Бакалавриат
2022/2023
Социология финансового поведения
Статус:
Курс по выбору (Международная программа по экономике и финансам)
Направление:
38.03.01. Экономика
Кто читает:
Международный институт экономики и финансов
Где читается:
Международный институт экономики и финансов
Когда читается:
3-й курс, 1, 2 модуль
Формат изучения:
без онлайн-курса
Охват аудитории:
для своего кампуса
Преподаватели:
Кузина Ольга Евгеньевна
Язык:
английский
Кредиты:
4
Контактные часы:
64
Course Syllabus
Abstract
The «Sociology of consumer finance» Bachelor Program is developed according to the standard educational requirements of the Federal State Autonomous Educational Institution of Higher Education «National Research University «Higher School of Economics» (HSE). Students are supposed to be familiar with Probability Theory and Statistics and Economics.
Learning Objectives
- The main goal of this unit is to develop a critical, reflexive, and interdisciplinary approach to key problems in contemporary research on financial behaviour of households.
- To know theoretical models of household saving behaviour which are developed in economic theory, economic psychology and economic sociology
- To develop analytical skills to understand and interpret macro and micro statistics on household incomes and finance, and produce evidence based arguments
- To have an overview of the results of empirical research on consumer finance studies
- To develop research-related skills - to evaluate different research designs and methods, to formulate researchable questions, to construct questionnaire/interview guide, to write analytical reports using the data from national surveys or official statistics
Expected Learning Outcomes
- to know conceptual and operational definitions of financial literacy and financial capability, as well as the results of international comparisons of financial literacy of individuals.
- to know the causes and long-run macroeconomic implications of the rise in household indebtedness.
- to know theoretical approaches and empirical research on the control and allocation of money within households, systems of money management in the families
- to know theoretical models of households savings behaviour which are developed in behavioural economics
- to know theoretical models of households savings behaviour which are developed in economic psychology
- to know theoretical models of households savings behaviour which are developed in economic theory
- to understand and interpret macro and micro statistics on household incomes and savings
Course Contents
- The main concepts and definitions of financial behaviour of households. Conceptual and operational defenitions
- Economic models of personal savings
- Psychological approach to studying savings behaviour of household
- Behavioral economics of personal finance
- Social embeddednes of financial behaviour of individuals and households
- Family budget management studies in sociology
- Trust to financial institutions and savings
- Access to financial services, financial inclusion, saving motives
- Financial literacy and financial capability of individuals
- Household retirement strategies
- The sociology of consumer credit
Assessment Elements
- TestTest consists two parts: 1. Improve the questionnaire. Students are given the list of survey questions which have different mistakes in their wording. Students are supposed to indicate problems and improve questions to get higher construct validity of the measurement. 2. Theory quest. Students are supposed to demonstrate their knowledge of theoretical models of households’ financial behaviour which are developed in economic theory, economic psychology and economic sociology. Exam tests all knowledge and skills mastered during the course. There are no retakes of the test for those students who were not present irrespective for the reasons of the absence. Those who are absent because of medical or other valid excuse during the test will be compensated by ICEF rules for grading.
- PresentationDownload PPT files with HSE logo, presentation templates PPT or PPTX with HSE logo in English can be found here http://www.hse.ru/org/hse/info/logo . Students may use the HSE templates, however they are not obliged to do this. The file name must include the student's name and the title of the article in English. Example: Olga Kuzina’s presentation of the paper Modigliani, Franco and Richard Brumberg, 1954. Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data, in Kenneth K. Kurihara, ed.: Post Keynesian Economics, Rutgers University Press, New Brunswick, NJ, 388-436. The file name in this case should be as follows: Kuzina Utility Analysis and the Consumption Function An Interpretation of Cross-Section Data 1954.pptx or ppt, depending on which version of the Power Point program you use. You may choose any research paper from the list of readings in the syllabus, however if you want you may also use papers on financial behaviour of households which are not mentioned in the syllabus – the only thing which you have to do is to send me the full text of it in order to verify that the chosen topic is appropriate for the course. Be careful – no textbook chapters, literature reviews or business reports are acceptable for presentations. Empirical papers published in the academic peer review journals only! If the paper you are interested in has no link but a DOI name only you can resolve a DOI name here http://www.doi.org/ If students choose the same paper there will be no fun to listen the same ideas several times. That is why the teaching assistant will coordinate the choices of students via permanent updating the schedule of presentations according to the information which students will disclose to him or her. The schedule will be made on the first-come first-served basis, if the paper has been booked the rest should choose a different paper. Students can book their papers, dates and time on-line only! Links to the registration form and to the presentations’ schedule will be provided. Before filling the registration form, make sure that the paper has not been already booked by other students in your class! Presentations should be properly structured: start from the research problem of the paper and a justification of it (theoretical, empirical or policy-relevant issues to be mentioned) indicate the goal(s) of the paper explain theoretical ideas which are discussed by the author (literature review – students do not need to go into too many details – the main question for this section is to give an idea on what kind of theoretical and empirical literature the research is based on) reveal what the author’s idea, model, hypotheses, operationalisation of the main concepts are describe the data used (check if it is possible to get free access to the data used by the author of the paper) explain how the data was analysed – how is the model tested, what are the results? summarise the main conclusion of the paper – a short answer to the research question make the discussion slide (what we have learned from the paper and what we should be cautious about – critical assessment of the paper - students should give their opinion about the strengths and weaknesses of the paper – if there are any doubts in the objectivity of the research results of the paper).
- ExamExam tests all knowledge and skills mastered during the course. The passing final grade for the course is announced after the final exam in December. The passing final grade could not be bigger than 40 marks or smaller than 25 marks depending on the overall results of students’ cohort. In case of unsatisfactory final grade in 100 - point scale for the course, a satisfactory grade in 10 - point scale is given if a student has received high grade for exam (60 marks or more).
- Class participationStudents’ activity during seminars.
Interim Assessment
- 2022/2023 2nd module0.1 * Class participation + 0.4 * Exam + 0.2 * Test + 0.3 * Presentation
Bibliography
Recommended Core Bibliography
- Deaton, A. (1991). Saving and Liquidity Constraints. Econometrica, (5), 1221. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.ecm.emetrp.v59y1991i5p1221.48
- Deaton, A. (1992). Understanding Consumption. Oxford University Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.oxp.obooks.9780198288244
- Denizer, C., Wolf, H. C., & Ying, Y. (2000). Household Savings in Transition Economies. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.45A1AEDC
- H. M. Shefrin, & Richard Thaler. (1977). An Economic Theory of Self-Control. NBER Working Papers. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.p.nbr.nberwo.0208
- Mental budgeting and the management of household finance. (2011). Journal of Economic Psychology, 32(4), 546–555. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsnar&AN=edsnar.oai.library.wur.nl.wurpubs.419402
- Morvan, C., & J. Jenkins, W. (2017). Judgment Under Uncertainty : Heuristics and Biases. Milton: Macat Library. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1552188
- Paul R. Gregory, Manouchehr Mokhtari, & Wolfram Schrettl. (1999). Do The Russians Really Save That Much? - Alternate Estimates From The Russian Longitudinal Monitoring Survey. The Review of Economics and Statistics, (4), 694. https://doi.org/10.1162/003465399558418
- Shefrin, H. M., & Thaler, R. H. (1988). The Behavioral Life-Cycle Hypothesis. Economic Inquiry, (4), 609. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.oup.ecinqu.v26y1988i4p609.43
- Shorrocks, A. F. (1975). The Age-Wealth Relationship: A Cross-Section and Cohort Analysis. The Review of Economics and Statistics, (2), 155. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.tpr.restat.v57y1975i2p155.63
- Skoufias, E. (2004). Consumption smoothing during the economic transition in Bulgaria. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.6AA15472
- Souleles, N. S. (2002). Consumer response to the Reagan tax cuts. Journal of Public Economics, (1), 99. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.eee.pubeco.v85y2002i1p99.120
Recommended Additional Bibliography
- Richard H. Thaler. (2018). From Cashews to Nudges: The Evolution of Behavioral Economics. American Economic Review, (6), 1265. https://doi.org/10.1257/aer.108.6.1265