Behavioural Economics
MSc
1 year full-time
Durham City
L1T609
Course details
One of three specialist Masters in Economics programmes available at Durham, the MSc in Behavioural Economics examines how elements of behavioural psychology can be applied to understand how people make economic decisions and how these decisions may differ from those made from rational choices. As one of the fastest growing areas in economics, behavioural economics provides insight to inform business and public policy alike. You will also gain an understanding of experimental methods in economics through classroom experiments.
The programme consists of a set of core and optional modules, culminating in a research-based dissertation. Core learning covers key models of advanced macroeconomics and microeconomics and tools of econometric analysis, alongside behavioural and experimental economics. Offering the flexibility to tailor your programme, you will then be able to choose from a selection of optional modules. The dissertation then enables you to develop your research skills, through an in-depth investigation at an advanced level of a topic relevant to your degree.
The programme is delivered by the Department of Economics, renowned internationally for its research and teaching excellence and is one of four departments at Durham University Business School. The Business School is one of the an elite group of institutions accredited by all three major business education accrediting bodies: the Association to Advance Collegiate Schools of Business (AACSB), the Association of MBAs (AMBA), and the European Quality Improvement System (EQUIS).
Course structure
Core modules
You will study the following core modules:
Advanced Macroeconomics features selected topics from contemporary business cycle theory, models of long-run economic growth, and macroeconomic policy analysis.
Advanced Microeconomics enhances your knowledge and analytical skills in areas such as consumer theory, producer theory, decision-making under risk and uncertainty, incentives and strategic behaviour, general equilibrium and information economics.
Econometric Analysis provides the econometrics skills necessary to pursue empirical research in economics and/or finance and provides a grounding for understanding the more advanced econometric techniques to be taught in the second term of the course.
Behavioural Economics builds the necessary knowledge and skills to critically review a wide range of behavioural patterns that influence economic decisions, and the consequences of those behaviours for business and policymaking.
Experimental Economics enables you to test behavioural theories using methods from experimental economics. This module is designed to combine the behavioural approach in economics with active classroom experiments. These experiments illustrate simple economic situations, such as markets or auctions, and are used to highlight several economic ideas. You will critically review studies of economic behaviour in markets, bargaining, auctions, game theory, and public choice and discuss key aspects of individual behaviour in isolation, in particular choice under uncertainty and choice over time.
You will then choose one of the two modules below:
Microeconometrics provides the tools required to conduct policy evaluation using microeconomic cross section and panel datasets.
OR
Times-Series Analysis provides the tools required to model stationary and non-stationary time series data and obtain forecasts from econometric models.
In recent years optional modules have included:
You will choose one optional module from:
You will then choose a further two optional modules, up to the the value of 30 credits, from a list that has typically included:
- Time-Series Analysis*
- Microeconometrics*
- Development Economics
- Environmental and Climate Economics
- Game Theory
- Industrial Organisation
- International Trade and Finance
- Money and Banking
- Natural Resource Economics
- Language module offered by the Centre for Foreign Language Studies
*Can only be chosen as an optional module if the module is not studied as a core
Note that current modules and their contents are indicative and may change in the academic year 2025/2026.
Dissertation
The MSc Behavioural Economics Dissertation is an in-depth investigation of a specific subject you've already studied as part of your programme. Supervised by a faculty member, this is an opportunity for you to develop your insight and present your analysis and ideas in a scholarly and professional manner. There is also the opportunity to undertake your dissertation abroad at a partner university.
Pre-sessional modules
In order to facilitate your learning journey, we offer an online pre-sessional module Introduction to Economics. It features 6 selected topics, providing the main theoretical tools necessary to properly prepare you for advanced modules in Microeconomics and Macroeconomics within our MSc routes. By taking this module, you can develop the essential preliminary knowledge, which is particularly beneficial to students who are new to the field of Economics.
The pre-sessional is fully self-paced and is available to all students in our programmes several months before the first teaching term begins. This module includes:
- Pre-recorded video-lectures, with a list of suggested readings for every topic
- Quizzes for you to check your understanding of the terminology and models discussed in the videos
- Problem sets containing practice exercises (with solutions available).
Additionally, you will have a chance to take the pre-sessional module on Mathematics and Statistics. This course will cover the key concepts from Calculus, Linear Algebra, Statistics and Probability Theory, which are required to study and comprehend Economics at the Masters level.
Additional resources
- Database resourcesWe have made major investment in our Economics programmes, acquiring state-of-the-art database resources, including Thomson Reuters, Bloomberg, Datastream and Orbis. These valuable resources give you access to live and historical facts and figures relating to the financial records of millions of companies worldwide, adding valuable insight to your research.
- Software for data analysisThe skills of collecting, analysing, and interpreting data are a critical component in the toolkit of a contemporary economist. At our MSc programmes, you will learn how to handle data and do empirical research using R and STATA. You can also be offered extra-curricular training courses on various programming software tailored for applications from different fields of Economics, including applied econometrics and macroeconomics. We have a successful track record of offering a short-term training in Python for our MSc students. Designed and taught by professional data engineers, such courses provide our students with valuable programming skills to assist in advanced research and enhance their careers.
Adding to your experience:
City of London Field Trip and International Opportunities
We offer a range of additional opportunities designed to enhance your academic experience and professional development, or to experience campus life in destinations across the globe. These activities provide valuable skills, expand professional networks, and offer practical insights that complement the formal curriculum. Opportunities on our Masters in Economics programmes include:
- City of London Filed TripThe field trip to London offers a unique opportunity to meet senior professionals in the financial industry, including chief economists, chief risk officers, and other leaders. It provides invaluable insights from these experts, an understanding of current industry trends, and a view of the challenges and opportunities within the global market. Additionally, you will benefit from networking with these professionals, helping you explore potential career paths in your chosen sector. The list of organisations visited by our students during this trip in the past includes the Bank of England, Bank of China, Crédit Agricole, and Sage.
- Dissertation AbroadYou will be offered the opportunity to apply to undertake your dissertation (research project) at one of our prestigious European partner institutions during the summer months (June to September). This exciting programme provides an opportunity to gain experience living abroad and to build your network, as well as developing an understanding of how campus life works in another destination. Participation in the programme will develop your personal skills, in addition to improving employability by demonstrating adaptability, resilience, communication skills and a global mindset. This partially self-funded programme is very popular and our International Team in the Business School will support your journey from application to departure.
- Summer SchoolIf your ambitions lie beyond the UK, you will have the opportunity to participate in a Summer School at one of our global network of university and business partners. These partially self-funded competitive activities, normally take place after exams in either June, July or August, for up to three weeks. They cover a wide range of topics and aim to complement the knowledge you gain during your time in Durham, whilst contextualising it in an international business setting. Please note, in order to be considered for a place on one of our Summer Schools, all students must apply as places are limited.
Practitioner insights: Guest Speaker Programme
As part of the programme, you will be encouraged to attend presentations by leading academics and professionals who are specialists in your particular area of interest. Combining critical and progressive thinking with practical insight, past speakers have included professional economists from a range of organisations such as: the Bank of England, The Economic and Social Research Institute, the European Commission and the IMF to discuss how they apply core economic skills in their work.
Careers and Employability
By choosing to study the MSc Behavioural Economics programme, in addition to the academic abilities gained, your career development will also benefit from the global reputation of Durham University Business School, from the quality of its teaching to the networking opportunities made available to you.
As a Business School Masters student, you will be supported by an extensive career development programme, which has been designed to complement your academic programme to help you achieve your career goals and develop the skills that employers are looking for. You can take advantage of one-to-one appointments with a specialist Masters Career Consultant to help you with specific issues, from finding a route into your career to applying for your dream role.
Career insight sessions will be delivered by external professionals with expertise and knowledge of their particular sector, which provides insight into working in areas popular with our students.
Whichever career you will choose, the MSc in Behavioural Economics will help you gain the confidence to demonstrate the academic, professional and practical skills that are highly sought by employers around the world, or if you wish to continue your studies, by world-leading PhD programmes. Some of our recent economics graduates have gone on to work in sectors including:
- Consultancy
- Technology
- Financial Services including Accounting
- Government/Public Services
- Energy
- Legal Services
Learning
Delivered through a mixture of lectures, seminars and practical sessions, involving the study of core and elective modules, and a 12,000-word dissertation.
Lectures provide key content of a particular topic, occasionally delivered by guest speakers who are internationally recognised academic experts or practitioners in their field.
Seminars provide the opportunity for smaller groups of students to discuss and debate issues based on the knowledge gained through lectures and independent study.
Practicals are medium-sized group sessions, where you will work on topics from lectures and seminars, with some sessions including the opportunity to use industry standard computer software.
Outside of timetabled contact hours, you will be expected to carry out independent study in preparation for teaching sessions, assignments and exams.
Assessment
Assessment is thorough and ongoing throughout the course. It is conducted by means of assignments, exams and a major 12,000-word dissertation, which requires you to carry out independent research and develop your skills in writing and analysis with support from a supervisor.
Outside of timetabled contact hours, you will be expected to carry out a significant amount of independent study in preparation for assignments and other forms of assessment including exams.
Entry requirements
Applications
Please note: The application process opens on 1 October 2024 for Masters programmes commencing 2025.
We aim to have a diverse student body and recognise that we can only offer places to a finite number of applicants. To help achieve our aim, we look to ensure we offer places to applicants from all nationalities and close applications when we receive the allocated numbers.
The University is under no obligation to make any offer of a place on the programme to any applicant, nor is the University obligated to fill all spaces available on the programme.
Consideration of any application received by the University after expiry of the deadlines specified herein, shall be made at the sole discretion of the University.
The Masters in Economics is designed for new or recent graduates. You should have a strong background in a related discipline.
What do I need first?
You will need the equivalent of a UK upper second-class single or joint honours degree in Economics, Finance, Mathematics, Statistics, Physics, Computer Science or Engineering. Applicants with degrees in other subjects are encouraged to apply as long as they have achieved good grades in two Mathematics/Statistics/Econometrics modules covering calculus, probability theory/econometrics and ideally linear algebra.
Check the full list of equivalent qualifications.
Support for International Students
If you are an international student who does not meet the requirements for direct entry to this degree, you may be eligible to take a pre-Masters pathway programme at the Durham University International Study Centre.
NB Chinese Applicants: Applications will be accepted from students who have graduated from a prestigious university in China. Entry requirements may vary depending upon the reputation of the university you have graduated from and the academic programme you have applied for. As a guide, applicants are expected to have achieved an overall average of 85%.
How do I apply?
You will need to complete an online application form.
Please note you can only apply for one Masters Economics programme.
>>Fill out the online application form
To support your online application form, you will need to provide the following documents.
- Official transcript of marks
- Copy of degree certificate (if available)
- Copy of English test results (if available).
You can either upload your supporting documents with your online application or email or fax them to the Postgraduate Admissions Office using the contact details below.
Note: Only files of type .doc, .docx, .gif, .jpg, .pdf, .png, .rtf are permitted to be uploaded.The maximum file size is 5MB.
Application fee
Once we receive your online application form, you’ll get an automatic email within 48 hours asking you to pay the £60 application fee* which is required to progress your application.
You’ll need to follow the link in the email to the webpage where you can confirm your details and make the payment using a debit or credit card. This is a secure website operated by Secpay, which will send you an automatic receipt of payment.
Once we receive confirmation that your application fee has been paid, we’ll be able to progress your application. If you do not pay the application fee your application will be automatically withdrawn.
*Please note you will only be able to make a payment for one programme in each suite i.e. one MSc Finance programme, one MSc Management programme, one MSc Economics programme.
College membership
All students of Durham University will become a member of one of our Colleges. Here's more information about what college membership means to our students. Once you have accepted your postgraduate offer, the Accommodation and Allocations Office will contact you with further information regarding how to express college preferences. You can also apply for college accommodation if you wish to.
Admissions process
Here are the steps in the admissions process:
- We will let you know when we’ve received your application.
- Once we’ve received all of your supporting documents, we will email you to let you know our decision.
- If the decision is to make you an offer of a place on the programme we will let you know by email. Please note we do not issue hard copy offer letters as these are not required to obtain a student visa.
- You should confirm acceptance of your offer as soon as possible. In order to secure your place, you are required to pay a deposit within six weeks of the date of your original offer (check your offer documents for details of payment methods).
- International students requiring a student visa will receive a CAS (Certificate of Acceptance of Studies) via email once all offer conditions are met, acceptance and deposit have been received and you are within five months of the start date of your programme.
Please note: You must let us know your own personal email address when applying. Please do not use a university-linked email which may stop working once you complete your bachelor degree.
Fees and funding
Full Time Fees
Home students | £14,000 per year |
---|---|
EU students | £27,000 per year |
Island students | £14,000 per year |
International students | £27,000 per year |
The tuition fees shown are for one complete academic year of study and are set according to the academic year of entry. Fees will be subject to an annual inflationary increase and are expected to rise throughout the programme of study. The fee listed above is for the first year of the course only. More information is available here: Tuition fees - how much are they - Durham University
Please also check costs for colleges and accommodation.
Scholarships
We are committed to supporting the best students irrespective of financial circumstances and are delighted to offer a range of funding opportunities.
Find Out MoreCareer opportunities
Business School
The Department is recognised around the world for the real-world relevance and practical insight provided by its teaching and research as well as the wide-ranging knowledge and abilities of its postgraduate community.
With the analytical and interpersonal skills you will nurture at Durham, you will be well-placed to continue your research at a higher level or pursue your ambitions in a rewarding and interesting professional career role in a wide range of areas.
Our economics postgraduates have gone on to work in sectors including, Consultancy, Technology, Financial Services and Government.
Department information
Business School
The Department of Economics, is one of four departments at Durham University Business School and is recognised across the globe for its high quality teaching and research. The department's research is broad and far-reaching, with a range of active research centres delivering impactful research across the global business world, informing policy and changing business practice.
Economics at Durham inspires and challenges our students, transforming them into critical thinkers and problem solvers equipped to tackle real-world challenges. Our graduates leave Durham ready to embark on successful careers as consultants, analysts, and graduate economists. They make meaningful contributions across diverse sectors globally, leading businesses or working in finance, government, and multinational companies. Rigorous coursework, dedicated resources, and expert faculty mentorship create a supportive learning environment where students thrive academically and personally, reaching their full potential.
Facilities
You will join a strong and vibrant learning community with state-of-the-art facilities. Our Masters in Economics programmes are taught by renowned faculty across the Durham University campus, located in the historic centre of Durham, a city with UNESCO World Heritage Status.
We have made a major investment in acquiring state-of-the-art database and software resources, providing our students with valuable skills to assist them in advanced level research and enhance their careers.
Our modern and spacious teaching and learning areas include lecture theatres, seminar rooms and study areas while the library houses extensive collections of business, economics, finance and management books and offers access to over 10,000 journals online.
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