Saturday, 25 January 2014

Dos and Don'ts of Honours Year

Towards the end of last year when I was procrastinating editing my thesis and writing a journal article, I put together a short list of Dos and Don'ts I wish someone had told me when I started my honours year. I wanted to share this on the blog in the hope it may help new honours students this year or final year students considering honours for 2015. Please remember though, these are my personal views and reflections and they may not apply to all students in all circumstances.

DO…

  • Start in summer.

This is fairly obvious, but the earlier you can start your research the better. I started “seriously” researching my topic in late 2012 and quickly found that life often gets in the way of research, whether it’s internships, holidays (you or your supervisor), or medical issues. Start early and (hopefully) you'll be able to maintain your sanity come submission day in October.

  • Teach. 

They say you have only really mastered a topic when you are comfortable teaching it to others. Teaching allows you to think deeply about a topic you’re interested in and share your knowledge with others. It improves communication skills (verbal and written) and is an opportunity not available to undergraduate students at Griffith. I thoroughly enjoyed teaching and found it provided a nice break from the endless research during Semester 2. Plus, it pays well and you get your own office. :)

  • Explore other research areas outside your dissertation. 

This can be through RA work (which is another great way to earn some extra $$$), talking to your peers or other academics, or simply reading widely. This benefits your own research by introducing new perspectives and keeping things fresh.

DON'T...

  • Take on an excessive teaching load.

You are there to research first and foremost. It’s okay to say no to extra tutorials.

  • Choose a supervisor based solely on prestige or job title.

Most importantly, your supervisor needs to share your research interests, so do your research and speak to academic staff to get an idea of who might be a good match for your project. Almost as importantly, you need to get along personally with your supervisor, because you are going to be spending A LOT of time together. Your supervisor will do more than just read drafts and answer some emails – they can be a referee for job applications, a gateway to a whole network of contacts, a confidant, a co-author (if you choose to publish your work), and a source of employment (for teaching or RA work). And don’t forget, you can also choose two supervisors if you want to!

  • Think you have to alienate yourself from your peers to succeed.

In my experience, in honours your peers become an even more important support network than they were as an undergraduate. They can relate to your research journey better than anyone, and can be useful during the editing phase when you need a fresh pair of eyes to proofread your thesis.

I hope these points are helpful. I'm happy to talk more about my experience in the comments if anyone has any questions.

Side note: if any honours or final year students are interested in being a co-author on this blog this year, please let me know! You can email me at griffitheconomicsblog@gmail.com or message me on Facebook.

Bitcoin

I don't know about you, but in the past few months I've been hearing more and more about the digital currency Bitcoin. For a quick summary, read this.

The discussion has quickly turned from the novelty of its invention to whether digital currency can act as a viable substitute for fiat currency. From a basic economics standpoint, we know that money performs three functions - medium of exchange, unit of account, and store of value. At present, Bitcoin fails on all three - it is not (yet) widely accepted by retailers, prices are not readily reported in Bitcoin, and the enormous price fluctuations experienced in the past year suggest it does not protect wealth in the same way as dollars or euros do. While there have been defenders, economists in the media seem to agree that Bitcoin is better suited as a payments system (like PayPal, for instance), than a new currency.

So what do you think? Does Bitcoin have a place in our economy, and if so, as a payments system or new currency? Or perhaps you agree with Robert Shiller, one of the 2013 Nobel laureates, who recently labelled Bitcoin as "an amazing example of a bubble." Let me know in the comments!

Friday, 10 January 2014

Economics Humour

Some funny videos for the holidays.

The Principles of Economics - Translated
http://www.youtube.com/watch?v=VVp8UGjECt4

A Tribute to Ben Bernanke
http://www.youtube.com/watch?v=8uBLlfNlFxI

Chicken Chicken Chicken
http://www.youtube.com/watch?v=yL_-1d9OSdk

Please share your own in the comments!

Teaching Behavioural Economics

Happy New Year! I hope everyone has been enjoying their holidays.

For my first post of 2014, I wanted to bring up the explosion of research on behavioural economics in recent years. Behavioural economists use psychology’s deeper understanding of human behaviour to inform economic models, theories, and policy development. Traditional assumptions such as unbounded rationality and the axioms of consumer preference are relaxed to allow for biases and heuristics including endowment effects, loss aversion, and poor mental statistics. Behavioural finance is similarly concerned with deviations from rational markets, and Robert Shiller was recently awarded a Nobel prize for this research in this field.

As a research area, one of the drawcards of behavioural economics is its generalisability. Hypotheses can be tested using a variety of data sets covering everything from laboratory experiments to professional sporting competitions (think patterns in athlete or team performance over time), and conclusions tend not to be restricted to one locality. Behavioural economics is gaining credibility outside of academia too – in the broader business environment and in public policy making.  

The question I wanted to pose in this blog is – what place do behavioural economics and behavioural finance have in undergraduate teaching? Would you like to see these issues covered in an elective course (as is the case in some larger economics departments) or would you prefer academics to present traditional models alongside the new research?

Personally, I think students will increasingly be exposed to criticism of neoclassical models regardless as text books and learning resources are updated with the latest research. An elective course (or several) would certainly attract more serious interest in the area and help to refine student thinking, but would be an issue in many departments simply due to limited resources. With so many anomalies in human behaviour to explore, I think this area would be great for an honours or PhD thesis (I am biased though, as my honours thesis was in behavioural economics). J