Economics Excursion

On Friday, June 7th, the Units 1&2 Economics students gathered at Monash University for a day of discovery, exploration and immersion in behavioural economics. This engaging and informative excursion hosted by MonLEE (Monash Laboratory for Experimental Economics) complemented our current area of study, allowing us to further delve into the captivating intersections of economic theory and human behaviour.

The day commenced with a comprehensive lecture-style session led by the Monash Economics faculty. They provided an insightful introduction to behavioural and experimental economics, explained the nuances of gender and discrimination in the context of behavioural economics, and finally, outlined the myriads of opportunities awaiting us in the Monash Business School upon graduation. Taking part in this session allowed us to grasp the prevalent role of behavioural economics in society, offering insights into everyday phenomena which is often overlooked, yet can be explained by behavioural economics.

Following the lecture, students eagerly rotated through three workshops offered by MonLEE: experimental design, coding, and the highly anticipated, immersive VR session. Each session enabled us to deepen and apply our knowledge of cognitive biases, which can be used to explain why individuals often make specific decisions within the constraints of scarce resources and an overflow of desires.

Overall, this excursion was a truly eye-opening experience which broadened our perspectives on economic theory and human behaviour. The economics students would like to thank Mr. Featherby and Ms. Tao for organising this excursion, and Ms. Mohammed and Mr. Richards for accompanying us.

Preethika V (11F)