.

View our  Academic experience page , which gives information about your Newcastle University study experience for the academic year 2023-24.

See our  terms and conditions and student complaints information , which gives details of circumstances that may lead to changes to programmes, modules or University services.

Related courses

What you'll learn.

Gain advanced skills in economic theory at Newcastle University. You'll also learn quantitative methods in econometrics and mathematical economics.

You will learn the theory, analytical tools and data analysis methods to help solve a variety of real-world economic problems. You'll gain understanding of specialist software packages in high demand by employers.

Tackle advanced topics of microeconomics and macroeconomics that maximises skill and knowledge. You'll also develop soft skills essential for any sector.

You will study modules on this course. A module is a unit of a course with its own approved aims and outcomes and assessment methods.

Module information is intended to provide an example of what you will study.

Our teaching is informed by research. Course content changes periodically to reflect developments in the discipline, the requirements of external bodies and partners, and student feedback.

Full details of the modules on offer will be published through the Programme Regulations and Specifications ahead of each academic year. This usually happens in May.

Optional modules availability

Some courses have optional modules. Student demand for optional modules may affect availability.

To find out more please see our terms and conditions .

Compulsory modules

• Microeconomics  (20 credits)
• Macroeconomics  (20 credits)
• Mathematical Analysis  (10 credits)
• Econometrics  (10 credits)
• Experimental Methods in Economics (20 credits)
• Behavioural Economics (20 credits)
• Dissertation  (60 credits)

Optional modules

You take  one  optional module from the following list.

• Topics in Microeconomics  (20 credits)
• T opics in Macroeconomics  (20 credits)
• Causal Inference and Applied Microeconometrics  (20 credits)
• Applied Time series econometrics  (20 credits)
• Numerical Methods and Scientific Programming  (20 credits)
• Applied Data Science  (20 credits)

You also take the following not-for-credit module:

• Mathematics Foundations (0 credits)

How you'll learn

We will teach you through a variety of methods, including:

• computer classes

This Master’s degree offers you a stimulating curriculum and a supportive learning environment. Canvas, a virtual learning environment, will support you and allow you to:

• access your courses and groups
• receive notifications and messages
• submit your assignments

Depending on your modules, you'll be assessed through a combination of:

• Problem-solving exercises
• Written examination
• Written exercise

Your teaching and learning is also supported by Canvas. Canvas is a Virtual Learning Environment. You'll use Canvas to submit your assignments and access your:

• module handbooks
• course materials
• course announcements and notifications
• written feedback

Throughout your studies, you’ll have access to support from:

• personal tutors
• our University Student Services Team
• student representatives

You'll also be assigned an academic member of staff. They will be your personal tutor throughout your time with us. They can help with academic and personal issues.

Our economics staff are specialists in their field. They have international research reputations and consult for major global organisations. They are often asked to give academic insight on a wide variety of topics.

View the profiles of module leaders for this course:

• Dr Melanie Parravano Baro
• Dr Matt Walker
• Dr Till Weber

Your development

Professional skills.

You will apply economic theory to real world problems via stimulating lectures taught by specialists in the area. Learning will be critical of current research ideas and topics.

Research skills

Adding further knowledge of your topic area to your dissertation will show your research skills.

Skills and experience

You will learn the theory, analytical tools and data to help find solutions to deal with a wide variety of real-world economic problems.

You will also develop soft skills essential for employment in any sector.

Your future

On graduating, you will have acquired a wide range of attributes sought after by employers. This includes:

• analytical thinking
• argument formulation
• critical thinking
• problem solving
• data analysis
• communication
• independent learning and research

The MSc Behavioural and Experimental Economics degree is a competitive qualification. It is a route that can lead to high salaries and prospects. The programme will prepare you for jobs in different sectors, such as:

• the government
• the private sector
• central banking
• international organisations
• universities

Graduates could achieve job roles such as:

• data scientists
• statisticians
• market researchers
• policy analysts
• consultants

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Our award-winning Careers Service is one of the largest and best in the country, and we have strong links with employers. We provide an extensive range of opportunities to all students through our ncl+ initiative.

Visit our Careers Service website

Quality and ranking

All professional accreditations are reviewed regularly by their professional body

From 1 January 2021 there is an update to the way professional qualifications are recognised by countries outside of the UK

Check the government’s website for more information .

Newcastle University Business School is one of the largest Schools in the University. We have over 3,500 students representing over 80 nationalities. This valuable network extends beyond our current students to include:

• regional, national and international leaders
• over 34,000 alumni in our network, spanning over 150 countries
• leading professionals and practitioners from industry
• The Business School is the gateway to Newcastle Helix - an innovation hub and community that brings together industry leaders, businesses and top researchers.

Our facilities include:

• flexible conference room with panoramic views across the city
• Wi-Fi enabled connectivity throughout the building, including three computer clusters housing over 120 PCs
• four large lecture theatres and over 25 seminar and teaching spaces, providing comfortable teaching and group study space
• dedicated Student Hub and Quiet Space, providing a balanced mix of study space for group work or quiet, individual study
• contemporary café
• employability hub to support your career aspirations
• Bloomberg Room to give you a real feel for the trading room floor

The  Frederick Douglass Centre at Newcastle Helix also offers further study and learning spaces. This includes a 750 seat auditorium – the largest in the University.

Newcastle Experimental and Behavioural Economics Lab

Students on this programme will make extensive use of the Newcastle Experimental and Behavioural Economics Lab. This state-of-the-art research facility is used for conducting studies in experimental economics and economic psychology. It allows for testing economic theory, measuring preferences, and pre-testing policy interventions.

The lab has 36 participant workstations with privacy screens and two experimenter workstations. A full suite of experimental software packages are available.

Find out more about Newcastle University Business School

Fees and funding

Tuition fees for 2024 entry (per year).

If your studies last longer than one year, your tuition fee may increase in line with inflation.

Depending on your residency history, if you’re a student from the EU, other EEA or a Swiss national, with settled or pre-settled status under the EU Settlement Scheme, you’ll normally pay the ‘Home’ tuition fee rate and may be eligible for Student Finance England support.

EU students without settled or pre-settled status will normally be charged fees at the ‘International’ rate and will not be eligible for Student Finance England support.

If you are unsure of your fee status, check out the latest guidance here .

Scholarships

We support our EU and international students by providing a generous range of Vice-Chancellor's automatic and merit-based scholarships. See  our   searchable postgraduate funding page  for more information.  

What you're paying for

Tuition fees include the costs of:

• matriculation
• registration
• tuition (or supervision)
• library access
• examination
• re-examination

Find out more about:

• living costs
• tuition fees

If you are an international student or a student from the EU, EEA or Switzerland and you need a visa to study in the UK, you may have to pay a deposit.

You can check this in the How to apply section .

If you're applying for funding, always check the funding application deadline. This deadline may be earlier than the application deadline for your course.

For some funding schemes, you need to have received an offer of a place on a course before you can apply for the funding.

Search for funding

Find funding available for your course

Entry requirements

The entrance requirements below apply to 2024 entry.

Qualifications from outside the UK

English language requirements, admissions policy.

This policy applies to all undergraduate and postgraduate admissions at Newcastle University. It is intended to provide information about our admissions policies and procedures to applicants and potential applicants, to their advisors and family members, and to staff of the University.

Download our admissions policy (PDF: 201KB) Other policies related to admissions

Credit transfer and Recognition of Prior Learning

Recognition of Prior Learning (RPL) can allow you to convert existing relevant university-level knowledge, skills and experience into credits towards a qualification. Find out more about the RPL policy which may apply to this course

• How to apply

Using the application portal

The application portal has instructions to guide you through your application. It will tell you what documents you need and how to upload them.

You can choose to start your application, save your details and come back to complete it later.

If you’re ready, you can select Apply Online and you’ll be taken directly to the application portal.

Alternatively you can find out more about applying on our applications and offers pages .

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You'll have a number of opportunities to meet us throughout the year including:

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Find out about how you can visit Newcastle in person and virtually

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We regularly travel overseas to meet with students interested in studying at Newcastle University.

Visit our events calendar for the latest events

• Get in touch

Questions about this course?

If you have specific questions about this course you can contact:

Dr Till Weber  - Degree Programme Director Newcastle University Business School Telephone: +44 (0) 191 208 2802 Contact Newcastle University Business School

For more general enquiries you could also complete our online enquiry form.

Fill in our enquiry form

Our Ncl chatbot might be able to give you an answer straight away. If not, it’ll direct you to someone who can help.

You'll find our Ncl chatbot in the bottom right of this page.

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Experimental & Behavioural Economics

Cambridge Experimental & Behavioural Economics Group

CEBEG is an interdisciplinary research group which brings together researchers and PhD students interested in experimental and behavioural economics.

The Cambridge Experimental and Behavioural Economics Group (CEBEG) is a research group established to facilitate and advance experimental research in economics and management at the University of Cambridge.

Apart from bringing together researchers who are interested in experimental research in the social sciences arena, CEBEG provides an experimental laboratory and a subject pool database for University members. CEBEG is part of Cambridge Judge Business School.

Features of CEBEG

• Lab space with 21 computers. The Lab is equipped with wristbands to measure physical reactions, an emotion recognition software, and z-Tree, a software to build economics experiments. Researchers can run both standalone and networked experiments, and those involving personal interaction or team work.
• A participant pool of over 1,500 members mostly comprised of University of Cambridge students. Invitations for experiments can be sent to the entire participant pool or can be targeted based on gender, age, and other characteristics.
• An online registration system that enables researchers and participants to conveniently schedule and sign up for experiments.
• Regular workshops and other interdisciplinary platforms to exchange knowledge on social science experiments.

Participate in an experiment

CEBEG carries out a number of exciting experiments throughout the year and we always need new volunteers. It is not only fun and a good learning experience to participate in experiments, you also get an average pay of £10 per hour.

Conduct research

Part of Cambridge Judge Business School, CEBEG provides an experimental laboratory and a subject pool database for members of the University of Cambridge who wish to conduct experimental research in economics and management.

Lab resources

The Experimental Lab Manager can provide advice on running online experiments. Contact the Experimental Lab Manager  to discuss resources for creating simple surveys or more complex experiments that allow group interaction.

[email protected]

Behavioural Science and Health MPhil/PhD

London, Bloomsbury

The aim of our MPhil/PhD in Behavioural Science and Health is to equip the next generation of experts with the tools to address major 21st century health challenges and deliver real-world impact.

UK tuition fees (2024/25)

Overseas tuition fees (2024/25), programme starts, applications accepted.

Prospective students should apply at least four months before their intended start date. If you require a visa we recommend allowing for more time.

• Entry requirements

A minimum of an upper second-class UK Bachelor’s degree and/or a Master’s degree (preferably with a merit or distinction) in a relevant discipline, or an overseas qualification of an equivalent standard.

The English language level for this programme is: Level 2

UCL Pre-Master's and Pre-sessional English courses are for international students who are aiming to study for a postgraduate degree at UCL. The courses will develop your academic English and academic skills required to succeed at postgraduate level.

Further information can be found on our English language requirements page.

If you are intending to apply for a time-limited visa to complete your UCL studies (e.g., Student visa, Skilled worker visa, PBS dependant visa etc.) you may be required to obtain ATAS clearance . This will be confirmed to you if you obtain an offer of a place. Please note that ATAS processing times can take up to six months, so we recommend you consider these timelines when submitting your application to UCL.

Equivalent qualifications

Country-specific information, including details of when UCL representatives are visiting your part of the world, can be obtained from the International Students website .

International applicants can find out the equivalent qualification for their country by selecting from the list below. Please note that the equivalency will correspond to the broad UK degree classification stated on this page (e.g. upper second-class). Where a specific overall percentage is required in the UK qualification, the international equivalency will be higher than that stated below. Please contact Graduate Admissions should you require further advice.

About this degree

The Behavioural Science and Health research degree programme is based within UCL's Institute of Epidemiology and Health Care.

You will join an extremely engaging PhD programme, which currently supports a vibrant community of over 100 students from all over the world.

This programme offers you the opportunity to join a multidisciplinary research department with experts who focus on a wide range of public health concerns such as:

• Behavioural Science and Health
• Health Psychology
• Psychobiology
• Cancer Prevention and Early Diagnosis
• Cancer Survivorship

You will be supported to gain a wealth of skills, experience and networking opportunities that are relevant for a wide range of future careers, both within academia and more widely in the healthcare, industry and governmental sector.

You will receive direct supervision from world-leading academics based on UCL's campus in the heart of London. All PhD students are supported by supervisory panels of multidisciplinary staff, as well as student mentors, and departmental graduate tutors.

Who this course is for

This programme provides training for those looking for a career in epidemiology, public health and health care policy, either in academia, industry or public health practice. It is offered full time or part time, the latter option being suitable for those who continue in employment while gaining a research qualification.

What this course will give you

This programme will provide you with access to a wide range of supporting opportunities that will increase your ability to develop transferable skills, that are sought after by national and international employers.

Skills Development programme

UCL's DocSkills Development Programme is open to all PhD students at UCL and it offers an extensive list of development opportunities. The purpose of the programme is to give you the opportunity to expand your research and transferable skills in order to support your research, professional development and employability. Find out more about UCL's DocSkills Development programme .

Mentoring programme

We offer a Peer-Level Research Student Mentoring Scheme and provide all new research degree students with a peer-mentor upon arrival. The mentor you are allocated will generally be a 2nd or 3rd year PhD student.

We take career support very seriously at UCL and you can find out more within the programmes Careers and Employability section .

Early Career Researchers Forum

The Institute’s Early Career Researcher Forum (ECF) is an ongoing and expanding programme of regular seminars for postdoctoral researchers and PhD students. Previous events focused on how to apply for jobs in academia, authorship and publishing, patient and public involvement in research, using social media in research (including film), how PhD students can best prepare for their viva, and oral and poster presentations.

Journal Club

A PhD and junior researcher journal club group which meets in an informal setting. With the aim of improving student's critical analysis and methodology skills, the Journal Club discusses papers from a broad range of topics on health promotion and disease prevention. The club is run by students and facilitated by a senior member of academic staff within the Institute.

Lunchtime Seminar Series

The Lunchtime Seminar series is delivered by the department's research groups and PhD students. The seminars typically take place once a month.

PhD Poster Competition

Every year we run a PhD student poster competition which is an opportunity to share students work with members of staff, outsiders who will be visiting for our Open Day and fellow students.

3-minute thesis competition (3MT)

The Institute runs an annual 3-minute thesis competition which is an academic competition that challenges PhD students to describe their research within three minutes to a general audience. 3MT celebrates the discoveries made by research students and encourages them to communicate the importance of their research to the broader community. It's a great opportunity for students to practice their presentation skills, meet other candidates and have a chance to win prize money.

Teaching Opportunities for PhD Students

The Institute is committed and recognises the importance of providing postgraduate teaching assistant opportunities for PhD students , so they can gain valuable experience during their studies at UCL. Formal is provided and a wide range of teaching opportunities are offered each term.

The foundation of your career

We produce graduates with the skills and knowledge sought after by government departments and public sector organisations worldwide, as well as leading academic institutions.

Employability

This research degree programme aims to provide excellent and challenging training for exceptional students, so that they may successfully pursue careers in:

• The local and central government
• Public health organisations
• Hospitals and clinical trial units
• Academic researchers and university lecturers
• Policy management
• Government advisors
• Charity and non-governmental sectors

This degree can be varied and may have an international dimension, including fieldwork carried out abroad, setting up a study within the UK or other countries, or using secondary data from some of the UK’s largest, most comprehensive longitudinal datasets many of which are housed within the institute.

You will also have access to UCL's Doctoral Skills Development programme, which will enable you to expand your research and transferable skills in order to support your research, professional development and employability.

The Institute's research departments collaborate with third sector and governmental organisations, as well as members of the media, both nationally and internationally to ensure the highest possible impact of their work beyond the academic community. Students are encouraged to take up internships with relevant organisations where funding permits. Members of staff also collaborate closely with academics from leading institutions globally.

Teaching and learning

Learning is mostly self-directed with input from PhD supervisors. The training and development programme for each student is overseen and supported by a Thesis Committee panel, appointed by the supervisory team.

PhD final assessment is by means of a thesis, which should demonstrate your ability to pursue original research based upon a good understanding of the research techniques and concepts appropriate to the discipline.

Your thesis must also represent your distinct and significant contribution to the subject, either through the discovery of new knowledge, through the connection of previously unrelated facts, the development of a new theory, or the revision of older views.

Your thesis should reflect the exercise of critical judgement with regard to both your own work and that of other scholars in the field.

You are required to register initially for the MPhil degree with the expectation of transfer to PhD after successful completion of an upgrade viva. For a successful upgrade to PhD, you prepare a written report, give an oral presentation and pass an oral examination.

For a PhD award, you will be examined on your submitted thesis, this involves a viva (an oral exam) with two independent examiners.

Contact hours and hours of self-study are agreed between the student and the supervisor at the beginning of their research degree and should be reviewed on a regular basis. Full-time postgraduate research students are expected to work a minimum of 36.5 hours per week on their project. With agreement of their supervisors, contact time can be on-site or remote working depending upon the nature and stage of the project. PGR students can have the opportunity to access UCL facilities ‘out of hours’ including weekends and holidays during their period of registration. Students will have research meetings with their supervisors at least once per month. Full-time Research students can take 27 days of annual leave, plus eight days of Bank holidays and six UCL closure days.

Research areas and structure

The Research Department of Behavioural Science and Health is dedicated to research on how human behaviour impacts health and health outcomes. Our research and teaching reflect our interdisciplinary approach to health and wellbeing, focusing on a broad range of public health issues, such as alcohol and tobacco use, heart disease, cancer, and obesity.

Find out more.

Research environment

UCL is among the world's top ten universities (QS World University Rankings 2024) with a reputation for high-quality research. Located in the heart of London, it is a stimulating and exciting environment in which to study.

• 1st in the UK for research power and impact in medicine, health and life sciences (REF 2021)
• 6th in the world for public health (ShanghaiRanking's 2023 Global Ranking of Academic Subjects)
• 9th in the world: among the top universities in the world (QS World University Rankings 2024)

UCL can bring the full power of a multi-faculty university to bear on discussions of population health, involving academics from the wide range of disciplines necessary to tackle some of the most difficult issues in public health.

More specifically, the UCL's Institute of Epidemiology and Health Care brings together four research departments, whose interests span the life course from childhood to old age, and research from the origins of disease to the development of innovative interventions.

The four research Departments are:

• Applied Health Research
• Epidemiology and Public Health
• Primary Care and Population Health

Full-time students are normally registered for a minimum of 3 years. Part-time students are required to register for a minimum of 5 years.

All students initially register for the MPhil degree before being upgraded (typically early in the 2nd year) to the PhD degree. For a successful upgrade to a PhD, students must prepare a written report, give an oral presentation and pass an oral examination. 

Students are regularly monitored to ensure that they are making good progress and that supervisory arrangements are satisfactory to both the student and supervisor. Once the student has completed their research and submitted their thesis, they have a viva (an oral exam) with two examiners.

Part-time students are required to register for a minimum of 5 years.

Accessibility

Details of the accessibility of UCL buildings can be obtained from AccessAble accessable.co.uk . Further information can also be obtained from the UCL Student Support and Wellbeing team .

Fees and funding

Fees for this course.

The tuition fees shown are for the year indicated above. Fees for subsequent years may increase or otherwise vary. Where the programme is offered on a flexible/modular basis, fees are charged pro-rata to the appropriate full-time Master's fee taken in an academic session. Further information on fee status, fee increases and the fee schedule can be viewed on the UCL Students website: ucl.ac.uk/students/fees .

Additional costs

There may be additional costs related to participating in scientific meetings, conferences, short courses, or data collection/access, but these are all optional.

The students can apply for financial support provided by the Institute of Epidemiology and Health Care to participate in conferences.

For more information on additional costs for prospective students please go to our estimated cost of essential expenditure at Accommodation and living costs .

Funding your studies

View the Institute of Epidemiology and Health Care's Studentship and Funding webpage for opportunities.  

The following studentships have been received in previous years: ESRC, MRC, MRC/ESRC, NIHR, Cancer Research UK, Diabetes UK, Wellcome Trust, European Union and British Heart Foundation.

For a comprehensive list of the funding opportunities available at UCL, including funding relevant to your nationality, please visit the Scholarships and Funding website .

We accept research degree applications throughout the year. Please note: essential information about the application process can be found on the  department website .

Please note that you may submit applications for a maximum of two graduate programmes (or one application for the Law LLM) in any application cycle.

Choose your programme

Please read the Application Guidance before proceeding with your application.

Year of entry: 2024-2025

Got questions get in touch.

Institute of Epidemiology and Health Care

[email protected]

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DPhil in Economics

• Entry requirements
• Funding and costs

College preference

• How to apply

About the course

Oxford has a thriving group of research students studying for the DPhil in Economics. The DPhil, which is the equivalent to a PhD at most other institutions, is similar in structure to a PhD at leading economics graduate schools worldwide.

The majority of students on the DPhil at Oxford have first completed the two-year Oxford MPhil in Economics . You can also apply for the DPhil if you hold, or will hold a Master’s degree or equivalent in Economics from other universities.

All students starting the DPhil are admitted with Probationer Research Student status (PRS) in the first instance. You will take additional courses from the MPhil menu to deepen and broaden your economic training, while starting to work on your first research project. The PRS status allows for a smooth transition from learning about economic research to producing new economic insights yourself. If you haven’t completed the MPhil in Economics at Oxford, you will usually be required to take a year of coursework taking papers from either the first and/or second year of the MPhil programme. Students progressing from the MPhil in Economics at Oxford will usually complete their coursework by taking additional advanced courses from the MPhil. 

You will join one or more of the department's research groups, becoming part of a vibrant educational research community with a large number of doctoral student-led events, seminars and conferences.

You will have opportunities to present your work at a variety of seminars and sessions in the department.

Further information about part-time study

The department is able to offer the DPhil in Economics as a part-time mode. Although there is no requirement to reside in Oxford, part-time research students must attend the University on a regular basis (particularly in term-time: October and November, mid-January to mid-March, and late April to mid-June) for supervision, study, research seminars and skills training.

The department understands that part-time research students will have non-standard attendance and work patterns. To ensure a comprehensive integration into the faculty's and University's research culture and with their full-time peer groups a pattern of attendance at MPhil courses, training events and research seminars would form part of the general part-time study agreement.

Supervision

The allocation of graduate supervision for this course is the responsibility of the Department of Economics and it is not always possible to accommodate the preferences of incoming graduate students to work with a particular member of staff. Under exceptional circumstances a supervisor may be found outside the Department of Economics. In those cases, the expectation is that a co-supervisor or secondary supervisor from within the Department of Economics will also be appointed.

DPhil students will work closely with their supervisors and will be expected to meet face-to-face on at least two occasions per term with additional contact through online meetings and email exchanges.

Full-time students admitted to Probationer Research Student status are first required to transfer to DPhil status. The Transfer of Status requires the completion of the Qualifying Examinations, necessary coursework, and an interview with two assessors appointed by the department, at which the candidate presents an outline of their proposed thesis and a piece of written work relevant to the thesis. The transfer is normally expected to be completed by the end of the fourth term, and no later than six terms from admission to Probationer Research Student status. In exceptional circumstances, where a student has already successfully completed advanced coursework as part of the MPhil in Economics at Oxford, the department may waive the requirement for Transfer of Status and students may progress directly to DPhil status. Upon a successful transfer to DPhil status, students are required to confirm their DPhil status no later than nine terms after admission to Probationer Research Student status. 

Candidates for Confirmation of Status are required to present a research paper at a workshop or seminar, present a detailed outline of the complete thesis and some complete draft chapters, and will be interviewed by an assessor.

Part-time students admitted to Probationer Research Student status are normally expected to transfer to DPhil status during the first two to three years of study. Upon a successful transfer to DPhil status, students are required to confirm their DPhil status no later than eighteen terms after admission as a Probationer Research Student.

The award of this degree is based on a thesis of not more than 100,000 words in length. It should constitute a significant and substantial piece of research, of a kind which might reasonably be expected of a diligent and competent student in three years of full-time study. The maximum time allowed for completion of the DPhil is four years (eight years for part-time).

Graduate destinations

The interests and strengths of the department's doctoral students are many and diverse and this is reflected in the positions they take up after graduation: most take up tenure track or postdoc positions in academia; others find employment in government, international organisations, or the private sector. The international reputation of Oxford’s doctoral programme also means that its DPhil graduates can be found making a contribution in many different parts of the world.

The department recognises the importance of helping doctoral students find suitable employment and its placement efforts are directed by a senior member of the faculty. The department provides advice and help on all aspects of the job application process, including limited financial assistance to cover travel and conference expenses.

Changes to this course and your supervision

The University will seek to deliver this course in accordance with the description set out in this course page. However, there may be situations in which it is desirable or necessary for the University to make changes in course provision, either before or after registration. The safety of students, staff and visitors is paramount and major changes to delivery or services may have to be made in circumstances of a pandemic, epidemic or local health emergency. In addition, in certain circumstances, for example due to visa difficulties or because the health needs of students cannot be met, it may be necessary to make adjustments to course requirements for international study.

Where possible your academic supervisor will not change for the duration of your course. However, it may be necessary to assign a new academic supervisor during the course of study or before registration for reasons which might include illness, sabbatical leave, parental leave or change in employment.

For further information please see our page on changes to courses and the provisions of the student contract regarding changes to courses.

Entry requirements for entry in 2024-25

Proven and potential academic excellence.

The requirements described below are specific to this course and apply only in the year of entry that is shown. You can use our interactive tool to help you  evaluate whether your application is likely to be competitive .

Please be aware that any studentships that are linked to this course may have different or additional requirements and you should read any studentship information carefully before applying. 

Degree-level qualifications

As a minimum, applicants should hold or be predicted to achieve the following UK qualifications or their equivalent:

• an outstanding performance in a rigorous master's course in economics;  and
• a first-class or strong upper second-class undergraduate degree with honours in economics or another approved subject (such as mathematics).

Applicants must demonstrate a strong quantitative preparation. 

Offers will usually be made conditional on obtaining a distinction grade (or an equivalent level of performance where a distinction grade is not officially awarded) at master's level. 

Please note:

• a master's qualification that is only partially in economics would not be considered a suitable background: for example, a master's course in development studies, public administration, or in finance lacks the required level of economics content, even if there are economics courses as part of the training;
• a master's qualification in a specialised field within economics (eg development economics, applied economics, or financial economics) may also be insufficient background. Candidates with these qualifications should provide a written statement as part of their research proposal to demonstrate that the courses on which they have been examined covered all the core material of a rigorous master's course in economics.

Applicants with an insufficient master's background in economics who wish to proceed to DPhil are encouraged to first apply to the joint MPhil+DPhil in Economics.

For applicants with a degree from the USA, the minimum cumulative GPA sought is 3.7 out of 4.0.

If your degree is not from the UK or another country specified above, visit our International Qualifications page for guidance on the qualifications and grades that would usually be considered to meet the University’s minimum entry requirements.

GRE General Test scores

If you do not hold, or will not shortly hold, a UK or Republic of Ireland degree, you must submit the results of a GRE Test obtained within the last 5 years. However, we recommend applicants from UK or Republic of Ireland universities also submit a GRE score. Entrance is very competitive and most successful applicants will have a GRE score of Verbal 160, Quantitative 164, Analytical 4.5.

Other qualifications, evidence of excellence and relevant experience

• All candidates are expected to have working knowledge in one programming language (of the candidate’s choice) at the start of the DPhil. The department will provide advice to accepted candidates on how to acquire such knowledge.
• Part-time applicants will also be expected to show evidence of the ability to commit time to study and, if applicable, an employer's commitment to make time available to study, to complete coursework, and attend programme and University events and modules. Where appropriate, evidence should also be provided of permission to use employers’ data in the proposed research project.
• Publications are not expected.

English language proficiency

This course requires proficiency in English at the University's  higher level . If your first language is not English, you may need to provide evidence that you meet this requirement. The minimum scores required to meet the University's higher level are detailed in the table below.

*Previously known as the Cambridge Certificate of Advanced English or Cambridge English: Advanced (CAE) † Previously known as the Cambridge Certificate of Proficiency in English or Cambridge English: Proficiency (CPE)

Your test must have been taken no more than two years before the start date of your course. Our Application Guide provides  further information about the English language test requirement .

Declaring extenuating circumstances

If your ability to meet the entry requirements has been affected by the COVID-19 pandemic (eg you were awarded an unclassified/ungraded degree) or any other exceptional personal circumstance (eg other illness or bereavement), please refer to the guidance on extenuating circumstances in the Application Guide for information about how to declare this so that your application can be considered appropriately.

You will need to register three referees who can give an informed view of your academic ability and suitability for the course. The  How to apply  section of this page provides details of the types of reference that are required in support of your application for this course and how these will be assessed.

Supporting documents

You will be required to supply supporting documents with your application. The  How to apply  section of this page provides details of the supporting documents that are required as part of your application for this course and how these will be assessed.

Performance at interview

Interviews are not normally held as part of the admissions process.  

How your application is assessed

Your application will be assessed purely on your proven and potential academic excellence and other entry requirements described under that heading.

References  and  supporting documents  submitted as part of your application, and your performance at interview (if interviews are held) will be considered as part of the assessment process. Whether or not you have secured funding will not be taken into consideration when your application is assessed.

An overview of the shortlisting and selection process is provided below. Our ' After you apply ' pages provide  more information about how applications are assessed . 

Shortlisting and selection

Students are considered for shortlisting and selected for admission without regard to age, disability, gender reassignment, marital or civil partnership status, pregnancy and maternity, race (including colour, nationality and ethnic or national origins), religion or belief (including lack of belief), sex, sexual orientation, as well as other relevant circumstances including parental or caring responsibilities or social background. However, please note the following:

• socio-economic information may be taken into account in the selection of applicants and award of scholarships for courses that are part of  the University’s pilot selection procedure  and for  scholarships aimed at under-represented groups ;
• country of ordinary residence may be taken into account in the awarding of certain scholarships; and
• protected characteristics may be taken into account during shortlisting for interview or the award of scholarships where the University has approved a positive action case under the Equality Act 2010.

Processing your data for shortlisting and selection

Information about  processing special category data for the purposes of positive action  and  using your data to assess your eligibility for funding , can be found in our Postgraduate Applicant Privacy Policy.

Admissions panels and assessors

All recommendations to admit a student involve the judgement of at least two members of the academic staff with relevant experience and expertise, and must also be approved by the Director of Graduate Studies or Admissions Committee (or equivalent within the department).

Admissions panels or committees will always include at least one member of academic staff who has undertaken appropriate training.

Other factors governing whether places can be offered

The following factors will also govern whether candidates can be offered places:

• the ability of the University to provide the appropriate supervision for your studies, as outlined under the 'Supervision' heading in the  About  section of this page;
• the ability of the University to provide appropriate support for your studies (eg through the provision of facilities, resources, teaching and/or research opportunities); and
• minimum and maximum limits to the numbers of students who may be admitted to the University's taught and research programmes.

Offer conditions for successful applications

If you receive an offer of a place at Oxford, your offer will outline any conditions that you need to satisfy and any actions you need to take, together with any associated deadlines. These may include academic conditions, such as achieving a specific final grade in your current degree course. These conditions will usually depend on your individual academic circumstances and may vary between applicants. Our ' After you apply ' pages provide more information about offers and conditions . 

In addition to any academic conditions which are set, you will also be required to meet the following requirements:

Financial Declaration

If you are offered a place, you will be required to complete a  Financial Declaration  in order to meet your financial condition of admission.

Disclosure of criminal convictions

In accordance with the University’s obligations towards students and staff, we will ask you to declare any  relevant, unspent criminal convictions  before you can take up a place at Oxford.

Academic Technology Approval Scheme (ATAS)

Some postgraduate research students in science, engineering and technology subjects will need an Academic Technology Approval Scheme (ATAS) certificate prior to applying for a  Student visa (under the Student Route) . For some courses, the requirement to apply for an ATAS certificate may depend on your research area.

With more than 60 academics in permanent posts and 30+ postdoctoral research fellows, the Department of Economics is a large and vibrant international community of researchers. In the 2021 REF, Oxford was ranked first in terms of overall research ‘power’ and funding market share.

The department hosts research centres such as the Centre for the Study of African Economies (CSAE), which is internationally recognised as a hub for innovative research and outreach to the academic and policy-making communities world-wide through their seminars, workshops and annual conferences.

Within the department, specialised research groups play a key role in bringing together faculty and graduate students working in particular sub-fields, supporting and mentoring doctoral students and postdoctoral research fellows, and promoting research of the highest international standard.

The research groups provide an important interface between the research centres and the department, for example, econometrics and the INET programme on Economic Modelling (EMOD); development economics and CSAE. Other research groups facilitate collaboration across departments, as in the case of the economic history group and economic historians in the Faculty of History. Each research group runs a regular seminar series with external presenters, plus a more informal workshop in which members, including DPhil students, present their research in progress.

Students can access a range of internship programmes through the University Careers Office as well as the RCUK Policy Internship scheme for ESRC-funded students. In addition, the Bank of England and Goldman Sachs each provide a short summer internship for a doctoral student specialising in macroeconomics or finance and the Department of Economics is accredited by the Asian Development Bank to nominate candidates for their internship programme. In recent cohorts, students have benefited from an internship with organisations including the EBRD, European Central Bank, UK Home Office, as well as those identified above.

The Department of Economics is located in the Manor Road Building in central Oxford, alongside the Department of Politics and International Relations. The department contains faculty offices and open-plan workspaces for DPhil students and postdoctoral research, with access to Wi-Fi and print services. A BYOD (Bring Your Own Device) policy is in place within the Economics department, enabling you to access data shares, printing, software and for some, a full Windows desktop via the department's Virtual Desktop environment. The Manor Road IT team support all IT-related infrastructure and systems within the department, including desktops, laptops and tablets, and all associated peripherals (printers, scanners, webcams etc) and software provision.

The Manor Road Building also houses the Bodleian Social Sciences Library (SSL), a first-class research library open to all members of the University. The SSL holds over 250,000 printed books, over 1,000 printed journal titles, as well as statistical publications, working papers, dissertations, pamphlets and reports. Online resources include almost 100,000 e-journals and an extensive collection of databases and archives in the social sciences. Graduate teaching and most seminars take place within the Manor Road Building, where there is also a cafeteria and common room for students' use.

Oxford's Department of Economics is one of Europe's leading research departments and its members include some of the world's most distinguished academic economists.

The department offers its community of around 300 graduate students a rigorous and relevant training in economics, providing a setting in which debate and research can flourish. The department’s graduate courses prepare students for a wide range of careers in academia, government and business.

The department is committed to excellence in teaching and the MPhil and DPhil in Economics are internationally recognised for the quality of the training provided. The University of Oxford is ranked 2nd in Europe in the most recent Tilburg University ranking of Economics departments, based on research contribution for the period between 2016-2020. In the 2021 Research Excellence Framework exercise, that evaluated research output of UK Universities, Oxford was first for overall research strength in Economics and Econometrics, with more research ranked as ‘world-leading’ than any other participating institution.

In a submission of 84 FTE academics, which was the largest number of researchers submitted in the Economics and Econometrics Unit of Assessment, 94% of the department's research output was assessed as ‘internationally excellent’ or ‘world-leading’ (3* or 4*). The scale and breadth of the Department’s research is a product of a vibrant and well-connected community, with particular attention on supporting early career researchers. The Department maintains world-class expertise in the core discipline areas of microeconomics, macroeconomics and econometrics, while building clusters of research strength in more specialist subfields – notably applied microeconomics; behavioural economics and game theory; the economics of climate change and sustainability; machine learning; economic history; development economics.

Oxford has one of the strongest, largest, and most varied groups of economists in the world. Our objective is to engage in innovative research that extends the frontiers of the discipline, deepening our understanding of the operation of modern economies. Research spans almost all the major sub-fields of economics with particular strengths in microeconomic theory, including behavioural economics; econometrics, both micro-econometrics and time series; economic history and development and international economics. Research activity is focused within smaller, specialised groups, with each group holding regular workshops at which research by faculty and graduate students is presented and discussed. Many distinguished researchers from outside Oxford also visit to present their work at seminars.

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The University expects to be able to offer over 1,000 full or partial graduate scholarships across the collegiate University in 2024-25. You will be automatically considered for the majority of Oxford scholarships , if you fulfil the eligibility criteria and submit your graduate application by the relevant December or January deadline. Most scholarships are awarded on the basis of academic merit and/or potential. 

For further details about searching for funding as a graduate student visit our dedicated Funding pages, which contain information about how to apply for Oxford scholarships requiring an additional application, details of external funding, loan schemes and other funding sources.

Please ensure that you visit individual college websites for details of any college-specific funding opportunities using the links provided on our college pages or below:

Please note that not all the colleges listed above may accept students on this course. For details of those which do, please refer to the College preference section of this page.

Further information about funding opportunities for this course can be found on the department's website.

Annual fees for entry in 2024-25

Full-time study.

Further details about fee status eligibility can be found on the fee status webpage.

Part-time study

Information about course fees.

Course fees are payable each year, for the duration of your fee liability (your fee liability is the length of time for which you are required to pay course fees). For courses lasting longer than one year, please be aware that fees will usually increase annually. For details, please see our guidance on changes to fees and charges .

Course fees cover your teaching as well as other academic services and facilities provided to support your studies. Unless specified in the additional information section below, course fees do not cover your accommodation, residential costs or other living costs. They also don’t cover any additional costs and charges that are outlined in the additional information below.

Continuation charges

Following the period of fee liability , you may also be required to pay a University continuation charge and a college continuation charge. The University and college continuation charges are shown on the Continuation charges page.

Where can I find further information about fees?

The Fees and Funding  section of this website provides further information about course fees , including information about fee status and eligibility  and your length of fee liability .

Additional information

There are no compulsory elements of this course that entail additional costs beyond fees (or, after fee liability ends, continuation charges) and living costs. However, please note that, depending on your choice of research topic and the research required to complete it, you may incur additional expenses, such as travel expenses, research expenses, and field trips. You will need to meet these additional costs, although you may be able to apply for small grants from your department and/or college to help you cover some of these expenses.

Please note that you are required to attend in Oxford for a minimum of 30 days each year, and you may incur additional travel and accommodation expenses for this. Also, depending on your choice of research topic and the research required to complete it, you may incur further additional expenses, such as travel expenses, research expenses, and field trips. You will need to meet these additional costs, although you may be able to apply for small grants from your department and/or college to help you cover some of these expenses.

Living costs

In addition to your course fees, you will need to ensure that you have adequate funds to support your living costs for the duration of your course.

For the 2024-25 academic year, the range of likely living costs for full-time study is between c. £1,345 and £1,955 for each month spent in Oxford. Full information, including a breakdown of likely living costs in Oxford for items such as food, accommodation and study costs, is available on our living costs page. The current economic climate and high national rate of inflation make it very hard to estimate potential changes to the cost of living over the next few years. When planning your finances for any future years of study in Oxford beyond 2024-25, it is suggested that you allow for potential increases in living expenses of around 5% each year – although this rate may vary depending on the national economic situation. UK inflationary increases will be kept under review and this page updated.

If you are studying part-time your living costs may vary depending on your personal circumstances but you must still ensure that you will have sufficient funding to meet these costs for the duration of your course.

Students enrolled on this course will belong to both a department/faculty and a college. Please note that ‘college’ and ‘colleges’ refers to all 43 of the University’s colleges, including those designated as societies and permanent private halls (PPHs). 

If you apply for a place on this course you will have the option to express a preference for one of the colleges listed below, or you can ask us to find a college for you. Before deciding, we suggest that you read our brief  introduction to the college system at Oxford  and our  advice about expressing a college preference . For some courses, the department may have provided some additional advice below to help you decide.

The following colleges accept students for full-time study on this course:

• Balliol College
• Blackfriars
• Brasenose College
• Campion Hall
• Christ Church
• Corpus Christi College
• Exeter College
• Harris Manchester College
• Hertford College
• Jesus College
• Keble College
• Kellogg College
• Lady Margaret Hall
• Linacre College
• Lincoln College
• Magdalen College
• Mansfield College
• Merton College
• New College
• Nuffield College
• Oriel College
• Pembroke College
• The Queen's College
• Regent's Park College
• Reuben College
• St Anne's College
• St Antony's College
• St Catherine's College
• St Cross College
• St Edmund Hall
• St Hilda's College
• St Hugh's College
• St John's College
• St Peter's College
• Somerville College
• Trinity College
• University College
• Wadham College
• Wolfson College
• Worcester College
• Wycliffe Hall

The following colleges accept students for part-time study on this course:

Before you apply

Our  guide to getting started  provides general advice on how to prepare for and start your application. You can use our interactive tool to help you  evaluate whether your application is likely to be competitive .

If it's important for you to have your application considered under a particular deadline – eg under a December or January deadline in order to be considered for Oxford scholarships – we recommend that you aim to complete and submit your application at least two weeks in advance . Check the deadlines on this page and the  information about deadlines  in our Application Guide.

Application fee waivers

An application fee of £75 is payable per course application. Application fee waivers are available for the following applicants who meet the eligibility criteria:

• applicants from low-income countries;
• refugees and displaced persons; 
• UK applicants from low-income backgrounds; and 
• applicants who applied for our Graduate Access Programmes in the past two years and met the eligibility criteria.

You are encouraged to  check whether you're eligible for an application fee waiver  before you apply.

Readmission for current Oxford graduate taught students

If you're currently studying for an Oxford graduate taught course and apply to this course with no break in your studies, you may be eligible to apply to this course as a readmission applicant. The application fee will be waived for an eligible application of this type. Check whether you're eligible to apply for readmission .

Do I need to contact anyone before I apply?

You do not need to make contact with the department before you apply but you are encouraged to visit the relevant departmental webpages to read any further information about your chosen course.

Completing your application

You should refer to the information below when completing the application form, paying attention to the specific requirements for the supporting documents . 

If any document does not meet the specification, including the stipulated word count, your application may be considered incomplete and not assessed by the academic department. Expand each section to show further details.

Referees: Three overall, academic and/or professional

Whilst you must register three referees, the department may start the assessment of your application if two of the three references are submitted by the course deadline and your application is otherwise complete. Please note that you may still be required to ensure your third referee supplies a reference for consideration.

It is recommended that you provide three academic references, however the department will accept one professional reference of the three required overall. Your references will support intellectual ability, academic achievement, and motivation.

Official transcript(s)

Your transcripts should give detailed information of the individual grades received in your university-level qualifications to date. You should only upload official documents issued by your institution and any transcript not in English should be accompanied by a certified translation.

More information about the transcript requirement is available in the Application Guide.

A CV/résumé is compulsory for this course. Most applicants choose to submit a document of one to two pages highlighting their academic achievements and any relevant professional experience.

Research proposal: A maximum of 1,500 words

You should submit a detailed outline of your proposed research, written in English, covering areas such as the background to the research, methodology, expected results and the contribution to the field of learning.

It is not necessary to include your bibliography in the overall word count. 

If possible, please ensure that the word count is clearly displayed on the document.

This will be assessed for:

• your reasons for applying;
• the coherence of the proposal;
• the originality of the project;
• evidence of motivation for and understanding of the proposed area of study;
• the ability to present a reasoned case in English;
• the feasibility of successfully completing the project in the time available for the course (a maximum of 4 years);
• commitment to the subject, beyond the requirements of the degree course;
• preliminary knowledge of research techniques;
• capacity for sustained and intense work;
• reasoning ability; and
• ability to absorb new ideas, often presented abstractly, at a rapid pace.

Written work: One essay of a maximum of 2,000 words

An academic essay or other writing sample from your most recent qualification, written in English, is required. An extract of the requisite length from longer work is also permissible. The written work should be related to the subject you propose to study.

The written work should be typed and in English. The word count does not need to include any bibliography or brief footnotes.

• a comprehensive understanding of the subject area;
• understanding of problems in the area;
• ability to construct and defend an argument;
• powers of analysis; and
• powers of expression.

GRE General Test results

If you do not hold, or will not shortly hold, a UK or Republic of Ireland degree, you must submit the results of a GRE Test obtained within the last 5 years. However, we recommend that applicants from UK or Republic of Ireland universities also submit a GRE score. Entrance is very competitive, and most successful applicants have a GRE score of at least 160 for verbal, 164 for quantitative and 4.5 for analytical.

Start or continue your application

You can start or return to an application using the relevant link below. As you complete the form, please  refer to the requirements above  and  consult our Application Guide for advice . You'll find the answers to most common queries in our FAQs.

Application Guide   Apply - Full time Apply - Part time

ADMISSION STATUS

Closed to applications for entry in 2024-25

Register to be notified via email when the next application cycle opens (for entry in 2025-26)

12:00 midday UK time on:

Friday 19 January 2024 Latest deadline for most Oxford scholarships Final application deadline for entry in 2024-25

*Three-year average (applications for entry in 2021-22 to 2023-24)

Further information and enquiries

This course is offered by the Department of Economics

• Course page on the department's website
• Funding information from the department
• Academic and research staff
• Departmental research
• Social Sciences Division
• Residence requirements for full-time courses
• Postgraduate applicant privacy policy

Course-related enquiries

Advice about contacting the department can be found in the How to apply section of this page

✉ e [email protected] ☎ +44 (0)1865 281290

Application-process enquiries

See the application guide

Other courses to consider

You may also wish to consider applying to other courses that are similar or related to this course:

MPhil + DPhil in Economics

You can study this course as part of our five-year integrated  MPhil+DPhil in Economics  which enables students to first study for the two-year MPhil in Economics and then automatically switch to the DPhil in Economics.

Visa eligibility for part-time study

We are unable to sponsor student visas for part-time study on this course. Part-time students may be able to attend on a visitor visa for short blocks of time only (and leave after each visit) and will need to remain based outside the UK.

• Durham University
• Student Gateway
• Staff Gateway

Behavioural Economics

• September 2024

1 year full-time

Durham City

Course details

One of three specialist Masters in Economics programmes available at Durham, the MSc in Behavioural Economics examines how elements of behavioural psychology can be applied to economics to understand how people make economic decisions and how these decisions may differ from those made from rational choices. As one of the fastest growing areas in economics, behavioural economics provides insight to inform business and public policy alike. You will also gain an understanding of experimental methods in economics through classroom experiments.

The programme consists of a set of core and elective (optional) modules, culminating in a research-based dissertation. Core learning covers advanced macroeconomics and microeconomics alongside behavioural and experimental economics.

The programme offers flexibility through its wide choice of elective modules in topics such as Development Economics, Game Theory and Time-Series Analysis among others. The dissertation then enables you to develop your research skills, through an in-depth investigation at an advanced level of a topic relevant to your degree. The dissertation also includes the option to conduct research abroad at a partner university.

You will be taught at Durham University Business School, which is one of an elite group of institutions to be accredited by three major business education accreditation bodies, namely: the Association to Advance Collegiate Schools of Business (AACSB), the Association of MBAs (AMBA) and the European Quality Improvement System (EQUIS). As an economics student you will be part of an academic department with an international reputation for research and teaching excellence.

Course structure

Core modules.

You will study the following core modules:

• develops your knowledge and analytical skills in advanced macroeconomics, covering topics such as theories of growth, business cycles over time and money.
• enhances your knowledge and analytical skills in advanced microeconomic theory relating to consumers and producers as well as other areas including decision-making under risk and uncertainty, incentives and strategic behaviour, market equilibrium and welfare economics.
• provides the opportunity to develop a critical understanding of current theoretical and empirical research in the subject and builds the necessary knowledge and skills to critically review a wide range of behavioural patterns that influence investment decisions, and the consequences of those behaviours for the financial marketplace.
• enables you to test behavioural theories using methods from experimental economics. This module is designed to combine the behavioural approach in economics with active classroom experiments. These experiments illustrate simple economic situations, such as markets or auctions, and are used to highlight several economic ideas. You will critically review studies of economic behaviour in markets, bargaining, auctions, game theory, and public choice and discuss key aspects of individual behaviour in isolation, in particular choice under uncertainty and choice over time.
• provides some of the econometrics skills necessary to pursue empirical research in economics and/or finance and also provides a basis for understanding more advanced econometric techniques to be taught in the second term of the course.

Elective modules

You will choose one optional module from:

• Time-Series Analysis
• Microeconometrics

You will then choose an additional two further modules, up to the the value of 30 credits, from a list that has typically* included:

• Development Economics
• Econometrics II
• Environmental and Climate Economics
• Game Theory
• Industrial Organisation
• International Trade and Finance
• Money and Banking
• Natural Resource Economics
• Language module offered by the Centre for Foreign Language Studies

* Note that current modules are indicative and may change due to, for example, developments in the relevant academic field, or in light of student feedback and demand.

Dissertation

The MSc Behavioural Economics Dissertation is an in-depth investigation of a specific subject you've already studied as part of your programme. Supervised by a faculty member, this is an opportunity for you to develop your insight and present your analysis and ideas in a scholarly and professional manner. There is also the opportunity to undertake your dissertation abroad at a partner university.

Detailed module information

For the latest detailed information on all of the modules currently offered on this programme please visit our  Postgraduate Module Handbook pages .

Additional resources

We have made major investment in our Economics programmes, acquiring state-of-the-art database resources, including Thomson Reuters, Bloomberg, Datastream and Orbis. These valuable resources give you access to live and historical facts and figures relating to the financial records of millions of companies worldwide, adding valuable insight to your research.

Adding to your experience: International Opportunities

We are proud of our international connections and offer several opportunities to experience campus life in destinations across the globe.

Dissertation Abroad

You will be offered the opportunity to apply to undertake your dissertation (research project) at one of our prestigious European partner institutions during the summer months (June to September). This exciting programme provides an opportunity to gain experience living abroad and to build your network, as well as developing an understanding of how campus life works in another destination. Participation in the programme will develop your personal skills, in addition to improving employability by demonstrating adaptability, resilience, communication skills and a global mindset. This partially self-funded programme is very popular and our International Team in the Business School will support your journey from application to departure.

• Summer School If your ambitions lie beyond the UK, you will have the opportunity to participate in a Summer School at one of our global network of university and business partners. These partially self-funded competitive activities, normally take place after exams in either June, July or August, for up to three weeks. They cover a wide range of topics and aim to complement the knowledge you gain during your time in Durham, whilst contextualising it in an international business setting. Please note, in order to be considered for a place on one of our Summer Schools, all students must apply as places are limited.

Practitioner insights: Guest Speaker Programme

As part of the programme, you will be encouraged to attend presentations by leading academics and professionals who are specialists in your particular area of interest. Combining critical and progressive thinking with practical insight, past speakers have included professional economists from a range of organisations such as: the Bank of England, The Economic and Social Research Institute, the European Commission and the IMF to discuss how they apply core economic skills in their work.

Careers and Employability

By choosing to study the MSc Behavioural Economics programme, in addition to the academic abilities gained, your career development will also benefit from the global reputation of Durham University Business School, from the quality of its teaching to the networking opportunities made available to you.

As a Business School Masters student, you will be supported by an extensive career development programme, which has been designed to complement your academic programme to help you achieve your career goals and develop the skills that employers are looking for. You can take advantage of one-to-one appointments with a specialist Masters Career Consultant to help you with specific issues, from finding a route into your career to applying for your dream role.

Career insight sessions will be delivered by external professionals with expertise and knowledge of their particular sector, which provides insight into working in areas popular with our students.

Whichever career you will choose, the MSc in Behavioural Economics will help you gain the confidence to demonstrate the academic, professional and practical skills that are highly sought by employers around the world, or if you wish to continue your studies, by world-leading PhD programmes. Some of our recent economics graduates have gone on to work in sectors including:

• Consultancy
• Financial Services including Accounting
• Government/Public Services
• Legal Services

Scholarships

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Delivered through a mixture of lectures, seminars and practical sessions, involving the study of core and elective modules, and a 12,000-word dissertation.

Lectures provide key content of a particular topic, occasionally delivered by guest speakers who are internationally recognised academic experts or practitioners in their field.

Seminars provide the opportunity for smaller groups of students to discuss and debate issues based on the knowledge gained through lectures and independent study.

Practicals are medium-sized group sessions, where you will work on topics from lectures and seminars, with some sessions including the opportunity to use industry standard computer software.

Outside of timetabled contact hours, you will be expected to carry out independent study in preparation for teaching sessions, assignments and exams.

Assessment is thorough and ongoing throughout the course. It is conducted by means of assignments, exams and a major 12,000-word dissertation, which requires you to carry out independent research and develop your skills in writing and analysis with support from a supervisor.

Outside of timetabled contact hours, you will be expected to carry out a significant amount of independent study in preparation for assignments and other forms of assessment including exams.

Entry requirements

Applications.

We aim to have a diverse student body and recognise that we can only offer places to a finite number of applicants. To help achieve our aim, we look to ensure we offer places to applicants from all nationalities and close applications when we receive the allocated numbers.

The University is under no obligation to make any offer of a place on the programme to any applicant, nor is the University obligated to fill all spaces available on the programme.

Consideration of any application received by the University after expiry of the deadlines specified herein, shall be made at the sole discretion of the University.

The Masters in Economics is designed for new or recent graduates. You should have a strong background in a related discipline.

What do I need first?

You will need the equivalent of a UK upper second-class single or joint honours degree in Economics, Finance, Mathematics, Statistics, Physics, Computer Science or Engineering. Applicants with degrees in other subjects are encouraged to apply as long as they have achieved good grades in two Mathematics/Statistics/Econometrics modules covering calculus, probability theory/econometrics and ideally linear algebra.

Check the full list of equivalent qualifications .

Pre-sessional Introduction to Economics

Prior to starting your Economics Masters programme we offer a pre-sessional course for those students without an economics background. Starting in September of each academic year, this is a 12-hour online pre-recorded course that covers the basics in microeconomics (6 hours) and macroeconomics (6 hours), with opportunities for self-assessment and online drop-in sessions. The course is entirely optional, but we strongly recommend prospective students, with a first degree not in Economics, to fully engage with the course to make the transition as smooth as possible. The course can also serve as a refresher for economists who have graduated a time ago. 

Support for International Students

If you are an international student who does not meet the requirements for direct entry to this degree, you may be eligible to take a pre-Masters pathway programme at the  Durham University International Study Centre .

NB Chinese Applicants:  Applications will be accepted from students who have graduated from a prestigious university in China. Entry requirements may vary depending upon the reputation of the university you have graduated from and the academic programme you have applied for. As a guide, applicants are expected to have achieved an overall average of 85%.

How do I apply?

You will need to complete an online application form.

Please note you can only apply for  one  Masters Economics programme.

>> Fill out the online application form 

To support your online application form, you will need to provide the following documents.

• Official transcript of marks
• Copy of degree certificate (if available)
• Copy of English test results (if available).

You can either upload your supporting documents with your online application or email or fax them to the Postgraduate Admissions Office using the contact details below.

Only files of type .doc, .docx, .gif, .jpg, .pdf, .png, .rtf are permitted to be uploaded.The maximum file size is 5MB.

Application fee

Once we receive your online application form, you’ll get an automatic email within 48 hours asking you to pay the £60 application fee* which is required to progress your application.

You’ll need to follow the link in the email to the webpage where you can confirm your details and make the payment using a debit or credit card. This is a secure website operated by Secpay, which will send you an automatic receipt of payment.

Once we receive confirmation that your application fee has been paid, we’ll be able to progress your application.  If you do not pay the application fee your application will be automatically withdrawn.

*Please note you will only be able to make a payment for one programme in each suite i.e. one MSc Finance programme, one MSc Management programme, one MSc Economics programme.

College membership

All students of Durham University will become a member of one of our Colleges.   Here is more information about what college membership means to our students .  Once you have accepted your postgraduate offer, the Accommodation and Allocations Office will contact you with further information regarding how to express college preferences.  You can also apply for college accommodation if you wish to. 

Admissions process

Here are the steps in the admissions process:

•  We will let you know when we’ve received your application.
• Once we’ve received all of your supporting documents, we will email you to let you know our decision.
• If the decision is to make you an offer of a place on the programme we will let you know by email. Please note we do not issue hard copy offer letters as these are not required to obtain a student visa.
• You should confirm acceptance of your offer as soon as possible. In order to secure your place, you are required to pay a deposit  within six weeks  of the date of your original offer (check your offer documents for details of payment methods).
• International students requiring a student visa will receive a CAS (Certificate of Acceptance of Studies) via email once all offer conditions are met, acceptance and deposit have been received and you are within five months of the start date of your programme. 

Please note:  You must let us know your own personal email address when applying. Please do not use a university-linked email which may stop working once you complete your bachelor degree.

English language requirements

Fees and funding

Full time fees.

The tuition fees shown are for one complete academic year of full time study, are set according to the academic year of entry, and remain the same throughout the duration of the programme for that cohort (unless otherwise stated) .

Please also check costs for colleges and accommodation .

We are committed to supporting the best students irrespective of financial circumstances and are delighted to offer a range of funding opportunities. 

Career opportunities

Business school, key to your career.

Whatever your specialist interests, you’ll find our careers team is one of the most useful resources to support you on your way to your target career. Now more than ever, it’s the skills you’re able to demonstrate in addition to your academic abilities that will make you shine in a fiercely competitive jobs market.

That’s why our facilities and services are designed to complement your course and help you develop essential professional and practical skills – from personal resilience and self-awareness to CV writing and interview techniques.

We work in partnership with the University's  Careers, Employability and Enterprise Centre  to connect you with events, organisations or individuals to help kick-start your career.

Sector specific presentations

Our Career Insights sessions are delivered by external professionals with expertise and knowledge of their particular sector which provide insights into working in areas that are popular with our students. Previous guest speakers have delivered presentations on working in banking, professional services, and management development programmes within international companies.

We recognise that many of our students will progress their careers outside of the UK once they finish their studies, and our career development programme is designed with this in mind. We offer events focused on career opportunities in China and are continually developing relationships with international recruiters.

If you’re an international student interested in working in the UK after your studies, the University's  Visa Information pages  provide information related to immigration. Our advisers are dedicated to helping you understand the requirements and restrictions of your visas during your studies and can provide limited advice on post-study visa requirements.

You can access more information on our  English Language support pages .

Online resources

You will have access to a huge range of career resources including an interview simulator with a bank of interview questions, a CV builder, and our international Jobs Board.

Alumni career support

You can continue to make the most of our specialist career development advice after you graduate, including on-going one-to-one support from our Masters Career Consultants, workshops in our key locations, and continued access to our online career resources.

Department information

The Department of Economics, is one of four departments at Durham University Business School and is recognised across the globe for its high quality teaching and research. The department's research is broad and far-reaching, with a range of active research centres delivering impactful research across the global business world, informing policy and changing business practice.

Our programmes in economics, environmental economics and behavioural economics, provide the rigorous training and advanced analytical and technical skills required by global employers, or, to take you onto doctoral study.

You'll join a vibrant, diverse community and hear from guest speakers including leading academics and professionals from across the globe, who are specialists in your particular area of interest.

You'll benefit from our significant investment in database resources, giving you access to live and historical data to add valuable insight to your research.

Durham University Business School, is one of the UK’s longest established business schools and one of an elite group accredited by all three major bodies: the Association to Advance Collegiate Schools of Business (AACSB), the Association of MBAs (AMBA) and the European Quality Improvement System (EQUIS). The School also offers postgraduate programmes in the areas of Accounting, Business, Management and Marketing and Finance.

For a current list of staff, please see the Business School website.

Research Excellence Framework

Read more about our results in the recent REF 2021. 

Our Economics Masters are taught across the Durham University campus by world-leading faculty from the Business School. The University is situated in the historic centre of Durham, a city with UNESCO World Heritage Status.

You will join a strong and vibrant learning community with state-of-the-art facilities.

We have made a major investment in acquiring state-of-the-art database resources.

Our modern and spacious teaching and learning areas include lecture theatres, seminar rooms and study areas while the library houses extensive collections of business, economics, finance and management books and offers access to over 10,000 journals online.

Start your application now.

You can save your application and complete it later.

• Admissions Policy
• Frequently Asked Questions

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Durham Business School Postgraduate Events

• Date: 01/09/2023 - 31/08/2024
• Time: 09:00 - 17:00

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• Time: 09:00 - 16:00

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MSc Behavioural Science

• Graduate taught
• Department of Psychological and Behavioural Science
• Application code C8UD
• Starting 2024
• Home full-time: Closed
• Home part-time: Closed
• Overseas full-time: Closed
• Location: Houghton Street, London

The MSc Behavioural Science programme is a world leading master's degree offered at our campus in London. The programme teaches you how to use behavioural science to change human behaviour in corporate and public environments.

The skill to understand, predict, and change human behaviour is essential for your professional success. Organisations in the private and public sector have turned to behavioural science insights to increase the effectiveness of their practices. This has led to an increase in demand for people with these skills, formally in behavioural insights and people analytics teams, and less formally in leadership, change management and human resources roles. By pursuing this degree, you will acquire cutting edge scientific insights about human behaviour, and  learn how to change human behaviour by altering the “context” in which people act rather than how they think. You will also gain expertise in state-of-the-art methodological and statistical approaches that are necessary to evaluate the effectiveness of behavioural change.

The programme is taught by specialists at the forefront of research in behavioural science, and is rooted at the intersection of economics and psychology.  It has a rigorous focus on the cross-disciplinary theoretical, empirical, and applied fundamentals of changing behaviour. You will be taught in a multidisciplinary environment with links to specialist research groups based in departments across the School and the LSE Behavioural Lab , and undertake compulsory courses in the fundamentals of behavioural science and research methods. In addition, you will be able to choose from a range of optional courses within the department and wider School (eg,  Behavioural Science for Health and Pandemic Responses ;  Behavioural Science in an Age of New Technology ; Behavioural Science for Planetary Wellbeing ;  The Science of Time at Work and Beyond ;  Consumer Psychology for Sustainability ) Over the Spring Term, you will be paired with a supervisor and complete a research-based dissertation.

Our department was recently ranked number one in the UK for Psychology in the  Good University Guide from The Times and Sunday Times .

Wellbeing Specialism

Students taking MSc Behavioural Science can choose to specialise in Wellbeing. If you choose to take the Wellbeing specialism, you will be given comprehensive training in the science of wellbeing and its application to policy design, appraisal and evaluation, which will be acknowledged on your degree certificate and transcript upon successful completion of the programme. To opt in to the Wellbeing specialism, you must enrol on the courses  Happiness  and  Wellbeing for Policy , and your dissertation topic must be approved by your supervisor as being appropriate for this specialism. Find out more about the Wellbeing specialism on the Department of Psychological and Behavioural Science website .

Programme details

For more information about tuition fees and entry requirements, see the fees and funding and assessing your application sections.

Entry requirements

Minimum entry requirements for msc behavioural science.

Upper second class honours (2:1) or equivalent. We encourage applications from a range of disciplines within the social sciences and beyond, and have previously accepted students with backgrounds that include Economics, Psychology, Sociology, Statistics, Management, and Law. We require students to be passionate about studying Behavioural Science whilst having a rounded understanding of its applications in government, business, and NGOs. You can tell us about this passion in your statement of academic purpose.

The programme is anchored by quantitative methods, including experimental design and methods alongside quasi-experimental approaches. Although no prior experience is needed in this area, there is an expectation that applicants show evidence that they are aware of how the methodological and empirical dimensions of the programme informs its theoretical aspect, alongside a willingness to engage with a variety of datasets that give insight into complex behavioural processes. 

Competition for places at the School is high. This means that even if you meet the minimum entry requirement, this does not guarantee you an offer of admission.

If you have studied or are studying outside of the UK then have a look at our  Information for International Students  to find out the entry requirements that apply to you.

Assessing your application

We welcome applications from all suitably qualified prospective students and want to recruit students with the very best academic merit, potential and motivation, irrespective of their background.

We carefully consider each application on an individual basis, taking into account all the information presented on your application form, including your:

- academic achievement (including predicted and achieved grades) - statement of academic purpose - two references - CV

See further information on supporting documents

You may also have to provide evidence of your English proficiency, although you do not need to provide this at the time of your application to LSE.  See our English language requirements .

When to apply

Applications for this programme are considered on a rolling basis, meaning the programme will close once it becomes full. There is no fixed deadline by which you need to apply, however, to be considered for any LSE funding opportunity, you must have submitted your application and all supporting documents by the funding deadline. See the fees and funding section for more details.

Fees and funding

Every graduate student is charged a fee for their programme.

The fee covers registration and examination fees payable to the School, lectures, classes and individual supervision, lectures given at other colleges under intercollegiate arrangements and, under current arrangements, membership of the Students' Union. It does not cover living costs or travel or fieldwork.

Tuition fees 2024/25 for MSc Behavioural Science

Home students: £27,480 Overseas students: £27,480

The Table of Fees shows the latest tuition amounts for all programmes offered by the School.

For this programme, the tuition fee is the same for all students regardless of their fee status. However any financial support you are eligible for, will depend on whether you are classified as a home or overseas student, otherwise known as your fee status. LSE assesses your fee status based on guidelines provided by the Department of Education.

Further information about fee status classification.

Fee reduction

Students who completed undergraduate study at LSE and are beginning taught graduate study at the School are eligible for a  fee reduction  of around 10 per cent of the fee.

Scholarships and other funding

The School recognises that the  cost of living in London  may be higher than in your home town or country, and we provide generous scholarships each year to home and overseas students.

This programme is eligible for needs-based awards from LSE, including the  Graduate Support Scheme ,  Master's Awards , and  Anniversary Scholarships . 

Selection for any funding opportunity is based on receipt of an offer for a place and submitting a Graduate Financial Support application, before the funding deadline. Funding deadline for needs-based awards from LSE:  25 April 2024 .

In addition to our needs-based awards, LSE also makes available scholarships for students from specific regions of the world and awards for students studying specific subject areas. 

Government tuition fee loans and external funding

A postgraduate loan is available from the UK government for eligible students studying for a first master’s programme, to help with fees and living costs. Some other governments and organisations also offer tuition fee loan schemes.

Find out more about tuition fee loans

Further information

Fees and funding opportunities

Information for international students

LSE is an international community, with over 140 nationalities represented amongst its student body. We celebrate this diversity through everything we do.  

If you are applying to LSE from outside of the UK then take a look at our Information for International students . 

1) Take a note of the UK qualifications we require for your programme of interest (found in the ‘Entry requirements’ section of this page). 

2) Go to the International Students section of our website. 

3) Select your country. 

4) Select ‘Graduate entry requirements’ and scroll until you arrive at the information about your local/national qualification. Compare the stated UK entry requirements listed on this page with the local/national entry requirement listed on your country specific page.

Part-time study Part time study is only available for students who do not require a student visa.

Programme structure and courses

In this 12 month full-time programme (or 24 months if the mode of study is part-time), you will take three compulsory courses to the value of two units. You will then choose two options from a selection of behavioural science courses. Finally, you will write a dissertation, which counts as one unit.

(* denotes a half unit)

Foundations of Behavioural Science Aims to introduce students to the main concepts and tools of behavioural science. 

Quantitative Approaches for Behavioural Science* Introduces the main statistical background of behavioural research from psychology and economics.  

Experimental Design and Methods for the Behavioural Science * Offers an integrated training in advanced behavioural science methods by introducing students to state-of-the-art techniques that stretch across the spectrum of psychology and economics.

Two half-unit courses from a range of options within the department The department offers a portfolio of research-driven courses that focuses on a variety of specialisms within behavioural science and social psychology.

Dissertation in Behavioural Science An independent research project of 10,000 words on an approved topic of your choice.

Examples of previous PBS dissertations can be found on our Postgraduate Prizes page .  For the most up-to-date list of optional courses please visit the relevant School Calendar page .

You must note, however, that while care has been taken to ensure that this information is up to date and correct, a change of circumstances since publication may cause the School to change, suspend or withdraw a course or programme of study, or change the fees that apply to it. The School will always notify the affected parties as early as practicably possible and propose any viable and relevant alternative options. Note that the School will neither be liable for information that after publication becomes inaccurate or irrelevant, nor for changing, suspending or withdrawing a course or programme of study due to events outside of its control, which includes but is not limited to a lack of demand for a course or programme of study, industrial action, fire, flood or other environmental or physical damage to premises.

You must also note that places are limited on some courses and/or subject to specific entry requirements. The School cannot therefore guarantee you a place. Please note that changes to programmes and courses can sometimes occur after you have accepted your offer of a place. These changes are normally made in light of developments in the discipline or path-breaking research, or on the basis of student feedback. Changes can take the form of altered course content, teaching formats or assessment modes. Any such changes are intended to enhance the student learning experience. You should visit the School’s  Calendar , or contact the relevant academic department, for information on the availability and/or content of courses and programmes of study. Certain substantive changes will be listed on the  updated graduate course and programme information page.

Teaching and assessment

Teaching methods and assessment.

Contact hours and independent study

Within your programme you will take a number of courses, often including half unit courses and full unit courses. In half unit courses, on average, you can expect 20-30 contact hours in total and for full unit courses, on average, you can expect 40-60 contact hours in total. This includes sessions such as lectures, classes, seminars or workshops. Hours vary according to courses and you can view indicative details in the  Calendar  within the Teaching section of each  course guide .

You are also expected to complete independent study outside of class time. This varies depending on the programme, but requires you to manage the majority of your study time yourself, by engaging in activities such as reading, note-taking, thinking and research.

Teaching methods

LSE is internationally recognised for its teaching and research and therefore employs a rich variety of teaching staff with a range of experience and status. Courses may be taught by individual members of faculty, such as lecturers, senior lecturers, readers, associate professors and professors. Many departments now also employ guest teachers and visiting members of staff, LSE teaching fellows and graduate teaching assistants who are usually doctoral research students and in the majority of cases, teach on undergraduate courses only. You can view indicative details for the teacher responsible for each course in the relevant  course guide .

All taught courses are required to include formative coursework which is unassessed. It is designed to help prepare you for summative assessment which counts towards the course mark and to the degree award. LSE uses a range of formative assessment, such as essays, problem sets, case studies, reports, quizzes, presentations, mock exams and many others. Summative assessment will consist of essays, video presentations, reports, examinations, and a dissertation. An indication of the formative coursework and summative assessment for each course can be found in the relevant  course guide .

Academic support

You will be allocated a Dissertation Supervisor who will assist you and guide you generally with your dissertation. Specifically, your supervisor will give you formative feedback on your Dissertation Plan and Dissertation Progress Report. You will also be assigned an academic mentor who will be available for guidance and advice on academic or personal concerns.

There are many opportunities to extend your learning outside the classroom and complement your academic studies at LSE.  LSE LIFE  is the School’s centre for academic, personal and professional development. Some of the services on offer include: guidance and hands-on practice of the key skills you will need to do well at LSE: effective reading, academic writing and critical thinking; workshops related to how to adapt to new or difficult situations, including development of skills for leadership, study/work/life balance and preparing for the world of work; and advice and practice on working in study groups and on cross-cultural communication and teamwork.

LSE is committed to enabling all students to achieve their full potential and the School’s  Disability and Wellbeing Service  provides a free, confidential service to all LSE students and is a first point of contact for all disabled students.

Teaching staff

Teaching staff include:

Professor Liam Delaney Dr Matteo M. Galizzi Professor Jeremy Ginges Dr Christian Krekel Dr Dario Krpan Dr Kate Laffan Dr Laura M. Giurge Dr Ganga Shreedhar

Visit the PBS People page for more information about our faculty. 

Student support and resources

We’re here to help and support you throughout your time at LSE, whether you need help with your academic studies, support with your welfare and wellbeing or simply to develop on a personal and professional level.

Whatever your query, big or small, there are a range of people you can speak to who will be happy to help.  

Department librarians   – they will be able to help you navigate the library and maximise its resources during your studies. 

Accommodation service  – they can offer advice on living in halls and offer guidance on private accommodation related queries.

Class teachers and seminar leaders  – they will be able to assist with queries relating to specific courses. 

Disability and Wellbeing Service  – they are experts in long-term health conditions, sensory impairments, mental health and specific learning difficulties. They offer confidential and free services such as  student counselling,  a  peer support scheme  and arranging  exam adjustments.  They run groups and workshops.  

IT help  – support is available 24 hours a day to assist with all your technology queries.   

LSE Faith Centre  – this is home to LSE's diverse religious activities and transformational interfaith leadership programmes, as well as a space for worship, prayer and quiet reflection. It includes Islamic prayer rooms and a main space for worship. It is also a space for wellbeing classes on campus and is open to all students and staff from all faiths and none.   

Language Centre  – the Centre specialises in offering language courses targeted to the needs of students and practitioners in the social sciences. We offer pre-course English for Academic Purposes programmes; English language support during your studies; modern language courses in nine languages; proofreading, translation and document authentication; and language learning community activities.

LSE Careers  ­ – with the help of LSE Careers, you can make the most of the opportunities that London has to offer. Whatever your career plans, LSE Careers will work with you, connecting you to opportunities and experiences from internships and volunteering to networking events and employer and alumni insights. 

LSE Library   –   founded in 1896, the British Library of Political and Economic Science is the major international library of the social sciences. It stays open late, has lots of excellent resources and is a great place to study. As an LSE student, you’ll have access to a number of other academic libraries in Greater London and nationwide. 

LSE LIFE  – this is where you should go to develop skills you’ll use as a student and beyond. The centre runs talks and workshops on skills you’ll find useful in the classroom; offers one-to-one sessions with study advisers who can help you with reading, making notes, writing, research and exam revision; and provides drop-in sessions for academic and personal support. (See ‘Teaching and assessment’). 

LSE Students’ Union (LSESU)  – they offer academic, personal and financial advice and funding.  

PhD Academy   – this is available for PhD students, wherever they are, to take part in interdisciplinary events and other professional development activities and access all the services related to their registration. 

Sardinia House Dental Practice   – this   offers discounted private dental services to LSE students.  

St Philips Medical Centre  – based in Pethwick-Lawrence House, the Centre provides NHS Primary Care services to registered patients.

Student Services Centre  – our staff here can answer general queries and can point you in the direction of other LSE services.  

Student advisers   – we have a  Deputy Head of Student Services (Advice and Policy)  and an  Adviser to Women Students  who can help with academic and pastoral matters.

Student life

As a student at LSE you’ll be based at our central London campus. Find out what our campus and London have to offer you on academic, social and career perspective. 

Student societies and activities

Your time at LSE is not just about studying, there are plenty of ways to get involved in  extracurricular activities . From joining one of over 200 societies, or starting your own society, to volunteering for a local charity, or attending a public lecture by a world-leading figure, there is a lot to choose from. 

The campus 

LSE is based on one  campus  in the centre of London. Despite the busy feel of the surrounding area, many of the streets around campus are pedestrianised, meaning the campus feels like a real community. 

Life in London 

London is an exciting, vibrant and colourful city. It's also an academic city, with more than 400,000 university students. Whatever your interests or appetite you will find something to suit your palate and pocket in this truly international capital. Make the most of career opportunities and social activities, theatre, museums, music and more. 

Want to find out more? Read why we think  London is a fantastic student city , find out about  key sights, places and experiences for new Londoners . Don't fear, London doesn't have to be super expensive: hear about  London on a budget . 

Preliminary reading

P Dolan  Happiness by Design  (Penguin, 2014)

D Kahneman  Thinking Fast and Slow  (Penguin, 2012)

C R Sunstein and T Thaler  Nudge  (Penguin, 2009)

Quick Careers Facts for the Department of Psychological and Behavioural Science

Median salary of our PG students 15 months after graduating: £33,000

Top 5 sectors our students work in:

• Financial and Professional Services              
• Education, Teaching and Research            
• Consultancy      
• Real Estate, Environment and Energy 
• Other Professional, Scientific and Technical Activities

The data was collected as part of the Graduate Outcomes survey, which is administered by the Higher Education Statistics Agency (HESA). Graduates from 2020-21 were the fourth group to be asked to respond to Graduate Outcomes. Median salaries are calculated for respondents who are paid in UK pounds sterling and who were working in full-time employment.

The data was collected as part of the Graduate Outcomes survey, which is administered by the Higher Education Statistics Agency (HESA). Graduates from 2019-20 were the third group to be asked to respond to Graduate Outcomes. Median salaries are calculated for respondents who are paid in UK pounds sterling and who were working in full-time employment.

This MSc will prepare you to seek and/or advance your career in behavioural science in multiple sectors, including the public and private sectors, non-governmental organisations and academia. Upon graduation you can expect to take on more responsibility or pursue new and expanded opportunities within the behavioural science field. 

Further information on graduate destinations for this programme

Support for your career

Many leading organisations give careers presentations at the School during the year, and LSE Careers has a wide range of resources available to assist students in their job search. Find out more about the  support available to students through LSE Careers .

Please contact  Will Stubbs  via email  [email protected]

Find out more about LSE

Discover more about being an LSE student - meet us in a city near you, visit our campus or experience LSE from home. 

Experience LSE from home

Webinars, videos, student blogs and student video diaries will help you gain an insight into what it's like to study at LSE for those that aren't able to make it to our campus.  Experience LSE from home . 

Come on a guided campus tour, attend an undergraduate open day, drop into our office or go on a self-guided tour.  Find out about opportunities to visit LSE . 

LSE visits you

Student Marketing, Recruitment and Study Abroad travels throughout the UK and around the world to meet with prospective students. We visit schools, attend education fairs and also hold Destination LSE events: pre-departure events for offer holders.  Find details on LSE's upcoming visits . 

How to apply

Register your interest

Related programmes, executive msc behavioural science.

Code(s) C8U9

MSc Psychology of Economic Life

Code(s) C8UC

MPhil/PhD Psychological and Behavioural Science

Code(s) L7ZP

MSc Organisational and Social Psychology

Code(s) L7U2

MSc Marketing

Code(s) N5U1

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Behavioural Economics MSc

• Full-time: 12 months
• Part-time: Not available
• Start date: September 2024
• UK fees: £14,700
• International fees: £26,250
• Entry requirements: 2:1

Course overview

Our Behavioural Economics MSc investigates the human and social issues influencing the decisions made by consumers, borrowers and investors. It combines insights from economics and psychology to understand how people make decisions.

This course is informed by the world-leading research of the Centre for Decision Research and Experimental Economics (CeDEx). Behavioural science research is increasingly used by public and private sector organisations to improve organisational performance and enhance human and environmental welfare. You will learn about the experimental methods used by our researchers and have the opportunity to design and conduct a pilot experiment.

In the second semester of your programme you will tailored to your career aspirations and interests, including “Experimental Methods in Economics” and “Behavioural Economic Theory”. You will also focus in depth on behavioural economics when you work on your dissertation, for which we offer one-to-one supervision from a member of the CeDEx research group.

With an advanced economics degree from the University of Nottingham, you will graduate with all the knowledge, practical skills and confidence you need to stand out to employers and progress as a professional economist or academic researcher.

Our graduates have successfully secured positions at top organisations such as Barclays, Bloomberg, Deloitte, Economist Intelligence Unit, Goldman Sachs, IBM, PwC, and Thomson Reuters. 

Why choose this course?

2nd in the world.

in the field of cognitive and behavioural economics

Top institutions in the field of cognitive and behavioural economics rankings 2022

Attend workshops

run by CeDEx , which feature speakers from across the world

One-to-one supervision

by a faculty member for your dissertation

Earn two degrees

with the opportunity to transfer to our dual degree , spending a second year in Germany

Gain real experience

by applying for internships and placements through our faculty placements programme

Top 100 worldwide

for economics

QS World University Rankings by Subject 2024

Course content

The course is made up of 120 credits of core and optional taught modules, plus a 60-credit dissertation on a subject of your choice.

Semester one

In semester one, you will take modules in microeconomic theory, macroeconomic theory, econometric theory and economic data analysis.

Semester two

In semester two, you will take two further required modules in behavioural economic theory and experimental methods in economics, and choose two optional modules. You will also start work on your dissertation by taking a module in economic research methodology.

• Dissertation

After completing your semester two modules, you will undertake a 15,000-word dissertation, with one-to-one support from an expert academic supervisor. This will demonstrate familiarity with a particular area of behavioural economics.

• Course structure

Core modules

The module explores the psychological underpinnings of economic behaviour and of recent theories in behavioural economics. Topics covered include:

• Introduction to behavioural economics
• Choice and risk
• Reference-dependence and loss aversion
• Choice and time
• Social preferences I: inequality aversion
• Social preferences II: reciprocity and psychological games
• Models of strategic thinking

This module covers the following:

• Foundation in the research method of modern laboratory experimentation
• Economics as an experimental subject
• Rationale for experiments, applications and practicalities, considered in the context of specific experiments and programmes of experiments

This module covers:

• modern techniques of microeconomic theory
• foundations and applications of game theory
• information economics

This module will cover analytical and theoretical issues in macroeconomics including:

• modelling aggregate variables under adaptive and rational expectations
• modelling with imperfect competition
• constructing overlapping generations models
• price inertia

This module teaches the core techniques of econometric theory, including:

• detailed analysis of the multiple linear regression model
• large sample theory
• asymptotic testing procedures
• non-linear techniques
• mis-specification testing

This module provides you with 'hands on' training in the use, presentation and interpretation of economic data, including time series, cross-section and panel data. It comprises of:

• an introduction to basic principles of economic data analysis
• descriptive statistics
• hypothesis testing
• simple and multiple regression
• introduction to panel data
• introduction to dynamic modelling
• time series models

The module will include a series of practical classes using econometrics software packages.

• A review of perspectives on the principles and philosophical foundations of economic enquiry
• The construction and evaluation of theories and research programmes
• The role of models and concepts of rationality in economics
• Alternative empirical methods
• Professional practice

A period of research and study designed to allow you to demonstrate familiarity with a particular area of economic theory or policy, or of applied economics or econometrics, and the ability to apply a specific analytical and/or empirical technique.

Optional modules

This module examines central theoretical aspects from modern microeconomic theory, paying particular emphasis on game theory, imperfect competition and incomplete information.

This module covers the theory for the solution and estimation of dynamic stochastic models that are widely used in all fields of macroeconomics. The module is structured in a way such that you will be exposed both to theory and the practical implementation of the methods taught.

It covers topics from approximation methods for stochastic non-linear macroeconomic models, such as linear and higher-order Taylor approximation as well as dynamic programming techniques. It also exposes students to the empirical evaluation of these models ranging from calibration to classical and Bayesian estimation methods.

The module applies the techniques to contemporary general equilibrium macroeconomic models designed for positive and policy analysis such as the New Keynesian model but also models that are designed to explain partial equilibrium behaviour such as consumer saving and industry investment.

The module will cover a selection of topics in applied behavioural economics where a substantial literature has already developed.

Possible areas include behavioural approaches to: labour economics, public economics, financial economics, development economics.

The module considers modern econometric techniques for modelling microeconomic data. It covers four broad econometric techniques:

• Robust standard errors and applications
• Discrete choices model
• Microeconometric policy evaluation methods for observational studies
• Instrumental variables and GMM estimation

This module will focus on advanced Big Data methods and their applications in various economics problems. Topics of the module include:

• nonlinear models
• tree-based models
• support vector machines
• unsupervised learning and applications in international trade
• household finance
• macro forecasting
• labor economics
• text analysis

This module employs tools of microeconomic analysis to address topics central to development issues in low-income countries. One part concentrates on issues concerning household behaviour covering intrahousehold allocation, production, risk, migration and rural markets (especially credit), while the second part focuses on poverty and income distribution, covering measurement, income dynamics, and poverty reduction strategies.

Examples of types of policy issues addressed include:

• randomised controlled trials to evaluate policy interventions
• trade policy reform
• welfare impact of economic partnership agreements
• growth and innovation
• dealing with public debt

This module offers an introduction to the economics of corporate finance. It is designed to provide you with the basic theoretical background in this area that is necessary for any applied work. Emphasis is placed on the analysis of simple models and their applications.

The module covers a variety of topics with substantial time devoted for covering issues directly related to the financial needs of firms, such as capital structure, credit rationing and corporate governance.

The module also examines the role of financial intermediaries analysing bank failures and, consequently, the scope for banking regulations. The last part of the module looks closely at the relationship between the financial sector and the real economy thus offering the background for any applied work related to the link between financial development and economic fluctuations.

This module covers the central issues in the economics of household finance. Increasingly economists are interested in the decisions of consumers as well as the decisions of firms.

Household finance is the study of the behaviour of individuals and households in financial markets including those for secured (for example, mortgage) and unsecured (for example, credit card) lending and related economic models of consumption smoothing, liquidity constraints and household behaviour.

The module begins with the central topic of consumption smoothing, focusing on the role of credit markets and income risk in household behaviour. Later topics include financial literacy, self-control, mortgage market design, stock market participation and the regulation of consumer credit markets.

The module content includes come theoretical material but is mostly applied, with a focus on how large-scale individual level proprietary and survey datasets can be used to understand household financial behaviour.

The module extends the coverage of advanced econometric modelling techniques and considers their application through the study of selected topics in finance and macroeconomics, developing familiarity and critical awareness of empirical research in these areas.

It covers techniques for the analysis of stationary ARMA processes, Vector Autoregressions (VARs), linear regression models, linear systems of simultaneous equations, cointegration, long-run structural VARs, forecasting, and models of changing volatility. The selected topics include the econometric analysis of business cycle fluctuations, wage, price and (un)employment determination, portfolio choice and stock market returns.

• International linkages in economics as a result of exchange rate movements, capital movements and spillovers
• Factors which determine the level of the exchange rate and trade effects
• International effects of monetary and fiscal policies

This module provides an overview of the theory of international trade, the theory of trade policy and each of their applications, utilising the techniques of general equilibrium theory and the theories of perfectly competitive and imperfectly competitive markets as appropriate. Recent developments in these areas will be emphasised.

This module covers monetary aspects of advanced macroeconomics and is suitable for students of mainstream economics, finance and international economics. It focuses on the theory and practice of central banking, monetary policy and control.

It covers concepts such as time inconsistency, the problem of inflation bias with solutions, credibility, transparency and accountability of monetary institutions, inflation targeting and price stability, the choice of instruments for monetary policy and their control, and finally monetary transmission. It combines some theory with evidence and practice.

The module covers fundamental properties of time series and various classes of stochastic processes. Issues in estimation and forecasting of time series models; concepts of contemporary interest to time series econometricians are also covered.

This module covers empirical models of international trade and several topics in trade policy. It discusses firms’ decision to export; the evaluation of export promotion policies; the link between globalisation and labour markets; the gravity model of international trade; free trade agreements; multinational firms; the political economy of trade policy.

Learning and assessment

How you will learn, how you will be assessed.

• Project work
• Presentation

Modules are assessed by a combination of exams and coursework at the end of the relevant semester.

Contact time and study hours

Each module in semester one will have three contact hours per week, made up of a mixture of lectures, tutorials and lab classes. For each contact hour, we expect you to spend an additional three hours of self-study, reading, completing homework, assignments and studying for exams.

Each module in semester two will have two contact hours per week, and we expect you to spend slightly more time in self-study as you start to work on your dissertation. During June, July and August, you will work on your dissertation, supported by a minimum of three one-to-one supervision meetings with your supervisor.

Entry requirements

All candidates are considered on an individual basis and we accept a broad range of qualifications. The entrance requirements below apply to 2024 entry.

• Home / UK students
• EU / International students

Alternative qualifications

Meeting our english language requirements.

If you need support to meet the required level, you may be able to attend a presessional English course. Presessional courses teach you academic skills in addition to English language. Our  Centre for English Language Education is accredited by the British Council for the teaching of English in the UK.

If you successfully complete your presessional course to the required level, you can then progress to your degree course. This means that you won't need to retake IELTS or equivalent.

For on-campus presessional English courses, you must take IELTS for UKVI to meet visa regulations. For online presessional courses, see our CELE webpages for guidance

Visa restrictions

International students must have valid UK immigration permissions for any courses or study period where teaching takes place in the UK. Student route visas can be issued for eligible students studying full-time courses. The University of Nottingham does not sponsor a student visa for students studying part-time courses. The Standard Visitor visa route is not appropriate in all cases. Please contact the university’s Visa and Immigration team if you need advice about your visa options.

We recognise that applicants have a variety of experiences and follow different pathways to postgraduate study.

We treat all applicants with alternative qualifications on an individual basis. We may also consider relevant work experience.

If you are unsure whether your qualifications or work experience are relevant, contact us .

Our step-by-step guide covers everything you need to know about applying.

Where you will learn

University park campus.

University Park Campus  covers 300 acres, with green spaces, wildlife, period buildings and modern facilities. It is one of the UK's most beautiful and sustainable campuses, winning a national Green Flag award every year since 2003.

Most schools and departments are based here. You will have access to libraries, shops, cafes, the Students’ Union, sports village and a health centre.

You can walk or cycle around campus. Free hopper buses connect you to our other campuses. Nottingham city centre is 15 minutes away by public bus or tram.

Additional information for international students

If you are a student from the EU, EEA or Switzerland, you may be asked to complete a fee status questionnaire and your answers will be assessed using guidance issued by the UK Council for International Student Affairs (UKCISA) .

These fees are for full-time study. If you are studying part-time, you will be charged a proportion of this fee each year (subject to inflation).

Additional costs

All students will need at least one device to approve security access requests via Multi-Factor Authentication (MFA). We also recommend students have a suitable laptop to work both on and off-campus. For more information, please check the equipment advice .

As a student on this course, you should factor some additional costs into your budget, alongside your tuition fees and living expenses.

You should be able to access most of the books you’ll need through our libraries, though you may wish to purchase your own copies or more specific titles which could cost up to £60.

Please note that these figures are approximate and subject to change.

There are many ways to fund your postgraduate course, from scholarships to government loans.

We also offer a range of international masters scholarships for high-achieving international scholars who can put their Nottingham degree to great use in their careers.

Check our guide to find out more about funding your postgraduate degree.

• Careers advice
• Job prospects
• Partnerships

We offer individual careers support for all postgraduate students .

Expert staff can help you research career options and job vacancies, build your CV or résumé, develop your interview skills and meet employers.

Each year 1,100 employers advertise graduate jobs and internships through our online vacancy service. We host regular careers fairs, including specialist fairs for different sectors.

International students who complete an eligible degree programme in the UK on a student visa can apply to stay and work in the UK after their course under the Graduate immigration route . Eligible courses at the University of Nottingham include bachelors, masters and research degrees, and PGCE courses.

Graduate destinations

This course is particularly relevant if you wish to pursue behavioural or experimental economics research at PhD level, or a career in a wide range of fields, including finance.

It provides a logical and rigorous perspective on human behaviour which is valued by a wide range of employers around the world, in banking, business, consulting, government and academia.

Our graduates  now work in academia, government and the private sector, at organisations such as Barclays, Bloomberg, Deloitte, Economist Intelligence Unit, Goldman Sachs, IBM, PwC, and Thomson Reuters.

Career progression

100% of postgraduates from the School of Economics secured graduate level employment or further study within 15 months of graduation. The average annual salary for these graduates was £36,000.*

* HESA Graduate Outcomes 2019/20 data published in 2022. The Graduate Outcomes % is derived using The Guardian University Guide methodology. The average annual salary is based on graduates working full-time, postgraduate, home graduates within the UK.

This course does not include an integrated placement option. However, you can apply for internships and placements through the Postgraduate Placements Nottingham (PPN) scheme  and the  Faculty of Social Sciences placements scheme , giving you the opportunity to develop key skills and experience in the workplace.

Dual degree options

The school has professional links with the University of Konstanz and the University of Tübingen in Germany. If you complete the taught component of this course, you can transfer onto our  dual degree  and spend a second year in Konstanz or Tübingen (dependent upon any travel restrictions). This is a great opportunity to travel abroad and study at a highly ranked university in beautiful parts of Germany.

Nada Abdelghany, MSc Behavioural Economics

Speaking from the Centre for Decision Research and Experimental Economics, Nada shares her experience of studying MSc Behavioural Economics.

Related courses

Economics msc, economics and econometrics msc, economics and data science msc, economic development and policy analysis msc, development economics msc, international economics msc, financial economics msc.

The Teaching Excellence Framework (TEF) is a national grading system, introduced by the government in England. It assesses the quality of undergraduate teaching at universities and how well they ensure excellent outcomes for their students in terms of graduate-level employment or further study.

This content was last updated on Tuesday 26 March 2024. Every effort has been made to ensure that this information is accurate, but changes are likely to occur given the interval between the date of publishing and course start date. It is therefore very important to check this website for any updates before you apply.

Study Warwick Summer School

Behavioural economics | short course at the summer school at warwick university.

Behavioural Economics

Behavioural economics is one of the fastest growing branches of economics and relaxes many of the assumptions of traditional economic theory..

In this course, we will consider the traditional theories and models of economics and analyse how behavioural economics begins to move away from these models, by relaxing traditional assumptions. By doing this, behavioural economics looks to explain how agents actually behave in practice and what factors can sometimes explain seemingly irrational behaviour. The course will expose students to several major topics in Behavioural Economics and will look to link theory with empirical applications.

We will analyse the role of behavioural economics in the context of both consumer and firm behaviour. In particular, the course will focus on departures from neoclassical preferences and from rational expectations.

Key Information

Level: Introductory to intermediate Teaching: 60 hours Expected independent study: 90 hours Optional assessment: 2-hour examination

Typical credit: 3-4 credits (US) 7.5 ECTS points (EU) - please check with your home institution.

This course can also be combined with our Exploring British Culture week - find out more.

Some of the topics that will be covered in this course include:

• Strategic Thinking
• Reference Dependent Preferences and Loss Aversion.
• Social Preferences.
• Hyperbolic Discounting.
• Naiveté and Self-Control.
• Happiness and Adaptation.
• The role of nudging and framing and the impact on consumer behaviour.
• Behavioural Welfare Analysis.
• Altruism and Cooperation.
• Herd Behaviour.
• Non-standard beliefs (including the gamblers' fallacy)
• Status and social comparison
• Individual Heterogeneity and Economic Implications
• Experiment Design in Practice
• Neuroeconomics

Course Aims

The aim of this course is to introduce students to the field of behavioural economics. The broad objective will be to insert more behavioural realism into economic theory and thus provide students with a better understanding of the important role that Behavioural Economics plays in explaining consumer and producer behaviour. By first ensuring an understanding of the traditional models of economics, the course will then aim to examine evidence that shows some departure from the assumptions made in the canonical economic model. We then aim to show how such departures can be formalized theoretically and how the resulting models find empirical confirmation. By approaching behavioural economics in this way, the course aims to provide students with an understanding of the development of behavioural economics and how it builds on and then departs from traditional theory. It will consider examples such as the way in which firms can frame choices and nudge consumers to behave in a certain way. By drawing on empirical results and applying theoretical models to real-world examples, students will develop an understanding of the important lessons that this relatively new branch of economics can convey.

Learning Outcomes

By the end of the course you should be able to:

• Demonstrate knowledge of some of the main theoretical and empirical debates in Behavioural Economics.
• Understand the way in which Behavioural economics has developed and how we can relate it to traditional models of economics.
• Assess the strengths and weaknesses of different theories of Economic Behaviour.
• Demonstrate an ability to apply the main concepts to a variety of other economic fields.
• Construct and substantiate arguments on a variety of topics covered in the module.
• Present clearly and methodically in their own words, but also using equations and diagram

Course Structure

For this course, there will be 4 hours of teaching on most weekdays, comprised of lectures and small group teaching. The structure will be:

• 3 hours of lectures.
• A 1 hour seminar in small groups.

Students will also be given time each day for independent study. Towards the end of the third week, students will also be provided with time for revision.

Due to the intensive nature of the Warwick Summer School, students are expected to attend all timetabled teaching activity, to engage with the teaching material and to spend an average of 2-3 hours per day in self-guided study.

Students registered for Warwick Summer School must attain a minimum of 75% authorised attendance of the timetabled teaching activity. If students fall short of this threshold, they will not be awarded a certificate of completion and they will not be able to sit the exam/submit final assessment. 

Authorised attendance includes any sickness absence during the course of the programme that has been properly notified and recorded. An attendance register will be taken at the beginning of teaching session so students need to ensure they arrive on time in order to be marked as attended.

Course Assessment

The module will be assessed via a 2-hour examination. It should be noted that the exam is not compulsory. Everyone who completes the course – whether or not they sit the exam - will receive a certificate of attendance.

Students who choose to sit the final exam will receive a transcript of results. The transcript of results will state the name of the student, the course studied, the exam mark and the grade. Transcripts are automatically sent to students via email by the middle of September.  You should keep this safe in case you need it for credit transfer approval or for future reference. If you would like us to email a copy of your transcript directly to someone at your University who deals with credit transfer please let us know.

The Summer School does not offer re-takes of examinations, whatever your result in the original examination. 

This course is open to students who are studying or have previously studied Economics at University level. You should attach your most recent transcript or provide a screenshot of your modules from your student portal as evidence when you apply. Students should also meet our standard entry requirements and must be aged 18 or over by the time the Summer School commences and have a good understanding of the English language.

"The teaching staff were so friendly and willing to help. They have special and profound insights in innovative topics and conversations with other students from across the world broadened my horizons which meant I learnt more about their country and culture, giving me a global perspective."

Jay Shen (China)

Andreas Markoulakis Link opens in a new window

Dr Taha Movahedi Link opens in a new window

Love Idahosa

Below are some illustrative readings for this course.

• D. Kahneman and A. Tversky; “Choices, Values, and Frames” ; (2000); Cambridge University Press: Cambridge.
• C. Camerer, G. Loewenstein and M. Rabin; “Advances in Behavioural Economics” ; ed. Camerer, Loewenstein and Rabin; (2004).
• F. Shane, G. Loewenstein and T. O'Donoghue; “Time Discounting and Time Preference: A Critical Review” ; Journal of Economic Literature; Jun., (2002), Vol. 40, No. 2. pp. 351-401
• A. Clark, E. P. Frijters and M. A. Shields “Relative Income, Happiness, and Utility: An Explanation for the Easterlin Paradox and Other Puzzles” ; Journal of Economic Literature; (2008), 46:1, 95–144
• D. G. Blanchflower and A. J. Oswald; “Well-Being over Time in Britain and the USA” ; Journal of Public Economics; (2004) 88(7–8): 1359–86.
• E. Proto and A. Rustichini; " A reassessment of the Relation Between GDP and Life Satisfaction " ; PLOS ONE; November, 2013.
• A. Oswald, E. Proto and D. Sgroi; “Happiness and Productivity” ; Journal of Labour Economics; (2013); Forthcoming.

Please note changes to the syllabus and teaching team may be made over the coming months before exact set of topics are finalised.