PRR Project

Summary

Behavioral economics is a field of study that combines elements of psychology and economics to understand how individuals make economic decisions and choices. Unlike traditional economics, which assumes that individuals are rational actors who make decisions based on maximising their utility or welfare, behavioural economics recognises that human behaviour is influenced by cognitive biases, emotions, social norms, and other psychological factors. The new scholar will be responsible for developing the skill set of behavioural sciences at ISEG, namely by using laboratory-based techniques at XLAB.Established in 2019, XLAB is a research lab equipped with workstations, software solutions, eye-tracking technology, and psychophysiological measurement systems. Recently, the scope of the XLAB has expanded to include online experiments, providing greater flexibility and scalability in research methodologies.Students from all BSc and MSc programmes in Economics benefit from this integration by engaging in a dynamic learning process that combines the acquisition of economic theory with experimental research, aligning with the forthcoming standard for the undergraduate programme in Economics known as Curriculum Open-Access Resources in Economics Project (CORE Econ).Students participate in laboratory experiments in various courses, notably in general microeconomics, experimental and behavioural economics, experimental and behavioural finance. These experiments are run at XLAB – Behavioural Research Lab, which serves as a dedicated space for studying decision-making and behaviour, employing advanced technologies such as eye-tracking and psychophysiological measurement systems.Originally established for research purposes, the XLAB has evolved into a valuable teaching resource, offering students the opportunity to experience and test the theoretical concepts they learn in traditional lectures. Recent expansions include the integration of online experiments, providing increased flexibility and scalability in both teaching and research methodologies.ISEG’s approach to digitalisation is to maintain the on-site format for degree programmes while expanding or implementing digitalisation initiatives to enhance the learning experience and meet the evolving needs of students. This includes expanding the use of XLAB for teaching, games, and simulations.The portfolio of empirical data provided by XLAB includes focus groups, laboratory experiments, and surveys. The objective is to collect data and support research in social sciences, while also creating knowledge for the development of public policies that can shape the lives of citizens and businesses. Along the way we bring together researchers, students, and the wider community. XLAB provides students with an opportunity to enrich their academic experience and to inform their career paths.The candidate will have access to state-of-the-art laboratory facilities equipped with tools and technologies for conducting experiments and collecting data in controlled environments. Behavioral economics has applications in various areas, including public policy, marketing, finance, healthcare, and organisational behavior.By understanding how people actually behave, rather than how they are assumed to behave in traditional economic models, policymakers and organizations can design more effective interventions, products, and policies to influence behaviour and improve outcomes.The outputs of XLAB might greatly inform the research programmes of Policy Lab (another of the four requested profiles), providing for a fruitful collaboration focused on societal challenges and public policies responses.