Laboratories
To obtain credits (ECTS) from Elective Activities, students may include in their study plan up to a maximum of two teaching laboratories, choosing from those offered by ECON (see below) as well as from laboratories offered within other Bachelor’s or Master’s degree programmes at the University of Milan.
Attendance at each lab leads to the award of 3 ECTS. Enrolment is normally managed by the individual lecturers according to different procedures; therefore, students are advised to contact the lab coordinator directly.
Laboratory on Choice Under Risk
This course provides an introduction of decision-making under risk, bridging theoretical, experimental, and behavioral perspectives. It begins with the foundations of Expected Utility Theory, before addressing classic experimental violations such as the Allais paradox and Rabin’s calibration theorem. The course then reviews models that enhance descriptive accuracy, including Rank-Dependent Utility and Prospect Theory. The course will then review the empirical challenges of measuring individual risk preferences (the so-called risk elicitation puzzle). The final part of the course introduces two frontier approaches: cognitive imprecision, which attributes observed behavior to noisy cognition rather than preferences, and a new framework aiming to reconcile economists’ definition of risk with the subjective perception by decision-makers.
Professor: Antonio Filippin
Lesson period: Third trimester
Overall hours: 20 hours