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Assignment 1 /2135

Discursive ESSAY (Individual assessment)

  • 4 sides of A4
  • represents 20% of final grade
  • due 4pm, Tuesday of week 10 (3/12/13) – submit to SAC and Turnitin

Select one of the following topics (A or B):

Topic A

“… in the case of economics, the assumptions are so completely out of touch with reality, and with the needs and behaviour of most people, that the result is a highly misleading caricature. The theory is less a science than an ideology”
David Orell (2012:5)
Critically discuss the view that mainstream economics is so far removed from reality that its theories and models (and policies based upon these) must be replaced for the discipline to be of any value

Topic B

“More than 30 years later, prospect theory is still widely viewed as the best available description of how people evaluate risk in experimental settings. Kahneman and Tversky?s papers on prospect theory have been cited tens of thousands of times and were decisive in the awarding to Kahneman, in 2002, of the Nobel Prize in economic sciences… It is curious, then, that so many years after the publication of the 1979 paper, there are relatively few well-known and broadly accepted applications of prospect theory in economics.
Nicholas Barberis (2013:173)
Assess whether prospect theory offers a ?better? explanation of consumer decision-making than neoclassical theory and discuss why economics has appeared to be relatively slow to embrace behavioural psychology.

The essay must:

  • Provide evidence of suitably relevant reading and research.
  • Demonstrate a clear and concise writing style.
  • Demonstrate the student’s understanding of the theoretical concepts that the question addresses.
  • Show a deeper philosophical awareness of issues raised by the question.
  • Draw appropriate conclusions that are congruent with the preceding analysis.

Essay Assessment Criteria

  • The essay should be typed in 12 point Arial or Helvetica (with 1.5 line spacing) and follow an essay-style format
  • It should be printed single sided (not double sided).
  • It should identify a minimum of six “academic” sources. “Academic” sources are textbooks, academic journal articles and, at this level, business analysis sources such as The Economist and BusinessWeek.
  • The page count excludes the title page and reference list.
  • Margins should be of ‘normal’ dimensions – no less than 25mm for left and right margins, and no more than 32mm.
  • It must be submitted in hard copy to the SAC, plus submitted in digital form to the Turnitin assignment drop-box on the module’s Blackboard site. Digital submissions must be received by the assignment deadline. Don’t assume instantaneous delivery.
  • Good referencing and academic practice will be credited, as will good standards of written English
  • Any evidence of plagiarism will be dealt with severely in accordance with DMU regulations.
  • Late submissions will be penalised.

Assessment 1 marksheet [pdf]

Reassessment opportunity

If assignment 1 is failed (either due to non-submission or poor completion), it may be reassessed by submission of a revised version of the assignment by Tuesday of week 16, provided the tutor has been notified by the end of week 15 that resubmission is being pursued. In such cases, the grade will be capped at 40%.