Bachelor
2024/2025![Learning Objectives](/f/src/global/i/edu/objectives.svg)
![Expected Learning Outcomes](/f/src/global/i/edu/results.svg)
![Course Contents](/f/src/global/i/edu/sections.svg)
![Assessment Elements](/f/src/global/i/edu/controls.svg)
![Interim Assessment](/f/src/global/i/edu/intermediate_certification.svg)
![Bibliography](/f/src/global/i/edu/library.svg)
Sociology of Financial Behavior
Type:
Elective course (Data Science and Business Analytics)
Area of studies:
Applied Mathematics and Information Science
Delivered by:
International College of Economics and Finance
Where:
Faculty of Computer Science
When:
3 year, 1, 2 module
Mode of studies:
offline
Open to:
students of one campus
Language:
English
ECTS credits:
4
Contact hours:
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 Introduction to 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.
Expected Learning Outcomes
- to know conceptual and operational definitions of financial inclusion/exclusion and the results of cross-country variation in household access to financial services
- 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 retirement-income systems across the world, research on pension wealth and household savings, and studies on retirement adequacy.
- 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 financial behaviour which are developed in economic sociology
- 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, financial vulnerability of households
- 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
- Research on investment behaviour of households. Financial frauds
Assessment Elements
- presentation
- class participation
- 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. There are no retakes of the test for those students who were not present irrespective for the reasons of the absence. ICEF 'students who are absent because of medical or other valid excuse during the test will be compensated by ICEF rules for grading.
- 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). In order to get a passing grade for the course, the student must sit (all parts) of the examination.
Interim Assessment
- 2024/2025 2nd module0.4 * Exam + 0.2 * Test + 0.15 * class participation + 0.25 * 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
- 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
- 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
- Зелизер, В. (2010). Human Values and the Market: The Case of Life Insurance and Death in 19th-Century America (translated by E. Berdysheva) ; Человеческие ценности и рынок: страхование жизни и смерть в Америке XIX века (перевод Е. С. Бердышевой). Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.8D1A9859