Economics: Economic and Financial Decision Making
A fundamental component in most economic analysis is a description of how individuals make decisions. The objective of the course is to introduce students to the study of economic and financial decision making.
The course will review the classical models of decision under risk and uncertainty and confront the models with empirical evidence. Several behavioral regularities have been established concerning how individuals make decisions. In response to this evidence there is a growing body of theoretical and applied work which will be examined.
Psychological research has pointed out a number of heuristics or rules of thumbs that are important for decision making. These heuristics give raise to series of biases in probably judgments and self-perceptions, which will be discussed in the course. The implications for behavior in economic and financial contexts will be analyzed as well as the potential for these biases to have an effect on aggregate market outcomes.
The last part of the course is devoted to the study of inter-temporal decision making. The course will cover the standard economic model based on exponential discounting, which assumes that behavior is time-consistent. However, there is empirical evidence that people sometimes behave in a time-inconsistent manner, postponing activities with immediate costs and being too eager on performing actions with immediate rewards. The course will review this evidence and discuss extensions of the standard model that can account for these phenomena.
Throughout the course, the theoretical discussions of decision making will be complemented with numerous economic and financial applications illustrating the underlying ideas and showing how they can be used in economic analysis.
More information can be found at http://www.nek.lu.se/en/study/master/courses
at least 60 ECTS in economics, including Microeconomic Analysis or an equivalent course
Seats are allocated according to: Previous college/university studies (APAV): 100 %.
English language requirements
Most of Lund University’s programmes require English Level 6 (unless otherwise stated under 'Entry requirements'). This is the equivalent of an overall IELTS score of 6.5 or a TOEFL score of 90. There are several ways to prove your English language proficiency – check which proof is accepted at the University Admissions in Sweden website. All students must prove they meet English language requirements by the deadline, in order to be considered for admission.
How to apply
Lund University uses a national application system run by University Admissions in Sweden. It is only possible to apply during the application periods.
Step 1: Apply online
- Check you meet the entry requirements of the programme or course you are interested in
- Start your application – go to www.universityadmissions.se where you create an account and select programmes/courses, during the application period
- Rank your programme/course choices in order of preference and submit them before the application deadline
Step 2: Submit documents
- Read about how to document your eligibility and how to submit your documents at www.universityadmissions.se. Follow any country-specific document rules for Master's studies or Bachelor's studies
- Get all your documents ready: official transcripts and high school diploma (Bachelor's applicants), official transcripts and degree certificate or proof of expected graduation (Master's applicants), passport/ID and proof of English proficiency (all applicants)
- Prepare programme-specific documents if stated on this page
- Upload or send all required documents to University Admissions before the document deadline
- Pay the application fee (if applicable) before the document deadline
*Note that the process if different if you are applying as an exchange student or as a part of a cooperation programme (such as Erasmus +).
*If you have studied your entire Bachelor's programme in Sweden and all of your academic credits are in Ladok, you do not have to submit transcripts or your diploma when applying for a Master's programme.
*Svensk student? Läs instruktionerna om att söka till ett internationellt masterprogram på lu.se.
Full programme/course tuition fee: SEK 15 000
First payment: SEK 15 000
Citizens of a country outside of the European Union (EU), the European Economic Area (EEA) and Switzerland are required to pay tuition fees. You pay one instalment of the tuition fee in advance of each semester.
EU/EEA citizens and Switzerland
There are no tuition fees for citizens of the European Union (EU), the European Economic Area (EEA) and Switzerland.
If you are required to pay tuition fees, you are generally also required to pay an application fee of SEK 900 (approximately EUR 100) when you apply at www.universityadmissions.se. You pay one application fee regardless of how many programmes or courses you apply to.
*Note that there are no tuition or application fees for exchange students or PhD students, regardless of their nationality.
Lund University Global Scholarship programme
The Lund University Global Scholarship programme is a merit-based and selective scholarship targeted at top academic students from countries outside the EU/EEA.
Swedish Institute Scholarships
The Swedish Institute offers scholarships to international students applying for studies in Sweden at Bachelor's, Master's, PhD and post-doctoral levels.
Country-specific scholarships and funding options
Lund University has agreements with scholarship organisations and funding bodies in different countries, which may allow applicants to apply for funding or scholarships in their home countries for their studies at Lund University.
- Scholarships/funding for students from Brazil, Indonesia, Mexico, Colombia, Russia and Chile
- US student finance
- Canada and UK student finance