Learning Outcomes-based Curriculum Framework

(LOCF) for Post-graduate Programme

Name of the Programme: M.A. Behavioural Economics &

Data Science
(Syllabus effective from 2020 Admission)

University of Kerala

1
 MA Behavioural Economics and Data Science

Hours Instructor
Seme per hours per Maximum
ster Paper Code Title semester week ESA Marks
Hours CA ESA Total
BEDS-CC- 211 Micro Economic theory 110 6 3 25 75 100
BEDS-CC- 212 Macro Economic theory 110 6 3 25 75 100
Quantitative Tools for Behavioural
BEDS-CC- 213 Economics 120 7 3 25 75 100
I BEDS-CC- 214 Principles of Cognitive Economics 110 6 3 25 75 100
Foundations in Behavioural Micro-
BEDS-CC- 221 Economics 110 6 3 25 75 100
Foundations in Behavioural Macro-
BEDS-CC- 222 Economics 110 6 3 25 75 100
BEDS-CC- 223 Foundations of Data Science 110 6 3 25 75 100
Basic Econometrics and Research
II BEDS-CC- 224 Methodology 120 7 3 25 75 100
BEDS-CC- 231 Applied Behavioural Economics 120 7 3 25 75 100
Experimental Economics- Methods
BEDS-CC- 232 and Application 110 6 3 25 75 100
BEDS-CC- 233 Game Theory 110 6 3 25 75 100
III
BEDS-DSE- 234 Advanced Econometrics
or Data Analytics for Business 110 6 3 25 75 100
BEDS-DSE- 235 110 6 3 25 75 100

BEDS-CC- 241 Basics of Behavioural Finance 110 6 3 25 75 100

Behavioural Economics and Policy 110
BEDS-CC- 242 Design 6 3 25 75 100
Foundations of Data Analysis Using
BEDS-CC- 243 R and Python 120 7 3 25 75 100
BEDS-DSE- 244 Behaviour Economics and Public 110 6 3 25 75 100
IV or Health 110 6 3 25 75 100
BEDS-DSE- 245 Behaviour Economics and Tourism

BEDS-D- 225 Behavioural and Data Science 100

2
 Project /Internship
Viva Voce 100
Total 1800

Programme Specific Outcomes (PSO) for M.A.

Behavioural Economics & Data Science

PSO1 To equip students with Basic and advanced knowledge in economic

theories, Behavioural Economics and Data Science

PSO2 To familiarise the students with various aspects of applied econometrics,

data management & cognitive economics

PSO3 To make the students capable of addressing and solving the issues in the

society and the economy by acquiring greater insight in the behaviour of

economic agents and data management they have acquired

PSO 4 To create academic excellence through holistic education.

PSO 5 To develop right skills in students catering to the needs of the industry

and policy makers

3
 Terms used

OBE-Outcome Based Education CC= Core Course DSC-Discipline

Specific Elective GC- Generic Course CL- Cognitive Level RE-
Remember Fa- Familiarize Un- Understand Ap- Apply An- Analyse
Ev-Evaluate Cr- Create KC- Knowledge Category Fa- Factual Co-
Conceptual

4
Semester I

5
 BEDS-CC- 211 MICRO ECONOMIC THEORY
Course Outcomes

CO CO PO/PSO CL KC Assessment
Statement
CO1 Familiarise with PSO1 Fa Co Assignment on
various Substitution
consumer effect, elasticity
theories and
apply them to
analyse and
predict the
behaviour
ofindividuals
CO2 Understands the PSO1 Un Co Assignment on
concept of theories of cost
production and
cost

CO3 Familiarise with PSO1 Fa Co Seminar on

different market different market
structures – structure
Perfect and
imperfectly
competitive
CO4 Understand PSO1 Un Co Seminar on
about general general
equilibrium and equilibrium
concept of
economic
welfare.

To have greater PSO1 An Fa Assignment on

insight into market failure
market failure
CO5
and related
aspects

6
Course Content

Module 1: Consumer Theory

Laws of preference –Cardinal, ordinal and revealed preference - Budget constraints and
consumer equilibrium-elasticity of demand- income and substitution effect- consumer
surplus, modern demand theory

Module 2: Theory of Production and Costs

Goals of firm- Theory of production- concept and types production function- theory of cost-
modern cost theory

Module 3: Theory of market

Competitive and non-competitive- supply of firms and industry- perfect competition-
monopoly- price discrimination- Monopolistic/imperfect competition -Strategic interactions -
Duopoly (Cournot and Bertrand- collusive and non-collusive models of oligopoly

Module 4: General Equilibrium and welfare

General and partial equilibrium- Walrasian general equilibrium- tatonnement process-
graphical treatment of general equilibrium 2×2×2 model- role of value judgement Pareto
welfare economics- Arrow’s impossibility theorem - the theory of second best – Scitovsky’s
double compensation criterion - Rawl’s theory of justice- A.K Sen’s social welfare function –
equity efficiency trade-off.

Module 5 Market failure

Public goods and the free rider problem. Externalities. The Coase Theorem. Imperfect
Competition. Asymmetric Information (Moral Hazard and Adverse Selection). Optimal
Contracts: Incentives vs Risk

Basic Reading List

Robert H. Frank, 2014, Microeconomics and Behaviour (9th ed., McGraw-Hill).

Hal R. Varian, 2014, Intermediate Microeconomics (9th ed., Norton).

ASSESSMENT
25 % Continuous / Formative Assessment. 75 % End-semester/Summative Assessment: 3
hour written Exam.

Model Question in OBE Format

Time : 3 hours Maximum Marks : 75

7
This question paper has three sections. All questions in Section A to be answered (10*1=10
marks). Seven questions out of 10 in Section B to be answered in less than 400 words (7*5=
35 marks). Three questions out of 5 in Section C to be answered in less than 1200 words
(3*10= 30 marks)

BEDS-CC- 212: MACRO ECONOMIC THEORY

Course Outcomes

CO CO PO/PSO CL KC Assessment
Statement
CO1 Familiarise PSO1 Fa Co Assignment on
with various Classical &
schools of Keynesian
macroeconomic models
thoughts
CO2 Understands PSO3 Un Co Seminar on
the concept of IS LM
ISLM approach approach
CO3 Understands PSO1 Cn Co Seminar on
the concept Demand &
ofDemand & supply of
supply of money
money
CO4 To analyse the PSO2 An Co Seminar on
behavioural Consumption
foundations of functions,
macro Investment
economics functions

PSO4 Fa Fa Assignment on
To familiarise Mundell-
with open Fleming
CO5
economy model- Fixed
macro and Flexible
economics Exchange
Rate–the
Impossible
Trinity
Course Content

Module 1: Introduction
Competing schools of macroeconomic thought- Determination of output, employment and
price level in Classical and Keynesian models

Module 2: ISLM approach

8
Neo-classical and Keynesian Synthesis- The ISLM model- Keynesian and Neo-Classical
Version- Extensions of ISLM model with govt sector- Relative efficiency of fiscal and
monetary policies- ISLM model with labour market and flexible prices- Three Sector Macro
Model

Module 3: Demand and supply of money

Demand for money: Keynesian, Patinkin’s real balance, Tobin, Baumol and Friedman
approaches - Supply of money- Financial Intermediation- Mechanistic and behavioural model
of money determination- money and credit multiplier-Money supply determination in an
open economy- Asset market equilibrium – Fisher Effect-Disequilibrium money and Buffer
stock models

Module: 4 Behavioural Foundations of Macro economics

Consumption function: Current Income Theories (views of Keynes, Kuznets’s consumption
puzzle, Drift hypothesis of Smithies and views of Duesenberry)- Fischer’s Intertemporal
Choice model- Normal Income Theories (views of Friedman and Modigliani and others)-
Endogenous Income Theory – Robert Hall Random Walk Hypothesis- David Laibson
Behavioural Hypothesis- Empirical Evidence

Investment function: Neo-classical theory of investment – MEC and Keynesian theory of

investment - Cost of capital and MEC- Accelerator theory of investment (simple and
flexible)- Capital Stock Adjustment Principle –Interaction of Accelerator and Multiplier –
Profit theory of 38 investment- Financial theory of investment – Tobin’s q ratio- Modigliani-
Miller theory - Investment under Uncertainty, Asymmetric Information and Irreversible
Investment.

Module 5: The Open Economy

Balance of payment and Keynesian analysis - Internal and External Equilibrium- Mundel-
Fleming model- Fixed and Flexible Exchange Rate with Capital Mobility –the Impossible
Trinity – effectiveness of fiscal and monetary police- fiscal sustainability and public debt

Basic Reading List

Gregory Mankiw, Macroeconomics, Ninth Edition (International Edition), Worth Publishers,
2016.

Olivier Blanchard and David Johnson, Macroeconomics, Sixth Edition (Global Edition),
Pearson, 2012

ASSESSMENT 25 % Continuous / Formative Assessment (see PG

Regulations). 75 % End-semester/Summative Assessment: 3 hour written Exam.

9
Model Question in OBE Format

Time : 3 hours Maximum Marks : 75

This question paper has three sections. All questions in Section A to be answered (10*1=10
marks). Seven questions out of 10 in Section B to be answered in less than 400 words (7*5=
35 marks). Three questions out of 5 in Section C to be answered in less than 1200 words
(3*10= 30 marks)

BEDS-CC- 213-QUANTITATIVE TOOLS FOR BEHAVIOUR

ECONOMICS
Course Outcomes

CO CO PSO CL KC Assessment
Statement
CO1 Familiarise PSO1 Fa Co Assignment on
with averages, Averages,dispersion
dispersion and measures
probability
distributions

CO2 Understands PSO3 Un Co Seminar on

the concept of Functions & limits
exponents,
polynomials,
functions,
limits,
continuity etc.

CO3 Familiarise PSO1 Fa Co Seminar on

with optimisation
optimisation –
maxima and
minima

CO4 To understand PSO2/PDO1 Un Co Seminar on vectors

about linear & metrics
algebra –
vectors –
matrix etc.

PSO4 Fa Fa Assignment on
To familiarise quadratic forms
with vectors
CO5
and quadratic
forms
10
Course Content

Module 1: Basics – frequency distribution – measures of central tendency and dispersion –

moments, skewness and kurtosis – numerical problems

Probability – concept of probability – discrete and continuous random variables – probability

and cumulative distribution functions – joint probability and cumulative distribution
functions – mathematical expectations and variance – concepts and theorems – moment
generating and characteristic functions –Special probability distributions – binomial, poisson,
exponential, normal, chi square, t and F distributions – central limit theorem.

Module 2:

Basics – exponents, polynomials, functions, limits, continuity, and derivatives – rules –

partial derivatives – differential and total differential – integration – rules –economic
applications.

Set theory – convex and concave sets and functions – local and global maximum and
minimum.

Module 3:

Optimisation – maxima and minima – constrained – Lagrangian multiplier method – first and
second order conditions – solving numerical problems.

Module 4:

Linear algebra – vectors – matrix – definition – types – relations and operations – trace,
partitioned matrices – determinants – rank – properties – inverse – properties of inverse –
solution to a system of linear equations – existence of uniqueness of solution – Cramer’s rule
– inversion method.

Module 5:

Characteristic roots and vectors – properties – quadratic forms – definiteness – distribution of

quadratic function.

Basic Reading List

David P. Doane and Lori E. Seward: Applied Statistics in Business and Economics, Tata
McGraw Hill.

Edward T. Dowling: Introduction to Mathematical Economics, Tata McGraw Hill.

Kultar Singh: Quantitative Social Research Methods, Sage.

P.K.Viswanathan: Business Statistics: An Applied Orientation, Pearson.

G.Hadley: Linear Algebra, Narosa Publishing House.

11
A.C.Chiang: Fundamental Methods of Mathematical Economics, McGraw-Hill.

M.D.Intriligator: Mathematical Optimization and Economic Theory, Prentice Hall Inc.

Chapters 5, 7 and 8 and Appendices A and B.

ASSESSMENT

25 % Continuous / Formative Assessment (see PG Regulations). 75 % End-

semester/Summative Assessment: 3 hour written Exam.

Model Question in OBE Format

Time : 3 hours Maximum Marks : 75

This question paper has three sections. All questions in Section A to be answered (10*1=10
marks) Seven questions out of 10 in Section B to be answered in less than 400 words (7*5=
35 marks). Three questions in Section C to be answered in less than 1200 words (3*10= 30
marks)

BEDS-CC- 214: PRINCIPLES OF COGNITIVE ECONOMICS

Course Outcomes

CO CO PO/PSO CL KC Assessment
Statement
CO1 Familiarise PSO1/PSO3 Fa Co Assignment on
with economics economics of
of psychology psychology
& behavioural
mental
economics
CO2 Understands PSO3 Un Co Seminar on
the concept of motivation &
motivation & personality
personality

CO3 Familiarise PSO1 Fa Co Seminar on

with perception perception &
& condoning condoning

CO4 To understand PSO2 Un Co Seminar on

about information
information processing
processing

12
 PSO4 Fa Fa Assignment on
To familiarise expectation,
with emotions &
CO5
expectation, well being
emotions &
well being

Course Content
Module 1: Introduction
Shared interest of economics and psychology- relevance for psychology for economics-
economic psychological models of behaviour-mental economics

Module 2: Motivation and personality

Motivation and personality in economic behaviour- need for achievement- locus of control-
sensation seeking and risk attitude- altruism- time preference- cognitive style-life style

Module 3: Perception, learning and attitude

Perception-psychophysics- perceptual judgement- price perceptism- perception of money and
inflation

Learning- classical conditionality-operand conditioning- conflict model buying behaviour-

Attitude and utility- images

Module 4: Limited information processing

Information processing in consumer decision making- information processing capacity-
heuristic in information processing- aspiration levels in information process- models of
information processing

Module 5: Economic expectation, emotions and wellbeing

Economic expectation – buying intention- consumer confidence- relation between attitude
and behaviour

Emotions and utility functions- emotion and consumer choice- subjective wellbeing-
wellbeing and income- poverty, unemployment and consumer satisfaction.

Basic Reading List

Psychology in Economics and business, Gerrit Ando Antonides, Springer Science Business
Media, 1991

Economic Psychology (ed) Rob Rinyard, Wiley, 2018, chapter 16

13
Additional Reading List
The Cambridge Handbook ofPsychology and EconomicBehaviour, Alan Lewis (Edt.),
Cambridge University Press, 2008

Economics and PsychologyA Promising New CrossDisciplinary Field: Bruno S. Frey and
Alois Stutzer (Edt.), CESifo Seminar Series, 2007

Psychological Economics: Development, Tension and Prospect, Peter E Earl (edt), Kluwer
Academic Publishers, 1987

Psychologyand theEconomic MindCognitive Processes& Conceptualization, Robert L.

Leahy, Springer Publishing Company, 2003

Philosophical Problems ofBehavioural Economics, Stefan Heidl, Routledge, 2016

New directions in Economic Philosophy, Theory, Experiment and Application: Stephan E.G
and Others (edt), Edward Elgar, 1992

Handbook of Economic Philosophy, W. FRED VAN RAAIJ and others (edt),Springer-

Science+Business Media, B.V, 1982

Social Psychology and Economics, David De Cremer, Marcel Zeelenberg and J. Keith
Murnighan (edt), Psychology Press, 2012

ASSESSMENT

25 % Continuous / Formative Assessment (see PG Regulations). 75 % End-

semester/Summative Assessment: 3 hour written Exam.

Model Question in OBE Format

Time : 3 hours Maximum Marks : 75

This question paper has three sections. All questions in Section A to be answered (10*1=10
marks) Seven questions out of 10 in Section B to be answered in less than 400 words (7*5=
35 marks). Three questions in Section C to be answered in less than 1200 words (3*10= 30
marks)

14
Semester II

15
 BEDS-CC- 221: FOUNDATIONS IN BEHAVIOURAL MICRO-
ECONOMICS

Course Outcomes

CO CO PO/PSO CL KC Assessment
Statement
CO1 Familiarise PSO2/PSO1 Fa Co Assignment on
with the economics
discipline various aspects
behavioural of behavioural
economics economics

CO2 Understands PSO3 Un Co Assignment on

the concept preference &
preference, risk
risk etc.

CO3 Familiarise PSO1 Fa Co Seminar on

with inter perception &
temporal condoning
choice

CO4 To understand PSO2 Un Co Seminar on

about Strategic
strategic interaction &
interaction& behavioural
behavioural games
game theory

PSO 3 Fa Fa Assignment on
To familiarise nudges and
with nudges, related aspects
CO5
policy &
happiness

16
Course Content

Module 1: Introduction
What is behavioural economics? - History and evolution- relation with other disciplines-
objectives, and scope- themes and methodology of behavioural economics (theory, evidence,
consilience) – application

Module 2: Foundation
Values, preferences and choice- believes- heuristic and biases- state dependent preferences
(such as habit formation and addiction)- mis-prediction and projection bias-anticipation and
information avoidance-decision making under risk and uncertainty- prospect theory- the role
of reference- dependent preference in both risky (loss aversion) and risk free (endowment)
choices-mental accounting- applications

Module 3: Inter temporal choice

The discounted utility model (origin, features, methodology, anomalies with discounted
utility models)- alternative inter temporal choice models (time preferences, time inconsistent
preferences- hyperbolic discounting- modifying the instantaneous functions)- applications

Module 4: Strategic interaction

Behavioural game theory (nature, equilibrium, mixed strategies, bargaining, iterated games,
signalling, learning)- application

Modelling of social preferences –nature and factors affecting social preferences-

distributional social preferences based on altruism, inequality aversion models- reciprocity
models, evidence and policy implications

Module 5: Nudges & Happiness

Nudges, Policy, and Happiness- the application

Basic Reading List

An introduction to behavioural economics by Wilkinson and Klaes, Palgrave McMillan

Behavioural Economics and Finance, by Michelle Beddeley, Rutledge, 2019

Additional Reading List

Behaviour economics and business ethics- interrelation and application by Alexander Rajko,
Rutledge, London, 2012

Philosophical problems of behavioural economics by Steffan Heidel, Routlege, 1996

17
 Varieties of modern economic rationality – from Adam Smith to Contemporary Behavioural
and evolutionary economists by Michael S Zoubulakis, Routledge, 1997

Behavioural foundations of economics by J.L. Buxter, McMillan Press,

Choice, Behavioural economics and addiction, edited by Ruby E Vachinich and Nick
Heather, Pergamon Elsevier, 2003,

Advance in understanding strategic behaviour- game theory experiments and bounded

rationality, edited by Steffan Huck, Palgrave, McMillan, 2004

Loewenstein (1987) “Anticipation and the Valuation of Delayed Consumption”. Economic

Journal, 97(387): 666— 684.

Brunnermeier, Markus, K., and Jonathan A. Parker (2005). "Optimal Expectations."

American Economic Review, 95(4): 1092-1118.

Kahneman and Tversky (1979) “Prospect Theory: An Analysis of Decision Under Risk”,
Econometrica, 47(2): 263– 291.

List (2003) “Does Market Experience Eliminate Market Anomalies?”, Quarterly Journal of
Economics, 118(1): 41– 71.

Koszegi and Rabin (2006), “A Model of Reference-Dependent Preferences”, Quarterly

Journal of Economics, 121(4): 1133–1165.

Sydnor, Justin. 2010. "(Over)insuring Modest Risks." American Economic Journal: Applied
Economics, 2(4): 177-99

Charness and Rabin (2002) “Understanding Social Preferences with Simple Tests” Quarterly
Journal of Economics, 117(3): 817–869.

Lazear, Edward P., Ulrike Malmendier, and Roberto A. Weber. 2012. "Sorting in
Experiments with Application to Social Preferences." American Economic Journal: Applied
Economics, 4(1): 136-63.

DellaVigna, List, Malmendier. 2012. “Testing for Altruism and Social Pressure in
Charitable Giving”. Quarterly Journal of Economics, 127(1): 1–56.

Rabin (1993) “Incorporating Fairness into Game Theory and Economics”, American
Economic Review, 83(5): 1281– 1302.

Fehr and Gachter, (2000),“Fairness and Retaliation: The Economics of Reciprocity”,

Journal of Economic Perspectives, 14(3): 159–181.

Fehr, E. and Schmidt, K. (1999) “A Theory of Fairness, Competition, and Cooperation” The
Quarterly Journal of Economics, 114(3): 817—868.

Thaler, Richard H. 1988. "Anomalies: The Ultimatum Game." Journal of Economic

Perspectives, 2(4): 195-206.
18
Tversky, A. and Kahneman, D. (1974) “Judgment Under Uncertainty: Heuristics and
Biases”, Science, 185(4): 1124– 1131.

ASSESSMENT
25 % Continuous / Formative Assessment (see PG Regulations). 75 % End-
semester/Summative Assessment: 3 hour written Exam.

Model Question in OBE Format

Time : 3 hours Maximum Marks : 75

This question paper has three sections. All questions in Section A to be answered (10*1=10
marks) Seven questions out of 10 in Section B to be answered in less than 400 words (7*5=
35 marks). Three questions in Section C to be answered in less than 1200 words (3*10= 30
marks)

BEDS-CC- 222: FOUNDATIONS IN BEHAVIOURAL MACRO-

ECONOMICS

CO CO PO/PSO CL KC Assessment
Statement
CO1 Familiarise PSO1 Fa Co Assignment on
with the foundations of
discipline behavioural
behavioural macro
macro economics
economics

CO2 Understands PSO3/PSO3 Un Co Assignment on

the new new
approaches to approaches to
macro macro
economic economic
modelling modelling
CO3 To understand PSO1 Fa Co Assignment on
about Inertia in Inertia in
macroeconomic macroeconomic
variables and variables and
non-normality non-normality
CO4 To familiarise PSO2 Un Co Seminar on
with Inertia in
transmission of macroeconomic
shocks variables and
non-normality

PSO4 Fa Fa Seminar on
To familiarise transmission of
with nudges, shocks
CO5 19
policy &
happiness
Course Content

Module 1: Foundations of behavioural macro economics

Neo-Keynesian Rational Expectation model- role of rational expectation in business cycle
and labour market equilibrium- the role of monetary policy and the determination of asset
prices- Animal Spirits and economic decisions

Module 2: Need for new approach for macroeconomic modelling

The Canonical Dynamic Stochastic General Equilibrium model (DSGE)- recent development
in DSGE model-financial market friction-problems with DSGE model- micro foundation
based on utility maximisation- rational expectation and cognitive problems of agents-the
assumption of representative agent- the exogenous business cycle model underlying DSGE
model-empirical validation- need for new approach

Module 3: Basic behavioural model

Basic behavioural model – three reduced form equations- introducing heuristic in forecasting
output-forecasting rules-heuristic and selection mechanism in forecasting inflation-defining
animal spirit- result of basic macroeconomic model-stability analysis-chaos and output
stabilisation

Module 4: Inertia in macroeconomic variables and non-normality in the

output gap
Empirical evidence of serial correlation- empirical correlation in New Keynesian rational
expectation models-serial correlation in behavioural macroeconomic model- the sources of
autocorrelation and the long lag in behavioural macroeconomic model-factors affecting serial
correlation in behavioural macroeconomic model-sensitivity analysis

Non-normality- empirical evidence-Non normality in DSGE models- Non normality in

behavioural model- sensitivity analysis- extreme values of animal spirit under different
parameters-correlation of output gap and animal spirit under different parameters- the power
of output stabilisation

Module 5: Transmission of shocks

Demand, supply and interest rate shocks in New Keynesian Rational Expectation model-
Demand, supply and interest rate shocks in behavioural model –factors affecting uncertainty
about the transmission of shocks

Basic Reading List

Behavioural Macro Economics -Theory and Policy, Paul De Grauwe and Yeumei Ji, Oxford
University Press, 2019

20
Additional Reading List
Ayala and A. Palacio-Vera (2014) “The Rational Expectations Hypothesis: An assessment
from Popper’s Philosophy”, http://www.levyinstitute.org/pubs/wp_786.pdf

Muth, J.F. 1961. Rational Expectations and the Theory of Price Movements, Econometrica,
29(3), pp. 315-335. - S. Rebelo (2005) “Real Business Cycles Models: Past, Present and
Future”

http://www.kellogg.northwestern.edu/faculty/rebelo/htm/rbc.pdf - R. Lucas (1995)

“Monetary Neutrality”, Nobel Price Lecture

https://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1995/lucas-lecture.pdf

A. Lo (2007) “Efficient Markets Hypothesis” in L. Blume and S. Durlauf, The New Palgrave:
A Dictionary of Economics.

G. Akerlof, (2001), “Behavioral Macroeconomics and Macroeconomic Behavior”, Nobel

Prize Lecture.

G. Akerlof and R. Shiller, (2009), Animal Spirits, Princeton University Press.

Lucas, Robert E., Jr. and Thomas J. Sargent, “After Keynesian Macroeconomics,” in Federal
Reserve Bank of Boston,

After the Phillips Curve: Persistence of High Inflation and High Unemployment, Conference
Series, 1979.

Farmer, R., Macroeconomics of Self Fulfilling Prophecies, MIT press.

Blanchard, Olivier J. and Mark W. Watson., ‘Bubbles, Rational Expectations and Financial
Markets’, Crises in the Economic and Financial Structure, Paul Wachtel, editor, pp. 295-316.
Lexington, MA: D.C. Heathand Company, (1982).

Akerlof, George and William T. Dickens and George L. Perry, “The Macroeconomics of
Low Inflation,” Brookings

Papers on Economic Activity, 1996:1, pp. 1–59.

Akerlof, George and William T. Dickens and George L. Perry, ”Near-Rational Wage and
Price Setting and the Long-Run Phillips Curve,” ,” Brookings Papers on Economic Activity,
2000.

Akerlof, G. and Janet L. Yellen, “A Near-rational Model of the Business Cycle, with Wage
and Price Inertia,”

Quarterly Journal of Economics, 100 (Supp. 1985).

Akerlof, ,G. and Janet L. Yellen, “Can Small Deviations from Rationality Make Significant
Differences in Economic

21
Eqilibria?”, American Economic Review (1995).

Mankiw, N. Gregory, “Small Menu Costs and Large Business Cycles: A Macroeconomic
Model”, Quarterly Journal of Economics, 1985.

Pagel, Michaela, “Expectations-Based Reference-Dependent Life-Cycle Consumption”,

Review of Economic Studies (forthcoming).

Laibson D., “Golden Eggs and Hyperbolic Discounting”, Quarterly Journal of Economics,
1997;112(2):443-477.

Akerlof, George, “Procrastination and Obedience”, American Economic Review, Papers and
Proceedings 81, (1991).

Labison, David, Andrea Repetto, and Jeremy Tobacman, “Self-Control and Saving for

ASSESSMENT
25 % Continuous / Formative Assessment (see PG Regulations). 75 % End-
semester/Summative Assessment: 3 hour written Exam.

Model Question in OBE Format

Time: 3 hours Maximum Marks: 75

This question paper has three sections. All questions in Section A to be answered (10*1=10
marks) Seven questions out of 10 in Section B to be answered in less than 400 words (7*5=
35 marks). Three questions in Section C to be answered in less than 1200 words (3*10= 30
marks)

22
 BEDS-CC- 223: FOUNDATIONS OF DATA SCIENCE
Course Outcomes

CO CO PO/PSO CL KC Assessment
Statement
CO1 Familiarise PSO2 Fa Co Assignment on
with the area of Basics of data
Data Science science

CO2 Understands PSO3 Un Co Seminar on

about data data processing
processing

CO3 Familiarisewith PSO1 Fa Co Assignment on

machine machine
learning learning
CO4 To understand PSO2 Un Co Seminar on
about clustering clustering
PSO4 Fa Fa Assignment on
To familiarize data
with Data visualization
CO5
Visualization

Course Content

Module 1: Introduction
What is Data Science? Big Data and Data Science – Datafication - Current landscape of
perspectives - Skill sets needed; Matrices - Matrices to represent relations between data, and
necessary linear algebraic operations on matrices -Approximately representing matrices by
decompositions (SVD and PCA); Statistics: Descriptive Statistics: distributions and
probability - Statistical Inference: Populations and samples - Statistical modelling -
probability distributions - fitting a model - Hypothesis Testing -

Module 2: Data Processing

Data pre-processing: Data cleaning - data integration - Data Reduction Data Transformation
and Data Discretization. Evaluation of classification methods – Confusion matrix, Students
T-tests and ROC curves-Exploratory Data Analysis - Basic tools (plots, graphs and summary
statistics) of EDA, Philosophy of EDA - The Data Science Process.

Module 3: Machine Learning

23
Basic Machine Learning Algorithms: Association Rule mining - Linear Regression- Logistic
Regression - Classifiers - k-Nearest Neighbours (k-NN), k-means -Decision tree - Naive
Bayes- Ensemble Methods - Random Forest. Feature Generation and Feature Selection -
Feature Selection algorithms - Filters; Wrappers; Decision Trees; Random Forests.

Module 4: Clustering
Clustering: Choosing distance metrics - Different clustering approaches - hierarchical
agglomerative clustering, k-means (Lloyd's algorithm), - DBSCAN - Relative merits of each
method - clustering tendency and quality.

Module 5: Data Visualization

Data Visualization: Basic principles, ideas and tools for data visualization.

Basic Reading List

Cathy O'Neil and Rachel Schutt, “Doing Data Science, Straight Talk from The Frontline”,
O'Reilly, 2014.

Jiawei Han, Micheline Kamber and Jian Pei, “Data Mining: Concepts and Techniques”, Third
Edition. ISBN 0123814790, 2011.

Mohammed J. Zaki and Wagner Miera Jr, “Data Mining and Analysis: Fundamental
Concepts and Algorithms”, Cambridge University Press, 2014.

Matt Harrison, “Learning the Pandas Library: Python Tools for Data Munging, Analysis, and
Visualization , O'Reilly, 2016.

Joel Grus, “Data Science from Scratch: First Principles with Python”, O’Reilly Media, 2015.

Wes McKinney, “Python for Data Analysis: Data Wrangling with Pandas, NumPy, and
IPython”, O'Reilly Media, 2012.

ASSESSMENT
25 % Continuous / Formative Assessment (see PG Regulations). 75 % End-
semester/Summative Assessment: 3 hour written Exam.

Model Question in OBE Format

Time : 3 hours Maximum Marks : 75

This question paper has three sections. All questions in Section A to be answered (10*1=10
marks) Seven questions out of 10 in Section B to be answered in less than 400 words (7*5=
35 marks). Three questions in Section C to be answered in less than 1200 words (3*10= 30
marks)

24
 BEDS-CC- 224: BASIC ECONOMETRICS AND RESEARCH
METHODOLOGY
Course Outcomes

CO CO Statement PO/PSO CL KC Assessment

CO1 To create an understanding PSO1 Fa Co Assignment on

among the students on basic concepts of
basic econometric econometrics
methodology
CO2 To train the students in PSO3 Un Co Seminar on Auto-
applying economic theories correlation,
to real economic data by Heteroscedasticity,
means of empirical models,

CO3 To train the students in PSO1/PSO2 Fa Co Assignment on

applying economic theories Dummy Variable
to real economic data by Technique and its
means of empirical models Applications

CO4 To Familiarize about time PSO2 Un Co Seminar on

series data Stationarity and
Non-Stationarity
PSO4 Fa Fa Seminar on social
To have basic science
understanding about
CO5 research methodology

Course Content
Module I: Introduction to Econometrics
Meaning, scope and methodology of Econometrics - Sample Regression Function and
Population Regression Function - Simple linear Regression Model – Assumptions,
Estimation through Ordinary Least Squares (OLS) Approach - Gauss Markov Theorem –
Multiple Regression Model - Testing the Significance of Regression – t, Analysis of variance
(ANOVA), F and the concept of R2 and adjusted R2

Module II: Violation of the CLRM Assumptions

Auto-correlation, Heteroscedasticity, Multicollinearity, Specification Errors, Errors of
Measurement - Nature, Consequences, Tests and Remedial measures.

25
Module III: Dummy Variables Regression Models
Dummy Variable Technique and its Applications - Comparing two regressions, interaction
effects, seasonal analysis, piece-wise linear regression.

Module IV: Introduction to Time series Econometrics

Basic Concepts: Stationarity and Non-Stationarity – Random Walk Models – Testing
Stationarity - Unit Root- Integrated Process - Basic Concepts of ARMA and ARIMA Process.

Module V: Introduction to Research Methodology

Meaning, purpose and scope of Social Science Research - Types of Research - Stages of
Research Process - Formulation of research problem, Research Design Setting, Theoretical
Frame, Review of Literature, Objectives and Hypothesis, Methods of Data Collection,
Analysis of Data, Hypothesis Testing and drawing conclusions, Report Writing and Lay out
of the Research Report. – introducing computer software for data analysis- excel, SPSS and
Gretl

Basic Reading List

Gujarathi , D.&Sangeetha, N. (2007). Basic Econometrics (4thed) New Delhi: McGraw

Hill

Koutsoyianis, A. (1977). Theory of Econometrics (2nded). London .The Macmillian Press

Ltd.

Kothari, C. R. (2004). Research Methodology Methods & Techniques, New Age

International Publishers, Delhi.

Gerald Guthrie(2012),Basic Research Methods, Sage, New Delhi.

Majumdar, P.K. (2011), Research Methods in Social Sciences, Viva Books, New Delh

Rowena Murray(2010), How to Write a Thesis, Tata McGraw Hill, New Delhi.

Additional Reading List

Cochran, W. G. (1999).Sampling Techniques, John Wiley & Sons (Asia) Ltd.

Greene W. H. (1997). Econometric Analysis, New Delhi, Pearson.

Johnston J. (1991).Econometric Methods, NewYork, McGraw Hill.

Intriligator M. D. (1991) Econometric Methods, Techniques and Applications, Prentice

Hall, Englewood Cliffs, New Jersey.

26
 ASSESSMENT
25 % Continuous / Formative Assessment (see PG Regulations). 75 % End-
semester/Summative Assessment: 3 hour written Exam.

Model Question in OBE Format

Time : 3 hours Maximum Marks : 75

This question paper has three sections. All questions in Section A to be answered (10*1=10
marks) Seven questions out of 10 in Section B to be answered in less than 400 words (7*5=
35 marks). Three questions in Section C to be answered in less than 1200 words (3*10= 30
marks)

Semester III

27
 BEDS-CC- 231 APPLIED BEHAVIOURAL ECONOMICS

Course Outcomes

CO CO Statement PO/PSO CL KC Assessment

CO1 To conceptualising welfare PSO1 Fa Co Assignment on

and measuring welfare various
measurements of
welfare
CO2 PSO3 Un Co Seminar on
To familiarize with behaviour
behaviour economics and economics and
development economics development
economics
CO3 To understand about PSO1/PSO2 Fa Co Assignment on
behavioural economics & behavioural
labour market economics &
labour market

CO4 To Familiarize about PSO2 Un Co Seminar on

behavioural economics and behavioural
health economics economics and
health economics
PSO4 Fa Fa Seminar
To have basic behavioural
understanding behavioural economics and
CO5 economics and organisational
organisational behaviour behaviour

Course Content

Module 1: Conceptualising Welfare

Behaviour economics on Welfare and Policy Analysis Conceptualising and measuring
welfare- saving, addiction and public good

Module 2: Behavioural Economics and Development Eeconomics

Immediate barriers in education- demand for commitment – default settlement and savings-
default setting and financial institution- Status Quo Bias and Diffusion of Innovations- Self
Serving Bias and Evaluation

Module 3:Behaviour economics and labour market

28
Wage rigidityFairness, reciprocity and wage rigidity- evidence from surveys by economists-
evidence from surveys from experimental economists- evidence from organisational
psychology and managerial science

Module 4:Behavioural economics and health economics

Introduction and background- models of physician behaviour- health care demand and
insurance

Module 5:Behavioural economics and organisational behaviour

Complicating the single-agent risk-incentive model- workers as members of multi-agent
firms- top managers and corporate finance- organisational reactions: sorting, repairs and
exploitation.

Basic Reading List

Introduction to Behavioral Economics and Its Applications- Peter Diamond and Hannu
Vartiainen (ed.), Princeton University Press, 2012

Handbook of Behavioral Economics-Foundations and Applications - BD Bernheim, S

DellaVigna, D Laibson(ed), North Holland ,2019

The foundations of behavioural economics –Sanjit Dhami, Oxford, 2020

Applied Behavioral Economics Research and Trends, Rodica Ianole, IGI Global, 2016

ASSESSMENT
25 % Continuous / Formative Assessment (see PG Regulations). 75 % End-
semester/Summative Assessment: 3 hour written Exam.

Model Question in OBE Format

Time : 3 hours Maximum Marks : 75

This question paper has three sections. All questions in Section A to be answered (10*1=10
marks) Seven questions out of 10 in Section B to be answered in less than 400 words (7*5=
35 marks). Three questions in Section C to be answered in less than 1200 words (3*10= 30
marks)

29
 BEDS-CC- 232: EXPERIMENTAL ECONOMICS: METHODS AND
APPLICATION

Course Outcomes

CO CO Statement PO/PSO CL KC Assessment

CO1 To familiarize with history PSO1 Fa Co Assignment on

and emergence of emergence of
experiments in economics experiments in
economics
CO2 PSO3 Un Co Seminar on Need
To understand Need for for experiments in
experiments in economics economics

CO3 To understand how to PSO1 Fa Co Assignment on

design an experiment how to design an
experiment

CO4 To familiarize with PSO2 Un Co Seminar on

econometrics of econometrics of
experimental data experimental data

PSO4 Fa Fa Seminar on
To understand the external external validity of
validity of an experiment an experiment
CO5

Course Content

Module 1:Introduction
History and emergence of experiments in economics- end of impossibility- choice
consistency in risky decision- experimental economics and behaviour- experimental
economics today- experimental methods – advantages and limitation-type of experiments-
procedure and design consideration

Laboratory experiment- an overview- procedure for experiments- role of experimenter-

experiment auction- ex-ante and ex-post method- case study

Module 2: Need for experiments in economics

30
Controlled experiment in empirical economics-Econometric approach to data analysis-
content of observational data- treatment-effect parameters- identification based on
observational data- inference based on controlled experiments- experimental methods for
economic science- theory and reality- case study

Module 3: Designing an experiment

Internal validity issues- link between experiment and internal validity- incentive structure of
experiment- parameters and experimental treatment- the pursued experiment- pursued
opponent and learning - Conducting an experiment- setting up an experimental laboratory-
step by proceeding

Module 4: Econometrics of experimental data

Experimental data-estimation and inferences-testing procedures-case study

Module 5: External validity of experiment

The external validity of the experimental result- testing of external validity- testing theory –
case study

Experimental Economics Lab

Basic Reading List
Experimental Economics: Method and Application by Nicholas Jacquemet and Oliver
L’Haridon, Cambridge University Press, 2019

Additional reading list

Papers in experimental economics by Vernon L Smith, Cambridge University Press, 1991

Experimental Economics, Douglas Davis, Charles A Holt, Princeton University Press, 1993

Experimental Auctions- methods and applications in Economics and Marketing research,

Jaison L Lusk and Jason F Shogren, Cambridge University Press, 2007

The methodology of experimental economics, Franciso Guala, Cambridge University Press,

2005

Economics Lab-an intensive course in experimental economics, Daniel Friedman and

Alexssandra Cassar, Routledge, 2004

Kagel, John and Alvin Roth. The Handbook of Experimental Economics. Princeton
University Press, 1995.

Friedman, Daniel and Shyam Sunder. Experimental Methods: A Primer for Economists.
Cambridge University Press, 1994

31
 Camerer, Colin. Behavioral Game Theory: Experiments in Strategic Interaction. Princeton
University Press, 2002.

Bardsley, Nicholas, Robin Cubitt, Graham Loomes, Peter Moffatt, Chris Starmer, and Robert
Sugden. Experimental Economics: Rethinking the Rules. Princeton University Press, 2009.

ASSESSMENT
25 % Continuous / Formative Assessment (see PG Regulations). 75 % End-
semester/Summative Assessment: 3 hour written Exam.

Model Question in OBE Format

Time : 3 hours Maximum Marks : 75

This question paper has three sections. All questions in Section A to be answered (10*1=10
marks) Seven questions out of 10 in Section B to be answered in less than 400 words (7*5=
35 marks). Three questions in Section C to be answered in less than 1200 words (3*10= 30
marks)

BEDS-CC- 233 GAME THEORY

Course Outcomes Content

CO CO Statement PO/PSO CL KC Assessment

CO1 To familiarize the concept PSO1 Fa Co Assignment on

of theory of games concept of theory
of games

CO2 To understand about PSO3 Un Co Seminar on

strategic games & Nash strategic games &
equilibrium Nash equilibrium
CO3 To understand about the PSO1 Fa Co Assignment on
illustrations of Nash illustrations of
Equilibrium Nash Equilibrium
CO4 To Familiarize with mixed PSO2 Un Co Seminar on
Strategy Nash Equilibrium mixed Strategy
Nash Equilibrium
To understand about PSO4/PSO3 Fa Fa Seminar on
extensive Games and Nash extensive Games
Equilibrium and Nash
CO5
Equilibrium

32
Course Content

Module 1: Introduction
What is game theory? -Theory of rational choice -interacting decision makers

Module 2: Strategic Games and Nash Equilibrium

Strategic games- examples Nash equilibrium- concept and examples- Best response functions
--Dominated Actions -Symmetric games and symmetric equilibria

Module 3: Illustrations of Nash Equilibrium

Cournot’s model of duopoly market- Bertrand’s model of duopoly -market -Electoral

Competition War of Attrition -Auctions -Accident Laws

Module 4: Mixed Strategy Nash Equilibrium

Introduction -Strategic games with randomisation -Mixed strategy Nash equilibrium: concept
and examples- Dominated Actions -Formation of Players’ beliefs

Module 5: Extensive Games and Nash Equilibrium

Introduction to extensive games -Strategies and outcomes -Nash equilibrium- Subgame

perfect Nash equilibrium- Backward induction

Illustrations of Extensive Games and Nash Equilibrium- Stackelberg model of duopoly

markets --Ultimatum game

Basic Reading List

Osborne, M.J.An Introduction to Game Theory, Oxford University Press, 2004

Mas-Colell,A., M.D. Whinston and J.R. Green Microeconomic Theory, Oxford University
Press, 1995

Gibbons, R.A Primer in Game Theory,Pearson Education, 1992

A course in Game Theory, Martin J Osborne Ariel Rubinstein, The MT Press,1998

Game Theory, Drew Fundenberg and Jean Tirole, MIT Press

Game Theory and Economic Analysis, Christian Schmidt (Edt), Rutledge,2002

Evolution, Games and Economic Behaviour, Fernando Vega-Redondo, Oxford University

Press,1996

33
 ASSESSMENT
25 % Continuous / Formative Assessment (see PG Regulations). 75 % End-
semester/Summative Assessment: 3 hour written Exam.

Model Question in OBE Format

Time : 3 hours Maximum Marks : 75

This question paper has three sections. All questions in Section A to be answered (10*1=10
marks) Seven questions out of 10 in Section B to be answered in less than 400 words (7*5=
35 marks). Three questions in Section C to be answered in less than 1200 words (3*10= 30
marks)

BEDS-DSE- 234: OPTIONAL -ADVANCED ECONOMETRICS

Course Outcomes

CO CO Statement PO/PSO CL KC Assessment

CO1 To develop analytical skills PSO1 Fa Co Assignment

needed to work successfully ondynamic
with real economic data econometric
models
CO2 To understand about of PSO3 Un Co Seminar on
simultaneous equation simultaneous
models equation models

CO3 To understand about to non- PSO1 Un Co Assignment on

stationary Time Series tonon-stationary
Time Series

CO4 To familiarize with Time PSO2 Fa Co Seminar on Time

Series Econometrics: Series
Forecasting Econometrics:
Forecasting

To understand about panel PSO4 Un Fa Seminar onpanel

data models data models
CO5

34
Course Content

Module I: Dynamic Econometric Models

Autoregressive and Distributed Lag Models -Koyck Model, Nerlove’s Partial Adjustment
Model, Cagan’s Adaptive Expectations Model - Instrumental Variables – Detecting
Autocorrelation in Autoregressive models - Almon’s Approach to Distributed Lag Models.

Module II: Estimation of Simultaneous Equation Models

Simultaneous Equation Models - Structural and Reduced form Equations, Simultaneous
Equation Bias, Instrumental Variable Estimation - Identification Problem, The Rank and
Order Condition, Methods of estimating simultaneous equation system, Recursive methods
and OLS - Indirect Least Squares, 2SLS, 3SLS, FIML estimation techniques - Durbin – Wu –
Hausman Test.

Module III: Introduction to Non-Stationary Time Series

Stationarity and Non stationarity - Stationary time series and Non stationary time series
Deterministic Trend- Difference Stationary and Trend-Stationary - Spurious Regressions –
Tests of Non stationarity - Graphical Tests & Augmented Dickey-Fuller tests -
Cointegration& Error Correction Model (ECM).

Module: IV Time Series Econometrics: Forecasting

AR, MA and ARIMA Modelling of Time Series Data - The Box- Jenkins (BJ Methodology -
Vector Auto Regressive (VAR) and Causality - Measuring Volatility – The ARCH and
GARCH Model

Module V: Introduction to Panel Data Models

Panel Data Set – Example to investigate dynamics - Fixed Effects Regressions – Within
groups fixed effects, First differences fixed effects - Random Effects Regressions - Assessing
the appropriateness of fixed effects and random effects estimation.

Basic Reading List

Dougherty, Christopher (2011).Introduction to Econometrics, Oxford University Press,

Newyork.

Gujarathi, D, &Sangeetha, N. (2007). Basic Econometrics (4thed) New Delhi: McGraw

Hill

Woolridge, J. M. (2007). Introductory Econometrics: A Modern Approach (3rded.). New

35
Delhi: Akash Press.

Additional Reading List

Amemiya, T.(1995).Advanced Econometrics, Harvard University Press.

Baltagi, B. H. (1998). Econometric Analysis of Panel Data, New York: Springer.

Enders, Walter (2014). Applied Econometric Time series (4th edition) Wiley E-Text

Student Package

Goldberger, A. S. (1998). Introductory Econometrics, Harvard University Press

Cambridge Mass

Greene, W. H. (1997). Econometric Analysis, New Delhi, Pearson.

Johnston, J. (1991).Econometric Methods, NewYork, McGraw Hill.

Kennedy, I. (1998). A Guide to Econometrics (4th edition) MLT Press, NewYork

Kmenta, J. (1997).Elements of Econometrics (Reprint Edition), University of Michigan

Press, Newyork.

Krishna, K. L. (ed) (1997). Econometric Application in India, Oxford University Press,

New Delhi

Maddala (ed) 1993. Econometric Methods and Application Aldershot, U K

Pindyck andRubinfield (1976) Econometric Models and Economic Forecasts, McGraw

Hill Kogakus Tokyo

ASSESSMENT
25 % Continuous / Formative Assessment (see PG Regulations). 75 % End-
semester/Summative Assessment: 3 hour written Exam.

Model Question in OBE Format

Time : 3 hours Maximum Marks : 75

This question paper has three sections. All questions in Section A to be answered (10*1=10
marks) Seven questions out of 10 in Section B to be answered in less than 400 words (7*5=
35 marks). Three questions in Section C to be answered in less than 1200 words (3*10= 30
marks)

36
 BEDS-DSE- 235: Optional-Data Analytics for Business
Course Content

Module 1: Data analytic thinking and learning methods

Ubiquities of data opportunities- data science- Big data processing-data mining

Supervised versus unsupervised methods-data mining process-business understanding- data

understanding -data preparation-modelling- evaluation- regression techniques- machine
learning and data mining -

Predictive learning- Models, induction and prediction- supervised segmentation- visualising

segmentation- trees as a set of rule- probability estimation

Module 2: Fitting a model to data

Classification versus mathematical function- linear discriminant function- optimising an
objective function-linear discriminant function for ranking and scoring- regression via

CO CO Statement PO/PSO CL KC Assessment

CO1 To familiarize data analytic PSO1 Fa Co Assignment ondata

thinking and learning methods analytic thinking and
learning methods
CO2 To understand about fitting a PSO3/5 Un Co Seminar on fitting a
model to data model to data

CO3 To understand about similarity- PSO1/5 Un Co Assignment

neighbours, clusters and onvisualising model
visualising model performance performance

CO4 To familiarize with evidence and PSO2/5 Fa Co Seminar onevidence

probabilities and probabilities

PSO4/5 Un Fa Seminar on
To understand with representing representing and mining
and mining text text
CO5

37
mathematical function-class probability estimation and logistic regression- nonlinear
function-support vector machine and neural network

Over fitting and its avoidance -Fundamental concepts-generalisation, fitting and over fitting-
complexity control- exemplary techniques-cross validation-attribute selection- tree pruning-
regularisation

Module 3: Similarity- neighbours, clusters and visualising model

performance
Nearest neighbour and distance- Nearest neighbour reasoning- nearest neighbour for
predictive modelling- methods and issues with nearest neighbour methods-clustering –
clustering around centroid

Evaluating classifiers- confusion matrix-evaluation- base line performance and implications

Visualising model performance-ranking instead of classifying- profit curves- ROC graph and
curves-cumulative response and lift curves

Module 4: Evidence and probabilities

Evidence and probabilities- combining evidence probabilities- joint probability and
independent- Bayes’ rule – applying Bayes’ rule to data science-a model of evidence ‘Lift’

Module 5: Representing and mining text

Representation – bad of words-term frequency- measuring sparseness- beyond bag of words-
N-gram sequences- Named entity extraction- application

Basic Reading List

Data Science for Business: What You Need to Know about Data Mining and Data-Analytic
Thinking, by Foster Provost and Tom Fawcett, O'Reilly Media; 2013

Data Mining and Business Analytics with R, by Johannes Ledolter; (2013)

Business Analytics, by James Evans, Pearson, 2016

ASSESSMENT
25 % Continuous / Formative Assessment (see PG Regulations). 75 % End-
semester/Summative Assessment: 3 hour written Exam.

Model Question in OBE Format Time : 3 hours Maximum Marks : 75

This question paper has three sections. All questions in Section A to be answered (10*1=10
marks) . Seven questions out of 10 in Section B to be answered in less than 400 words (7*5=
35 marks). Three questions in Section C to be answered in less than 1200 words (3*10= 30
marks)

38
Semester IV

39
 BEDS-CC- 241: BASICS OF BEHAVIOURAL FINANCE
Course Outcomes

CO CO Statement PO/PSO CL KC Assessment

CO1 To familiarize with basic PSO1 Fa Co Assignment on

aspects of behavioural finance basic aspects of
behavioural finance
CO2 To understand about building PSO2 Un Co Seminar on
block of behavioural finance building block of
behavioural finance

CO3 To understand about rationality PSO1 Un Co Assignment on

from an economics and rationality from an
evolutionary prospective economics and
evolutionary
prospective

CO4 PSO2 Fa Co Seminar onexternal

To familiarize with external factors and investor
factors and investor behaviour behaviour

PSO3 Fa Fa Seminar on
To familiarize with behavioural behavioural
corporate finance: corporate finance:
CO5

Course Content
Module 1: Introduction
Behavioural Finance: Nature, Scope, Objectives and Significance & Application-History of
Behavioural Finance, Psychology: Concept, Nature, Importance, The psychology of financial
markets, The psychology of investor behaviour, Behavioural Finance Market Strategies,
Prospect Theory, Loss aversion theory under Prospect Theory & mental accounting—
investors Disposition effect .

Module 2: Building block of Behavioural Finance

40
Cognitive Psychology and limits to arbitrage - Demand by arbitrageurs: Definition of
arbitrageur; Long-short trades; Risk vs. Horizon; Transaction costs and short-selling costs;
Fundamental risk; Noise-trader risk; Professional arbitrage; Destabilizing informed trading
(positive feedback, predation) - Expected utility as a basis for decision-making - The
evolution of theories based on expected utility concept.

Module 3: Rationality from an economics and evolutionary prospective

Elsberg’s paradoxes, Rationality from an economics and evolutionary prospective- Different
ways to define rationality: dependence on time horizon, individual or group rationality -
Herbert Simon and bounded rationality - Demand by average investors: Definition of average
investor; Belief biases; Limited attention and categorization; Non-traditional preferences –
prospect theory and loss aversion; Bubbles and systematic investor sentiment.

Module 4: External factors and investor behaviour:

External factors and investor behaviour: Fear & Greed in Financial Market, emotions and
financial markets: geomagnetic storm, Statistical methodology for capturing the effects of
external influence onto stock market returns

MODULE 5:BEHAVIORAL CORPORATE FINANCE:

Empirical data on dividend presence or absence, ex-dividend day behaviour - Timing of good
and bad corporate news announcement -Systematic approach of using behavioural factors in
corporate decision-making -Neurophysiology of risk-taking - Personality traits and risk
attitudes in different domains.

Basic Reading List

Finding Financial Wisdom in Unconventional Places (Columbia Business School Publishing)
Bisen,pandey-Learning Behavioural Finance(Excel Books)

A History of Financial Speculation: Edward Chancellor

Forbes- Behavioural Finance (Wiley India)

The Little Book of Behavioral Investing (Montier)

The Psychology of Persuasion (Collins Business Essentials)

Behavioural Finance: Understanding the social, cognitive and economic debates, Edwin
Burten and Sunit N Shah, Wiley, 2013

Behavioural Finance, Chandra. Prasanna.Mcgraw Hill

41
 ASSESSMENT
25 % Continuous / Formative Assessment (see PG Regulations). 75 % End-
semester/Summative Assessment: 3 hour written Exam.

Model Question in OBE Format

Time : 3 hours Maximum Marks : 75

This question paper has three sections. All questions in Section A to be answered (10*1=10
marks) Seven questions out of 10 in Section B to be answered in less than 400 words (7*5=
35 marks). Three questions in Section C to be answered in less than 1200 words (3*10= 30
marks)

BEDS-CC- 242: BEHAVIOURAL ECONOMICS AND POLICY DESIGN

Course Outcomes

CO CO Statement PO/PSO CL KC Assessment

CO1 To familiarize with basic PSO1 Fa Co Assignment on

aspects of behavioural policy basic aspects of
design behavioural policy
design
CO2 To understand about incentives PSO3 Un Co Seminar on
and norms for public policy incentives and
norms for public
policy

CO3 To understand about nudge and PSO1 Un Co Assignment

policy design onnudge and policy
design

CO4 To familiarize with government PSO2 Fa Co Seminar on

policy –taxation government policy –
taxation

PSO4 Fa Fa Seminar on
To familiarize with behaviour behaviour and
and environment environment
CO5

42
Course Content
Module 1: Introduction
Behaviour economics –cognition – choice - policy design- bounded rationality- bounded self-
control- bounded self-interest- public policy implications and application

Module 2: Incentives and norms for public policy

Incentives, norms and public policy- social forces in markets and collective action problem-
social norms versus market incentives- getting incentives and norms right

Module: 3 Nudge and policy design

Behaviour economics and regulatory policy- nudge- policy design- simplification of
information and choice-default and convenience- salience and attention- debasing and
decision quality- regulatory methods- regulatory delivery

Module 4: Government policy –taxation

Taxation and tax compliance- tax attitude by individual tax payers- regulation- strategies-
interaction between tax payers and tax authorities-practical implications

Module 5: Behaviour and environment

Standard economic approach to environment- psychology of environmentally sustainable-
image motivation-loss aversion- saliency and availability bias- mental accounting-
discounting- psychology of unsustainable consumption

Basic Reading List

Behaviour economics and policy designs, Ed, Donald Low, World Scientific, 2012

Economic Psychology (ed) Rob Rinyard, Wiley, 2018, chapter 16

Bounded Rationality and Public Policy- perspectives from behavioural economics, Alistar
Munro, Springler, 2009

Scarcity, Why having too little means so much, Sendhil Mullainathan and Eldar Shafir; Time
Books,

Regulatory Policy and Behavioural Economics, by Pete Lunn, OECD, 2014

Thinking Fast and Slow, Daniel, Kahneman,2011

Predictably irrational: the hidden forces that shape our decision; Dan Ariely, HarperCollins,
2008

43
 ASSESSMENT
25 % Continuous / Formative Assessment (see PG Regulations). 75 % End-
semester/Summative Assessment: 3 hour written Exam.

Model Question in OBE Format

Time : 3 hours Maximum Marks : 75

This question paper has three sections. All questions in Section A to be answered (10*1=10
marks) . Seven questions out of 10 in Section B to be answered in less than 400 words (7*5=
35 marks). Three questions in Section C to be answered in less than 1200 words (3*10= 30
marks)

BEDS-CC- 243: FOUNDATIONS OF DATA ANALYSIS USING R AND

PYTHON
Course Outcomes

CO CO Statement PO/PSO CL KC Assessment

CO1 To familiarize with introduction PSO2 Fa Co Assignment onbasic

to Data Science aspects of data science

CO2 To understand about Basics of PSO3 Un Co Seminar on basics of

Coding in Python coding in python

CO3 To understand about Basic PSO1 Un Co Assignment onbasic

coding in R coding in R

CO4 To familiarize with Exploratory PSO3 Fa Co Seminar onexploratory

data analysis data analysis

PSO4 Fa Fa Seminar on regression

To familiarize with Regression modelling
modelling
CO5
Course Content

Module 1: Introduction to Data Science

Why Data Science? What is Data Science? The Data Science Methodology - Data Science
Tasks- Description - Estimation -Classification -Clustering -Prediction –Association

Module 2: Basics of Coding in Python

44
Downloading Python-Using Comments in Python - Executing Commands in Python -
Importing Packages in Python- Getting Data into Python - Saving Output in Python -
Accessing Records and Variables in Python - Setting Up Graphics in Python

Module 3: Basic coding in R

Downloading R and RStudio -Basics of Coding in R - Using Comments in R - Executing
Commands in R - Importing Packages in R - Getting Data into R- Saving Output in R -
Accessing Records and Variables in R

Module 4: Exploratory data analysis

Constructing Bar graphs, contingency tables, histogram using Python and R

Module 5: Regression modelling (simple, multiple and logistic)

The estimation task- performing multiple regression modelling using Python and R –
estimation model evaluation using Python and R

Basic Reading List

Data science using Python and R, by Chandal D Larose and Daniel T Larose, Wiley, 2019.

Data Mining and Business Analytics with R, Johannes Ledolte, Wiley, 2013

ASSESSMENT
25 % Continuous / Formative Assessment (see PG Regulations). 75 % End-
semester/Summative Assessment: 3 hour written Exam.

Model Question in OBE Format

Time : 3 hours Maximum Marks : 75

This question paper has three sections. All questions in Section A to be answered (10*1=10
marks) . Seven questions out of 10 in Section B to be answered in less than 400 words (7*5=
35 marks). Three questions in Section C to be answered in less than 1200 words (3*10= 30
marks)

45
 BEDS-DSE- 244: OPTIONAL

BEHAVIOURAL ECONOMICS AND PUBLIC HEALTH

Course Outcomes

CO CO Statement PO/PSO CL KC Assessment

CO1 To familiarize link between PSO3 Fa Co Assignment

behavioural economics and onbehavioural
public health economics
and public
health
CO2 To understand about health PSO3 Un Co Seminar on
behaviour health
behaviour

CO3 To understand about social PSO1/5 Un Co Assignment

norms, belief and action onsocial
norms, belief
and action

CO4 To familiarize with nudging PSO2/5 Fa Co Seminar

individuals onnudging
individuals

PSO2/5 Un Fa Seminar on
To understand with deciding better health
better health policies policies
CO5

Course Content

Module 1: Link between behavioural economic and public health

Module 2: Health behaviour

Inter-temporal choice for health-maintenance of healthy behaviours- forming and changing
habits- emotions and making health decision

Module 3:Social norms, belief and action

Module 4: Nudging individuals

Nudging individuals for selecting healthy foods- incentivising healthy behaviour

Module 5: Deciding better health policies

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 Deciding health policies- improving the role of government

Basic Reading List

Behavioural Economics and Public Health, by Christina A. Roberto , Ichiro Kawachi, Oxford
University Press, 2015

Behavioural Economics and Healthy Behaviours, by Yaniv Hanoch , Andrew Barnes and,
Thomas Rice (Eds.), Routledge; 2017

ASSESSMENT
25 % Continuous / Formative Assessment (see PG Regulations). 75 % End-
semester/Summative Assessment: 3 hour written Exam.

Model Question in OBE Format

Time : 3 hours Maximum Marks : 75

This question paper has three sections. All questions in Section A to be answered (10*1=10
marks) . Seven questions out of 10 in Section B to be answered in less than 400 words (7*5=
35 marks). Three questions in Section C to be answered in less than 1200 words (3*10= 30
marks)

BEDS 244- OPTIONAL BEHAVIOURAL ECONOMICS AND

TOURISM
Course Outcomes

CO CO Statement PO/PSO CL KC Assessment

CO1 To familiarize with tourism and PSO1 Fa Co Assignment on tourism and

traditional thinking traditional thinking
CO2 To understand about behavioural PSO3 Un Co Seminar on behavioural
perspectives in tourism perspectives in tourism
CO3 To understand about smart PSO1/5 Un Co Assignment on smart
thinking for destination thinking for destination

CO4 To familiarize with behaviour of PSO2/5 Fa Co Seminar onbehaviour of

smart thinking for companies smart thinking for
companies
PSO4/5 Un Fa Seminar onbest practices
To understandbest practices and and approach using smart
approach using smart thinking thinking
CO5

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Course Content
Module 1:Tourism and traditional thinking
Tourism economic thinking-the complexity of a single system-institution and destination
management-managing resources-planning and managing growth

Module 2: Tourism of the future

Dynamism in the tourism sector- Behaviour perspectives to the changing system

Module 3: Behaviour- smart thinking for destination

Behaviour-smart thinking for future-Behaviour – smart thinking for now- the behaviouraly
optimised destination

Module 4: Behaviour-smart thinking for companies

Aligning with 21st century traveller- new norms for doing business-reverse responsibility

Module 5: Best practices and approach using smart thinking

Basic Reading List

Behaviour economics for tourism- a perspective on business and policy in the travel industry-
by Milena S Nikolova, Academic Press, 2020

Economic Psychology of Travel and Tourism, John C. Crotts, W. Fred van Raaij, Psychology
Press, 1994

Consumer Behaviour in Tourism, Susan Horner, John Swarbrooke, Routledge, 2016

ASSESSMENT
25 % Continuous / Formative Assessment (see PG Regulations). 75 % End-
semester/Summative Assessment: 3 hour written Exam.

Model Question in OBE Format

Time : 3 hours Maximum Marks : 75

This question paper has three sections. All questions in Section A to be answered (10*1=10
marks) . Seven questions out of 10 in Section B to be answered in less than 400 words (7*5=
35 marks). Three questions in Section C to be answered in less than 1200 words (3*10= 30
marks)

48
BEDS-D- 225: Behavioural and Data Science Project/Internship

Course Outcome

The objective of project/Internship is to develop research aptitude and skills among the
students. Students produce a well structured dissertation work meeting standard requirements
of academic writing.

Dissertation Format

General Guidelines

1. Selection of a Topic
2. Pilot study, if needed
3. Review of Literature
4. Research Gap (Optional for PG)
5. Statement of research Problem
6. Research objectives
7. Hypotheses (Optional for PG)
8. Methodology-Theoretical framework (Optional for PG), Conceptual Framework –
precise and specific meaning of the terms / concepts /variables, Coverage (Universe/
Sample & period of study),Data source (Primary/Secondary), Tools of analysis
9. Significance of the Study and its social relevance.
10. Chapter outlines
i. Introductory Chapter ii. Background Chapter
ii. Analysis Chapters iv. Conclusion Chapter
11. Appendices
12. References

Mark Distribution:

Introduction - 10%

Review of literature and Research Gap - 10%

Statement of the research Problem, Objectives and Methodology-20%

Analysis and establishment of objectives -50%

Conclusion & Bibliography-10%

Structure of the Report

A. Title Page/ Cover Page

a. Title page
b. Title of the project
c. Name of the candidate/candidate code d. Degree for which project is submitted. e. Name of

49
the college
f. Month and year the project is presented

B. Declaration of the student

C. Certificate of the supervising teacher

D. Acknowledgments
E. Table of contents

a. List of Tables
b. List of Figures
c. Glossary
d. List of abbreviations

Length of the Project

1. Report length 50 to 60 pages excluding Appendix and Certificates

2. Alignment : Justify
3. Font :Times New roman
4. Font size : 12
5. Line spacing : 1.5

Kariavattom Prof.(Dr.) ABDUL SALIM, A

11/10/2020 Chairman, Board of Studies In Economics(PG),

University of Kerala

50