Institute: Vállalkozásmenedzsment Intézet (1084 Budapest, Tavaszmezõ u. 15-17.) Credit: 3
Type of classes: Nappali Language: angol Semester: 2010/11/2
Level: ERASMUS; Műszaki menedzser BSc alapszak;
Responsible Teacher: Dr. Kolnhofer-Derecskei Anita Teacher(s): Dr. Kolnhofer-Derecskei Anita;
Consultations (total/week): Heti Lectures: 2 Practice lectures: 0 Labs: 0 Consultations: 0
Type of Exam: vizsga
Aim of the subject: Economists have become increasingly interested in the connection between economics and psychology. Psychological insights about human nature can be informative for economic models. This course surveys a variety of topics at the crossroads of economics and psychology. We will explore how combining psychology with economics can help to explain behavior in many realms.

Requirements during the semester
(homeworks, essays,
excercises, teamworks,
part and final
oral/written exam etc.):
The course grade is based on the following:
Oral presentation (in class) 30 percent (up to 30 points)
Draft (at home) 20 percent (up to 20 points)
Final Exam (in May and June) 50 percent (up to 50 points)
All students are required to choose one topic (article), which will be presented during the class meetings. The detailed schedule below shows when to do the reading and take the presentation. A presentation takes about 10 minutes which is followed by a 10-minute-long discussion. The oral presentation should be based ont he draft. Students are asked not to use their own laptop during the presentation, but bring the slides of the presentation on CD or USB.

A draft must be written, based on the presented article and topic. Every student is required to suggest 3 questions about his/her own chosen topic. Paper format: A/4, type: times new roman, 12’; 1,5 rowspacing; 3 cm margin, maximum 3 pages.

The presentation (ppt or pptx file) and the draft are required to be sent electronically via e-mail to
The final exam must be taken during the exam semester. The final exam includes an essay (from the suggested questions attached to the presentations) and a test paper. The exam will take 60 minutes. During the Final Exam, however, you will not be allowed to refer to notes or other materials of any kind; instead you must answer each question based solely upon the information retained in your memory. No early exam will be given, make-up on the next time (after the first exam) and max. two times. The essay is worth 25 points and the test is worth 25 points, too.
This course is reading-intensive. Some of the articles contain dense technical or mathematical material, which can be skipped. The rule for reading the technical, mathematical parts of the articlres is to read the words, skip the equations and concentrate on grasping the picture as a whole rather than on the technical details.
Grade: Final grade is determined according to the total number of points that the student accumulates during the semester. 100 – 87 points: excellent (5); 86 – 75 points: good (4);74 - 63 points: fair (3), 51 – 62 points: weak (2), 50 -0 points: fail. (1)
Week of
Topics of lectures/practices
1. Introduction. Classic economic concepts and typical psychological explanations of economic behaviour.
2. Overview of behavioral economic, history, methods, behavioral game theory
3. Rationality as the basis of economic theory, time, intertemporal choice, bounded rationality
4. Cognitive psychology: attention, memory, attention economic, cognitive limitation
5. Economic decision making: utility, risk and risk taking
6. Emotions: trust, hapiness, envy, ethic, altruism, agression, confidence game, vanity
7. Individual Rationality and Social Norms, mass, coordination, clubs, non relatives coorporate, threats and fights, cults and gangs
8. Consumer behavior, consumer psychology, advertising, the impact of marketing,
9. Advertising, mass media, communication, fads and fashion, loyality, conformity
10. Organisational studies: organizational behavior, culture, organisational development,
11. Economic psychology of jobs: The employees: creativity, motivation, unemployement
Leaders and managers: stress, stereotype, authority, leadership skills and styles, status
12. Culture: traditions and habbits
13. Money, behavioral finance theory, tax, anomalies Lecture 13
14. Public goods, subsidiarity, wealth
Compulsory literature: • Paul Webley - Carole Burgoyne - Stephen Lea -, Brian Young (2001): The Economic Psychology of Everyday Life (International Series in Social Psychology), Psychology Press
• Dan Ariely (2008): Predictably Irrational The Hidden Forces That Shape Our Decisions, Harper Collins Pub.
• Dan Ariely’ papers: ,
• Della Vigna’s papers:
• Rabin’s papers:
• Journal of Economic Psychology articles