Relational Economics, Values & Leadership

Categorie
Verbredende minor
Code
MINFEW20
Tijdsduur
10 weken

Content

We are moving from studying the economist inside the human being to studying the human being inside the economist.

This minor teaches the foundations of relational economics, an emerging field in economics in which relationships between human beings are of central interest. Relational economics explores how interpersonal social connections yield welfare both directly and indirectly by fostering cooperation. While traditional economics has generally viewed relationships as a means to reduce transaction costs, recent scientific developments suggest to see the nature of relationships between humans as a goal in itself. Traditional economic tendencies (such as self-interest and competition) and subjective ethical tendencies (such as altruistic reciprocity and intrinsic mutuality) are allowed to co-exist, with economists identifying how humans create value for each other through these complex interactive processes.

The minor demonstrates how today’s broadening of concepts like welfare and wellbeing are in agreement with early works on economics (as these were actually often highly relational in scope). As the course progresses, concepts that originate in psychology (in the case of values) and in organizational science (in the case of leadership) are introduced. The focus thus shifts gradually to the side of relational economics that specifically deals with theories on human values as well as theories on leadership.

As part of the applied economics department, the minor allows you to use relational economics as a viable lens to analyse and study governance, organizational behaviour and human motivation. Through an interactive case method and project-oriented teaching style, you will acquire the basic analytical tools to explore pressing contemporary issues of your choice.

Should you wish for additional information on the course, please contact the course coordinator with your questions by email.

Learning objectives

General learning objectives:

  • To know and be able to recall the discussed theoretical and empirical mechanisms that have been developed regarding the three concepts of relational economics, values, and leadership.
  • To understand theoretical frameworks for modelling relationships in economics and how to apply these to real-life topics and problems.
  • To improve the academic skills of academic presenting, group work and assessment, writing and performing critical review and analysis and carrying out independent research projects.

Specific learning objectives (a selection):

  • You know why economists are increasingly interested in values and relationships.  
  • You understand the connections between commitment and trust and can identify the trade-off between commitment and flexibility in various social contexts.
  • You understand the evolutionary (socio-)biological and philosophical foundations of values.
  • You grasp the social dynamics of interpersonal value priorities in various social contexts.
  • You understand and are able to explain the strengths and weaknesses of behavioural, cognitive and microeconomic methodologies when studying leadership.
  • You can explain in what ways leadership behaviour can be used to establish, maintain and erode personal and social commitment to cooperation and mutuality.

Special aspects

  • The minor is open to all students from all academic backgrounds and strives to maintain an academically diverse student class composition.
  • Non-economics students (interested in economics) are encouraged to register.
  • Physical attendance is mandatory (subject to change depending on COVID-19 regulations as of academic year 2022-2023). Being late counts as missing a class. Missing two classes without prior notice and a legitimate reason of absence counts as failing the course.
  • Timetable: three classes per week in weeks 1-8 (subject to change).

Overview modules

Module 1 Relational economics

  • Code: Relational economics
  • EC: 4
  • Content:
  • Economics in relationship with the humanities, the natural sciences and the social sciences
  • As a branch of the humanities
  • As a branch of moral philosophy: science of cooperation and mutuality
  • As a science in its own right: science of scarcity and rational choice
  • As a social science: behavioral economics and institutional economics in conversation with the humanities
     
  • Economics as the science of cooperation

  • The miracle of abundance through cooperation
  • The two laws behind the miracle of creating value: differentiation and integration
  • The conditions for cooperation: The Coase Theorem
  • Why cooperation may fail: Hold up and hold out 
     
  • The governance of cooperation

  • Institutions as the rules of a cooperative game: how to create commitment to vulnerable interests?
  • Traditional economics: Contracts and competition
  • Relational economics: Relationships and values
     
  • Teaching method: Interactive lectures and seminars
  • Teaching materials: A selection of relevant academic papers is used during this module, which will be made available on Canvas. Excerpts and chapters from the textbook “Microeconomics: behaviour, institutions, and evolution” by Samuel Bowles (2009) are used during this module. Although a paper edition of the textbook is not required, (digitally) acquiring it is encouraged.
  • Contact hours: 6 hours per week (3 classes of 2 hours each)
  • Self study:  Approximately 26 hours per week.

Module 2 Values

  • Code: Values
  • EC: 4
  • Content:
  • The study of human behaviour

  • On the Soul: valuation motivates the organism
  • Playing as the basis for developing social behaviour
  • On human behaviour: from evolution to the last second (Sapolsky)
     
  • Introducing model 1: A tripartite model of humanity

  • The tripartite brain
  • The soul and virtues
  • The language of love: eros, philia and agapè
     
  • Schwartz’ theory of basic human values

  • The tripartite needs of humans
  • Definition and measurement
  • Traits versus values
     
  • The tripartite model for relational economics, values and leadership

  • Material goods, social goods and intertemporal goods
  • Personal values, social preferences an social values
  • The role of values as institutions for creating value  
     
  • Intrinsic reciprocity: empirical evidence from experimental economics

  • Intrinsic reciprocity: belonging, obligations and narratives
  • Negative reciprocity as credible threat: ultimatum game
  • Positive reciprocity as credible promise: prisoner’s dilemma, public goods game and trust game
     
  • Teaching method: Interactive lectures and seminars
  • Teaching materials: A selection of relevant academic papers is used during this module, which will be made available on Canvas. Excerpts and chapters from the textbook “The psychology of human values” by Gregory Maio (2016) are used during this module. Although a paper edition of this textbook is not required, (digitally) acquiring it is encouraged.
  • Contact hours: 6 hours per week (3 classes of 2 hours each)
  • Self study: Approximately 26 hours per week.

Module 3 Leadership

  • Code: Leadership
  • EC: 4
  • Content:
  • The study of Leadership

  • Normative, positivist and critical approaches to leadership
  • Differentiation and integration: leadership and values on a personal and cooperate level. 
  • Core values: how to deal with differences in personal values?
  • Team values: how to activate cooperative rules of the game?
  • Strategic values: how to differentiate your organization?
  • Cultural values: how to navigate the cultural setting you live in?
  • What is values-sensitive leadership?
     
  • Leadership in relational economics:

  • Sequential games and leaders as first movers
  • Leadership as commitment: setting the rules of the game
  • Carrots and sticks: hard versus soft leadership
  • Good leadership: committing to vulnerable interests and stimulating imagination through narratives
  • The dynamics of social capital: the trust fall and reconciliation 
  • Punishment as blessing and curse in mixed populations
     
  • Teaching method: Interactive lectures and seminars
  • Teaching materials: A selection of relevant academic papers is used during this module, which will be made available on Canvas. Excerpts and chapters from the textbook “The nature of leadership” by John Antonakis & David Day (2017) are used during this module. Although a paper edition of this textbook is not required, (digitally) acquiring it is encouraged.
  • Contact hours: 6 hours per week (3 classes of 2 hours each)
  • Self study: Approximately 26 hours per week

Module 4 Individual research paper

  • Code: Individual research paper
  • EC: 3 
  • Content
  • This module includes writing a research paper on a topic related to the course. You write on a topic that has been of a particular interest to you.

    The writing process is supported by instruction on how to write a research paper that is relevant, rigorous as well as to the point. There is one moment to help you structure your thoughts on the subject and outline of the paper. In the last two week of the course you have the possibility to consult the course instructor for additional help in the writing process. The paper is written on an individual basis and will be checked for plagiarism. Papers are reviewed based on their academic merit. Students opting for the 15 EC version of minor are required to complete the fourth module.

  • Teaching method: Individual guidance and concluding lecture
  • Teaching materials: A selection of relevant academic papers is used during this module, which will be made available on Canvas.
  • Contact hours: 2 to 4 hours (no classes)
  • Self study: Approximately 26 hours per week

Overview content per week

Timetable FEB53117 2022-2023

Week

Module

Requirement/deadline

1

Module 1: relational economics

 

2

Module 1: relational economics

LOG WEEK 2

3

Module 1: relational economics

LOG WEEK 3

4

Module 2: values

LOG WEEK 4

5

Module 2: values

 

LOG WEEK 5

MULTIPLE CHOICE EXAM

6

Module 2: values

LOG WEEK 6

7

Module 3: leadership

LOG WEEK 7

8

Module 3: leadership

 

LOG WEEK 8

TEAM PROJECT PRESENTATIONS

9 **

Module 4: individual paper (no classes)

PAPER DRAFT

PAPER CONSULTATION

10 **

Module 4: individual paper (no classes)

INDIVIDUAL PAPER

COURSE EVALUATION

** Note: the individual writing of a final paper in module 4 is only for students who are in need of a minor that constitutes 15 ECTS. Students are exempted from this examination requirement in the case of a 12 ECTS minor.

Examination

Method of examination

  • Keeping and submission of a personal log;
  • Multiple-choice exam;
  • Presentation on output of research challenge;
  • Written paper outline (15 ECTS minor only);
  • Written individual final paper (15 ECTS minor only);
  • Classroom participation.

Composition final grade

15 EC:

  1. 30/100: handwritten log (summaries of the literature, class notes, exercises and assignments, personal reflections on learning) (30%)
  2. 45/100: multiple-choice exam on a selection of the course literature (15%)
  3. 65/100: presentation of output of the team project (20%)
  4. 90/100: written individual final paper (20% final paper, 5% mid-term outline)
  5. 100/100: individual classroom participation throughout the course (10%).

12 EC:

  1. 40/100: handwritten log (summaries of the literature, class notes, exercises and assignments, personal reflections on learning) (40%)
  2. 60/100: multiple-choice exam on a selection of the course literature (20%)
  3. 90/100: presentation of output of the team project (30%)
  4. 100/100: individual classroom participation throughout the course (10%).

Feedback

  • Written feedback on personal log
  • Weekly pass/fail grade on personal log
  • Final grade on personal log
  • Grade on multiple-choice exam
  • Grade and oral feedback on presentation and project outcome
  • Grade and written feedback on final paper (15 EC minor)
  • Oral feedback on mid-term paper outline (15 EC minor)
  • Consultation final paper.
  • Grade on classroom participation (oral feedback at individual request).

Contact person

Prof. dr. A.L. (Lans) Bovenberg (head lecturer)

bovenberg@ese.eur.nl

010-4081334

Room: N4-01 / M5-07

https://www.eur.nl/people/lans-bovenberg

Dr. L.K. (Bas) van Os (supporting lecturer)

vanos@eibe.eur.nl

A.J. (Sander) van Casteren, MSc (educational support)

vancasteren@eibe.eur.nl

Categorie
Verbredende minor
Code
MINFEW20
Tijdsduur
10 weken
Organisatie
Erasmus School of Economics
Studiepunten (EC)
15
Voertaal
Engels

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