Behavioural and Economic Science (MSc)

at University of Warwick

This innovative course in the growing area of decision science and behavioural economics combines multidisciplinary expertise from the Department of Psychology, Department of Economics and Warwick Business School (WBS). The course emphasises both theoretical foundations and real-world application of core and advanced areas of behavioural economics, and the cognitive science of judgement and decision making. The Science Track variation of the course is designed for students with a first degree in a science-based subject, such as Psychology, Maths, Biology, etc. or a subject with a strong quantitative element, such as Business, Finance, etc.

A variation of the course is offered by the Department of Economics and is available if you have a first degree in Economics.

Core modules

You will usually study three core modules across Psychology, Economics, and WBS, as well as complete a Behavioural and Economic Science project during the summer.

The three modules usually include:

Behavioural Microeconomics

The aim of this module is to examine the foundations of microeconomic analysis from a behavioural perspective and introduce basic microeconomic concepts to non-economists. It will achieve this objective by subjecting many of the fundamental assumptions made in standard undergraduate degree courses to close critical scrutiny. It will familiarise you with recent research developments in behavioural economics and the possible implications for theory and policy raised by these developments.

Issues in Psychological Science
 

This module covers core psychology and behavioural science content relevant to later modules in the degree, including memory, attention, perception, personality and individual differences, choice, and subjective well-being. It will provide you with the psychological background to enable you to understand and critically evaluate material on those later modules. Through a combination of lectures, seminars, and laboratory-based sessions, you will learn about both models and data in the relevant areas of psychology. You will also learn basic MATLAB programming and model implementation.

Methods and Analysis in Behavioural Science

The purpose of the module is to introduce you to experimental design and statistical programming. Behavioural scientists need statistical analysis of experimental data and of large data sets. This module covers these topics to allow you to understand how to test hypotheses, plan experimental design and perform statistical analysis using R.

Optional modules
Optional modules can vary from year to year. Example optional modules may include:

• Experimental Economics
• Behavioural Economics
• Principles of Cognition
• Psychological Models of Choice
• Behavioural Change: Nudging and Persuasion
• Neuroeconomics
• Bayesian Approaches to Behavioural Science
• Behavioural Ethics

You will choose a number of optional modules to complete.

Minimum requirements

2:i undergraduate degree (or equivalent) in a related subject.

The MSc Behavioural and Economic Science is a quantitative degree and you should feel comfortable taking a mathematical approach to your thinking.

On the MSc we cover the use of statistics to make sense of behavioural data (e.g. regression and t-tests). We introduce the R and Matlab programming languages for statistics and mathematical modelling (though we do not assume you have previous experience of these languages). We use maths in economic and psychological models.

You should be familiar with some of: elementary calculus, basic geometry, a really basic knowledge of sets, functions like logarithms, exponentials, powers, probability and probability distributions. You do not need to know all of these things, but you should not be frightened about learning about them! Such a quantitative approach is a really great way to understand data from field studies and experiments, and big data sets and surveys. It is also a great way to formalise and think about ideas about how people behave and the aggregate consequences of this behaviour.

English language requirements

• Band B
• IELTS overall score of 7.0, minimum component scores of two at 6.0/6.5 and the rest at 7.0 or above.
   

The University carries out an initial fee status assessment based on information provided in the application and according to the guidance published by UKCISA. Students are classified as either Home or Overseas Fee status and this can determine the tuition fee and eligibility of certain scholarships and financial support.

If you receive an offer, your fee status will be stated with the tuition fee information, however we are awaiting guidance from the UK government regarding fee status for EU, other EEA and Swiss nationals and their family members living in the UK for academic year 2021/22 onwards. We are not able to confirm the fee status for these students until the relevant eligibility criteria have been confirmed. Once we have received further information from the UK government, we will provide you with an update on your fee status and let you know if any additional information is required. If you believe your fee status has been incorrectly classified you can complete a fee status assessment questionnaire (follow the instructions in your offer) and provide the required documentation for this to be reassessed.

 

Graduates from this course have gone on to work at places including: Decision Technology, the Commonwealth Bank, the Bursara Center, the Behavioural Insights Team, and Cowry Consulting.

Our department has a dedicated professionally-qualified Senior Careers Consultant offering impartial advice and guidance together with workshops and events throughout the year. We also encourage you to attend a number of networking events held each year, and we hold a series of careers-focused workshops which have previously included topics such as:

• Careers in Behavioural Science
• Applying for PhDs in the Behavioural Science