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26037 Behavioral and Experimental Economics, 5 cr 
Code 26037  Validity 01.01.1950 -
Name Behavioral and Experimental Economics  Abbreviation BehavioralExpEc 
Credits5 cr  Date of expiry 10 years
TypeAdvanced studies Subject260 Economics 
KindCourse  Hours  
Study right   GradingStandard Scale 
Recommended time 
Organisation Economics, Helsinki 

Wengström, Erik 

Course Description 

During the course you will learn to understand the methods, central results, and theories of both experimental and psychological (behavioural) economics, and their relation to other fields of economics, and to microeconomics and industrial organization in particular. The course offers a master-level overview into behavioural decisions, behavioural games, dynamic behavioural decisions, experimental economics and experiment settings, as well as applications thereof.

Doctoral students can also take this course.

Learning Goal 

You are familiar with modelling in economics and in particular the novel perspectives that behavioural economics provides. You have the capacity to apply the ideas to competition and consumer policy.

After completing the course, you will be able to 
  • enlist and distinguish the various purposes of modelling in economics and in particular the novel perspectives that behavioural economics provides
  • recognize and explain some of the core behavioural economics concepts
  • solve theoretical behavioural economics models, derive economic implications and relate them to those of non-behavioural economic models
  • critically evaluate why mathematical models are applied in economics and what limitations they have
Course Category 

Class-based course

International Learning Experience 

International experiments


Understanding of microeconomics at an intermediate level. Knowledge in Intermediate microeconomics and Economics of Strategy is essential.

Total Student Workload 

134 hours divided into
Scheduled (contact) hours: 40 hours
Non-scheduled work: 94 hours


• 28 h lectures,
• 12 h Exercise groups,
• Written assignments (mandatory)
• Economics decision experiments in the internet (mandatory)
• Class room experiments
• Exam (mandatory)

Literature and Course Material 
  • Wilkinson, N. & Klaes, M. (2012). An introduction to behavioural economics. Houndmills, Basingstoke: Palgrave Macmillan. (or first edition with Wilkinson as the only author)
  • Dhami, S. (2016). The Foundations of Behavioural Economic Analysis. Oxford: Oxford University Press. ISBN: 9780198715535
  • Friedman, D. & Sunder, S. (1994). Experimental methods: A primer for economists. Cambridge: Cambridge University Press.
  • Lecture notes
  • Supportive readings

Written examination, assignments, group work

• 100% exam
• or 80% exam and 20% excercises
• or 80 exam and 20% term paper

depending on whatever is best for the student

Equivalent Courses 

Students who have completed the earlier course Behavioral and Experimental Economics (6 ECTS, course code 2685) cannot take this course.

Non-degree studies (Open University, JOO and Contract Studies) 

Open university quota: 3
Quota for JOO-students: 3


Courses now and in the future (registration requires login and a valid study right)
Function Name Type cr Course coordinator Time table
Registration not started Behavioral Economics, Hki  Course  Wengström, Erik 
25.10.21 -10.12.21 -

Future exams
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