Perspectives on Economic Behaviour
Study Board of Market and Management Anthropology, Economics, Mathematics-Economics, Environmental and Resource Management
Teaching language: English
EKA: B500050112, B500050102
Censorship: Second examiner: None
Grading: Pass/Fail, 7-point grading scale
Offered in: Odense
Offered in: Autumn
Level: Bachelor
Course ID: B500050101
ECTS value: 5
Date of Approval: 08-04-2025
Duration: 1 semester
Course ID
Course Title
Teaching language
ECTS value
Responsible study board
Study Board of Market and Management Anthropology, Economics, Mathematics-Economics, Environmental and Resource Management
Date of Approval
Course Responsible
Offered in
Level
Offered in
Duration
Aim and purpose
This course introduces students to elements of classical microeconomic theory, and how these can be applied to understand, contextualize and propose solutions to current Anthropocene crisis, such as climate changes, environmental degradations and biodiversity losses. By becoming familiar with various microeconomic theories and perspectives, students will be able to analyze, at a basic level, the welfare implications of some types of governmental policies or programmes, which affect both economic, social and environmental systems. Students will be able to understand how and under which circumstances governments may succeed or fail to correct for market failures.
Content
Key economic principles are introduced, such as demand and supply, scarcity and efficiency. The course first introduces the concepts of growth, inequality, the role of technology and planetary boundaries. The problem for classical economic agents (producers and consumers) is introduced, and the theory of rational optimization is applied to each of these. Game theory is introduced as a way of modelling economic interactions in which people behave strategically. Students are then introduced to various criteria to judge resource allocation (e.g. Pareto criteria). It is shown how competitive equilibrium can maximize social welfare in some cases, but also how the presence of market failures can hinder the maximization of social welfare. It will be shown how the concept of market failure, such as externalities and presence of public goods, are linked to the current global crisis of climate change, environmental degradation and biodiversity loss. The duality of Nature is presented, in that humans and economics activities both affect through economic activity, and depend on nature, climate and biodiversity. It will be shown how institutions can intervene to correct for market failures, as well as how institutions may provide inadequate responses that worsens social welfare, and how inequality in society can change due to policy changes.
Description of outcome - Knowledge
The students should be able to:
- Explain the concepts of: economic growth, inequality, technological change, opportunity cost, equilibrium, supply and demand of goods and services, scarcity, (Pareto) efficiency and optimality
- Explain what economic agents are, and the economic problem each agent faces (e.g. consumers and producers)
- Understand how game theory explains strategic behavior by economic agents
- Explain competitive equilibrium (price and quantity)
- Be able to define what an externality and a public good is and how it interferes with competitive equilibrium
- Understand how market failures can lead to overexploitation of Nature as a resource and/or under provision of Nature’s goods and services
- Understand how Nature acts both as a resource for economic activity and as a provider of goods and services.
Description of outcome - Skills
The students should be able to:
- Apply marginal analysis to the consumer’s problem.
- Apply marginal analysis to the producer’s problem
- Apply game theory to economic problems and contemporary challenges
- Analyze the effect of an externality and how tools such as taxes might correct its effects on the market
- Analyze the effect of public goods and provision problem
- Apply the economic concepts covered in the course to contextualize the global challenges of the Anthropocene.
Description of outcome - Competences
The students should be able to:
- Evaluate the elementary ideas of large-market economic theory
- Understand how concepts of market failures help explain the challenges of the Anthropocene
- Evaluate solutions based on microeconomic theory to the challenges of the Anthropocene
- Understand the goals and limitations of the theory in the context of global challenge.
Literature
The CORE Econ Team 2023 The Economy 2.0: Microeconomics Open access e-text https://core-econ.org/the-economy/
Teaching Method
Traditional lectures, exercise classes and class discussions to give students various perspectives on the topic in both abstract and applied reasoning with the material.
Workload
Scheduled classes
2 (2x1) lectures weekly for 15 weeks
1 exercise session weekly for 14 weeks
Workload
The students' workload is expected to be distributed as follows:
- Lecture: 30 hours
- Exercise sessions: 14 hours
- Exam: 4 hours
- Reading in preparation for class and exercises: 40 hours
- Time completing obligatory exercises: 47 hours
- Total time: 135 hours
This corresponds to an average weekly workload of 6.5 hours during the semester, including the exam.
Examination regulations
Exam
Name
Exam
Timing
Exam part 1: during the semester
Reexam: February
Exam part 2: January
Reexam: February
Tests
Exam part 1
Name
Exam part 1
Form of examination
Portfolio
Censorship
Second examiner: None
Grading
Pass/Fail
Identification
Student Identification Card - Date of birth
Language
English
Duration
During the semester
Length
Max 20 pages
Examination aids
All materials allowed.
Assignment handover
Via Digital exam
Assignment handin
Hand-in Digital exam
ECTS value
1
Additional information
2 written assignments, to be submitted in the course of the semester. Students are allowed to work in groups of up to 3. The assignment randomly tests fulfillment of the above pedagogical goals.
Re-examination
Form of examination
Take-home assignment
Identification
Student Identification Card - Exam number
Duration
48 hours
Examination aids
All materials allowed.
Assignment handover
The assignment is handed over in Digital Exam.
Assignment handin
Electronic hand-in via Digital Exam.
Additional information
-
EKA
B500050112
Exam part 2
Name
Exam part 2
Form of examination
Written examination on premises
Censorship
Second examiner: None
Grading
7-point grading scale
Identification
Student Identification Card - Exam number
Language
English
Duration
4 hours
Length
Max 20 pages
Examination aids
All aids allowed except for use of the internet. It is not allowed to communicate with others.
Assignment handover
The assignment is handed over in Digital Exam.
Assignment handin
Electronic hand-in via Digital Exam.
ECTS value
4
Additional information
The exam randomly tests fulfillment of the above pedagogical goals.
For the re-exam exchange students are offered an online oral examination.
EKA
B500050102
Transitional rules
Students who has been enrolled in Principles of Economic Behaviour (B500033101) must orientate themselves in the course description for that course regarding the form of exam for the remaining exams attempts.
A transfer to the course Perspectives on Economic Behaviour requires dispensation from the Study Board.