Master
2024/2025
Experimetrics
Type:
Elective course (Economics and Economic Policy)
Area of studies:
Economics
Delivered by:
Department of Theoretical Economics
Where:
Faculty of Economic Sciences
When:
2 year, 2 module
Mode of studies:
offline
Open to:
students of all HSE University campuses
Master’s programme:
Economics and Economic policy
Language:
English
ECTS credits:
3
Course Syllabus
Abstract
This course will cover a range of statistical tools useful for the analysis of experimental data, with a focus on applications in Behavioural and Experimental Economics. The majority of the course will be taken up with the estimation of structural behavioural models. The techniques developed in the course will be applied to the core topics of decision-making under uncertainty, social preferences, and bounded rationality. Students will learn how to use experimental data to estimate key parameters from prospect theory (e.g. risk and loss aversion), models of altruism and fairness-concerns, level-k models, and quantal response equilibria. We will explore how these parameters can vary within and and across sub-populations using finite-mixture and random-effects models.The course will also address how statistical considerations should influence experimental design, and how to critically evaluate the validity of statistical claims in scientific articles. We will discuss the "replication crisis", and potential approaches to increase the reliability of experimental findings. Programming in class will be performed in R, however prior knowledge is not required.
Learning Objectives
- Building structural models to test hypotheses Estimation and comparison of structural models Knowledge of fundamental behavioural models
Expected Learning Outcomes
- Use R to estimate structural models using maximum likelihood
- Compare non-nested models using Vuong and Clarke tests
- Estimate parameters of prospect theory models
- Understand the difference between social norms and social preferences
- Estimate quantal response equilibrium and level K models
- Estimate heterogeneity in preferences based on observed or unobserved characteristics
- Understand the causes of the replication crisis
Course Contents
- Maximum likelihood estimation
- Structural modelling
- Prospect theory
- Social norms and Social preferences
- Level K models
- Quantal response equilibrium
- The replication crisis
Assessment Elements
- Homework assignments
- Project
- Inclass testIn case there are students from campuses the test will be online
Interim Assessment
- 2024/2025 2nd module0.28 * Homework assignments + 0.22 * Inclass test + 0.5 * Project
