A Note on Pre-University Economics Students’ Awareness of Cognitive Bias

16 Pages Posted: 12 Dec 2013

See all articles by Keith Wood

Keith Wood

Universiti Brunei Darussalam

Vincent Andrew

University of Brunei Darussalam

Date Written: December 11, 2013

Abstract

We share the view of Beckman et al (JEE, 42:3, 255-269) that economics students should be aware of the challenge to standard microeconomics from behavioural studies. In this article we provide some insights into our students’ experience of what Kahneman (2011) describes as operating in within-subjects mode in contrast with our everyday experience of between-subjects mode. We pose the question: is it not time to add another critical variable on the demand side, bounded rationality, and include this in the specification of standards and examination syllabuses so that our students can really understand how markets work and can see the relevance of studying microeconomics?

Keywords: behavioural economics, bounded rationality, economic understanding, economic standards

JEL Classification: A21, D11

Suggested Citation

Wood, Keith and Andrew, Vincent, A Note on Pre-University Economics Students’ Awareness of Cognitive Bias (December 11, 2013). Available at SSRN: https://ssrn.com/abstract=2366252 or http://dx.doi.org/10.2139/ssrn.2366252

Keith Wood (Contact Author)

Universiti Brunei Darussalam ( email )

Jalan Tungku Link
Gadong
Bandar Seri Begawan, BE1410
Brunei

Vincent Andrew

University of Brunei Darussalam ( email )

Jalan Tungku Link
Gadong
Bandar Seri Begawan, BE1410
Brunei

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