MSc in Economics and Business - Specialisation in Behavioural Economics
The human side of economics: the impact of psychology on decision making
Why do people not always act as rational economic decision makers? How can we apply mathematics and psychology to improve our economic models? Contrary to assumptions in traditional economics, people do not automatically choose the optimal course of action, even if given proper incentives. Intrigued? Our Behavioural Economics programme brings you the skills to optimise strategies and policies by including the framing and context that affect people’s choices.
The skills-based specialisation addresses the psychology of decision making. In both mainstream and behavioural economics courses you will acquire both a deep understanding of economics and the skills to adapt strategies and policies to deviations from rational behaviour.
Erasmus School of Economics, where else?
Few universities offer this increasingly popular stream of economics. If Behavioural Economics is your programme of choice, Rotterdam, the frontrunner in economics, makes perfect sense. Select the curriculum that suits you best, study among ambitious and inquisitive co-students and benefit from the expertise of the internationally renowned Behavioural Economics Group.
Countries like the US, UK, and the Netherlands, and companies worldwide increasingly use the insights from Behavioural Economics to shape their policies. With this specialisation, you can either help improve products, marketing policies, negotiation procedures, contracts, and financial portfolios in business, or design and improve public economic policies and strategies. It’s up to you. Careers are possible in many sectors, including:
- Financial sector
"It’s great to be able to combine the math and psychology of Behavioural Economics with the track of your choice"
The Master’s curriculum consists of both courses in mainstream economics and courses in Behavioural Economics. Students can choose between 3 tracks in mainstream economics:
- Financial Economics Track
- Economics of Management and Organisation Track
- Marketing Track
These tracks consist of courses and seminars of the corresponding specialisations of the Master of Economics and Business.
In the core Behavioural Economics courses (4 cr.) students learn the most recent insights from Behavioural Economics. In the seminars (12 cr.) they learn to apply these insights. Seminars are interactive and require the active participation of students. A Master’s thesis, written individually under the close supervision of one of our academic staff members, completes the Master’s specialisation.
'The programme has a very good mix of theory and practical applications'
Why did I choose Behavioural Economics?
I am a firm believer in economics, but even so, I had to acknowledge that standard economic models make “wrong” predictions. We are not rational and not everyone processes information in the same manner, people have emotions and so on and so on. I was interested in learning ways to model human behaviour better. I wanted to learn about models that make better predictions than standard economic models.
The programme has a very good mix of theory and practical applications. The courses focus on teaching the theories of behavioural economics while the seminars focus on applying behavioural insights to address real-world issues. Issues that range from something as large as climate change; to smaller things such as how can we nudge people to take the stairs instead of the elevator?
However, it is not only behavioural economics courses. You have to choose a track so you can specialise in Finance, Marketing or Economics of Management and Organisation. I chose the finance track but all tracks complement the behavioural economics courses.
I am going to pursue a career in either consulting or banking
After finishing the masters' degree, I am going to pursue a career in either consulting or banking. But it opens up many doors; you can work anywhere from large corporates and multinationals to social enterprises and NGOs or of course do a PhD.
Cost & Fees
- € 2.060 EEA/EU students*
- € 14.700 NON-EEA/EU students**
*This is the statutory tuition fee for Dutch students, students from another country within the European Economic Area (EEA), the European Union (EU), Switzerland and Suriname who meet the statutory conditions.
**This is the institutional tuition fee for students for whom the statutory tuition fee does not apply. You have to pay the institutional fee if you:
- don’t have an EU-, EEA, Swiss or Surinamese nationality
- have finished a Dutch programme and want to follow another programme on the same level
This school offers programs in:
Last updated August 31, 2018