Pluralist Economic Analysis
This unit will push and support you to look at the world in a more questioning and critical manner. You will use realist and plural approaches to economic ideas to address important perennial difficult (“wicked”) problems. The unit is then the perfect vehicle in which to develop “Masters level” critical analysis and develop an understanding and application of economic language in the confrontation of principles and perspectives fundamental to their development throughout the course. Basing our course on pluralist approaches and concepts means it is now on the Economic Pluralism list of accredited courses.
The Behavioural Economics Unit is taught in an intensive block to give students a learning experience comparable to those in top firms and the Civil Service, in this unit you will learn about behavioural decision making, generating behavioural economic models and behavioural fintech, including cryptocurrency and intervention design. This unit is assessed entirely by coursework where you will use live research data to plan a behavioural intervention, design an investment product or conduct a relevant consultancy type project.
This unit enables you to build core statistical analysis skills, from understanding distributions, through basic regressions with interactions to Panel estimators. We will not do this in the standard disembodied fashion with student datasets. We will use authentic data to replicate a published piece of work on social mobility and the influence of parents on their children’s outcomes. For the applied assignment using real data. For example, in the past we have used data on a range of OECD nations to explore how social transfers and income taxes combine to partially offset growing market inequality but also cause redistribution paradoxes.
Crypto Currency, Banking Crisis and Human Behaviour
In this unit you will explore the 2007-09 banking crisis including the causes and consequences. The emphasis of study will be on a post crisis world including the development of behavioural finance as an alternative means to better describe (and predict) the wider economy as well as the birth of Fin-Tech, with particular emphasis on the impact and future of Blockchain technology and cryptocurrencies. Your assignment will be a 3,000 word individual assignment based on a case study that will typically be the analysis of a company, country, market or asset class pre, during and post crisis. You will then need to apply critically the theories of behavioural finance and Fin-tech.
Intervention Design and Social Media Analysis
This unit comprises two parts: The first part will equip students with a framework for analysing public policy and business problems and designing appropriate solutions, with reference to real world case studies. This will be assessed by a short report on a policy problem of the student’s choice.
The second part will examine the use of social media as a data source. You will use variety of techniques to gather and analyse publically available data sources, such as tweets, blogs, YouTube comments etc. You will use social media data to address a research problem/issue, and produce a portfolio, which will inform policy or business decision making.
Behavioural Science for Management
Building on the cutting edge Behavioural Science research in our Future Economies Research Centre, this unit will provide a general introduction to Behavioural Science and its application using several relevant research projects we have conducted with leading national and international financial services firms, national government and devolved agencies and professional bodies. The unit covers behavioural fintech design and managerial intervention research, biases, heuristics and behavioural phenomena that you will use in constructing your applied assignment.
Behavioural and Economic Science Dissertation
You produce a 15,000 word research project on a topic related to your programme, reading and interests. You need to identify, structure, frame and investigate a complex human behaviour or the role of a social structure, context, or social processes that frame and influence decisions. You need to use data to support your objective.
Likely Optional Units
This unit builds on your learning in Quantitative modelling and Intervention Design and Social Media Analysis in that you will now examine the evaluation of policy and plans using specific statistical methods, such as difference-in-difference, employed by leading firm and state analysists. These tools will be linked to applied examples. For the assignment, we will give you real data on a current issue to address using tools explored in the unit, but there will be space to go further than this.
Biases, Bubbles and The Business Cycle
This is a hands on, behavioural macro-economic modelling unit, taught in an intensive four day block in order to emulate a forecasting environment from top firms, banks, investment companies and the Civil Service. You will learn how to build confidence models of the national economy, a vital skill for investment analysis, forecasting risk and return and understanding and implementing economic policy. This unit also forms part of Manchester Metropolitan Economics Division’s postgraduate Masters Programme delivered to senior policy practitioners within the Civil Service. The unit supports students in gaining an innovative behavioural economics education. You will be assessed entirely by coursework.
Capstone project- Intervention for Improved Outcomes
You will examine the scope for effective policy design and the difficulty of 'Wicked' policy problems for decision makers. In this way, you develop the skills and knowledge you have acquired throughout the course in a way that enables their application in future roles. Wicked problems are (common) highly complex situations that place significant demands on decision makers as they juggle resource, information and time limitations, the need to meet the needs of diverse stakeholders and overcome entrenched oppositions. You will explore evidence and its limitations, the use of “magical thinking” and other heuristic approaches within diverse institutional frameworks. Your assessment will require a review of a 'wicked problem' and analysis of the actual and potentially superior approaches for the decision makers involved.