Uniwersytet Warszawski, Wydział Nauk Ekonomicznych - Centralny System Uwierzytelniania
Strona główna

Behavioral Finance

Informacje ogólne

Kod przedmiotu: 2400-SZD-QPE-BF
Kod Erasmus / ISCED: (brak danych) / (brak danych)
Nazwa przedmiotu: Behavioral Finance
Jednostka: Wydział Nauk Ekonomicznych
Grupy: Przedmioty WNE dla programu QPE w Międzydziedzinowej Szkole Doktorskiej (ZIP)
Punkty ECTS i inne: (brak) Podstawowe informacje o zasadach przyporządkowania punktów ECTS:
  • roczny wymiar godzinowy nakładu pracy studenta konieczny do osiągnięcia zakładanych efektów uczenia się dla danego etapu studiów wynosi 1500-1800 h, co odpowiada 60 ECTS;
  • tygodniowy wymiar godzinowy nakładu pracy studenta wynosi 45 h;
  • 1 punkt ECTS odpowiada 25-30 godzinom pracy studenta potrzebnej do osiągnięcia zakładanych efektów uczenia się;
  • tygodniowy nakład pracy studenta konieczny do osiągnięcia zakładanych efektów uczenia się pozwala uzyskać 1,5 ECTS;
  • nakład pracy potrzebny do zaliczenia przedmiotu, któremu przypisano 3 ECTS, stanowi 10% semestralnego obciążenia studenta.
Język prowadzenia: angielski
Rodzaj przedmiotu:

nieobowiązkowe

Pełny opis:

One of the most important changes that took place in economics at the turn of the 20th and 21st centuries was the increase in the importance of psychology, which contributed to the birth of behavioral finance. Representatives of behavioral finance try to explain the irrational economic behavior, especially among stock market investors. During this course students will learn the basic concepts of behavioral finance, referring to the occurrence of irrational behaviors among investors (the so-called behavioral biases), as well as the stock market anomalies caused by the latter. In addition, students will discover the latest applications of the behavioral trend in economics regarding whether psychology can help economists to prevent economic crises. Finally, students will find out whether and how can we take advantage of our irrationality in our everyday life.

Literatura:

1. The origin of behavioral finance (07.10.2021)

Basic literature:

Szyszka, A. (2013). Behavioral Finance and Capital Markets. How Psychology Influences Investors

and Corporations (introduction and chapter 1). New York: Palgrave Macmillan.

Advanced literature:

Akerlof, G., & Schiller, R. (2009). How Human Psychology Drives the Economy and Why It Matters for Global Capitalism. Princeton: Princeton University Press.

Thaler, R. (2016). Behavioral Economics: Past, Present, and Future. American Economic Review, 106, 1577-1600.

2. Making decisions under risk and uncertainty (14.10.2021)

Basic literature:

Kahneman, D. (2012). Thinking fast and slow (part IV „choices”). New York: Farrar, Straus and Giroux

Szyszka, A. (2013). Behavioral Finance and Capital Markets. How Psychology Influences Investors

and Corporations (chapter 2). New York: Palgrave Macmillan..

Advanced literature:

Kahneman, D., & Tversky, A. (1979). Prospect theory, an analysis of decisions under risk. Economoterica, 47, 263-292.

Kahneman, D. (2003). A perspective on judgment and choice: Mapping bounded rationality. American Psychologist, 58, 697-720.

3. Behavioral biases among stock market investors (part 1) (21.10.2021)

Basic literature:

Kahneman, D. (2012). Thinking fast and slow (part I). New York: Farrar, Straus and Giroux.

Szyszka, A. (2013). Behavioral Finance and Capital Markets. How Psychology Influences Investors

and Corporations (chapter 3). New York: Palgrave Macmillan.

Advanced literature:

Rzeszutek M., & Szyszka, A. (2020). Overconfidence and Initial Public Offering (IPO) Decisions: A behavioural corporate finance survey among Polish managers. Argumenta Oeconomica, 1, 227-255. DOI: 10.15611/aoe.2020.1.10.

Rzeszutek, M., Szyszka, A., & Czerwonka, M. (2015). Investor’s expertise, personality traits and susceptibility to behavioral biases in the decision making process. Contemporary Economics, 9, 337-352.

4. Behavioral biases among stock market investors (part 2) (28.10.2021)

Basic literature:

Kahneman, D. (2012). Thinking fast and slow (part I). New York: Farrar, Straus and Giroux.

Szyszka, A. (2013). Behavioral Finance and Capital Markets. How Psychology Influences Investors

and Corporations (chapter 3). New York: Palgrave Macmillan.

Advanced literature:

Rzeszutek, M., Godin, A., Szyszka, A., & Augier, S. (2021). Managerial overconfidence in capital structure decisions and its link to aggregate demand: An agent-based model perspective. PLoS ONE 16(8): e0255537. https://doi.org/10.1371/journal.pone.0255537. IF w roku publikacji: 3,240. Liczba punktów według wykazu MNiSW w roku publikacji: 100

Rzeszutek M., Godin A., Szyszka A., & Augier, S. (2020). Managerial overconfidence in initial public offering decisions and its impact on macrodynamics and financial stability: Analysis using an agent-based model. Journal of Economics Dynamics and Control, 118, 103965. DOI: 10.1016/j.jedc.2020.103965.

5. Behavioral aspects of financial crisis (04.11.2021)

Basic literature:

Szyszka, A. (2013). Behavioral Finance and Capital Markets. How Psychology Influences Investors

and Corporations (chapter 6). New York: Palgrave Macmillan.

Advanced literature:

Krugman, P. (2009). How Did Economists Get It So Wrong. New York Times, September.

Nicola, G., Shleifer, A., & Vishny. R. (2015). Neglected Risks: The Psychology of Financial Crises. American Economic Review, 105, 310-14.

6. How can we take advantage of our irrationality? The Nudge Theory (18.11.2021)

Basic literature:

Thaler, R. (2015). Misbehaving. The making of behavioral economics (part VIII and conclusion). New York. Norton & Company.

Advanced literature:

Thaler, R., Sunstein, C. (2008). Nudge: Improving Decisions About Health, Wealth, and Happiness. Penguin Books.

7. Students’ presentations (25.11.2021)

8. Colloqium (02.12.2021)

Efekty uczenia się:

Knowledge:

After the course student:

- knows basic topics in behavioral finance, including the term behavioral biases and stock-market anomalies,

- understands behavioral aspects of financial crisis.

- knows and understands the Nudge Theory.

Skills:

After the course student:

- is able to mention the most important behavioral biases among investors and knows how to link them with appropriate stock-market anomalies,

- is able to clarify the influence of behavioral factors in the genesis of financial crisis,

- is able to be a part of the discussion about how can we take advantage of our irrationality in our everyday life.

Attitudes:

After the course student:

- realizes the importance of psychological aspects of economic decision making.

- realises the need to incorporate psychology to economics.

Metody i kryteria oceniania:

1. During these classes, it is forbidden to use electronic devices (smartphones, tablets, laptops, etc., even for taking notes). If any of you are unable to withstand 1.5 hours without Internet access, please resign from my course.

2. Colloquium (1-choice test: 60% of the final grade) - the colloquium includes the material presented in the class (ppt slides + what we will talk about outside the slides) and basic literature.

3. Written essay based on advanced literature and/or own literature search (40% of the final grade).

4. Max. 1 unexcused absence, active participation (pluses for activity) and punctuality.

5. Presentation of selected, not discussed in class, issues related to the course (optional criterion - for those willing to raise the final grade).

Zajęcia w cyklu "Semestr zimowy 2021/22" (zakończony)

Okres: 2021-10-01 - 2022-02-20
Wybrany podział planu:


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Typ zajęć:
Seminarium, 15 godzin, 15 miejsc więcej informacji
Koordynatorzy: Marcin Rzeszutek
Prowadzący grup: Marcin Rzeszutek
Lista studentów: (nie masz dostępu)
Zaliczenie: Przedmiot - Zaliczenie
Seminarium - Zaliczenie na ocenę
Tryb prowadzenia:

w sali

Opisy przedmiotów w USOS i USOSweb są chronione prawem autorskim.
Właścicielem praw autorskich jest Uniwersytet Warszawski, Wydział Nauk Ekonomicznych.
ul. Długa 44/50
00-241 Warszawa
tel: +48 22 55 49 126 https://www.wne.uw.edu.pl/
kontakt deklaracja dostępności USOSweb 6.8.0.0-4 (2022-09-15)