PhD Program in Behavioral Economics
Behavioral economics deals with decision making and economic processes which are affected by factors that are usually outside the scope of classic economic theory. These include social and emotional factors, cognitive biases, psychological traits, and bounded rationality. As opposed to classical economics which sees the decision maker as a perfect agent called “Homo Economicus” who is driven by purely rational considerations and has unlimited computational ability, behavioral economics seeks to understand the way humans actually think and the motives behind decision making in the real world, especially in those cases where individuals’ behavior turns out as substantially different from the optimal one. Evidence of such gaps has reached critical mass in the past couple of decades, and today behavioral economics is a well established and wide international field, providing important insights to the front-end of research on decision making, game theory, finance, marketing, and other areas. Behavioral economics encourages and fosters collaboration between researchers from different disciplines, especially psychology and economics. Among the seminal examples is the research by Amos Tversky and Daniel Kahnenman, psychologists whose work won the Nobel prize in Economics in 2002. Their theory deals with decision making under risk and explains a host of puzzles unexplained by classic economic theory. The goal of the behavioral economics phd program is to educate researchers in this innovative field.
The program is open to M.A or M.Sc graduates of economics, psychology, marketing, and cognitive sciences. The minimal requirements are an average grade above 85 in graduate studies. However, because the program is highly competitive final acceptance depends on excellence in research and fit to the faculty research areas. We also consider other factors (e.g., expertise in modeling).
In addition to the conditions mentioned above, candidates must fulfill the conditions specified in the Technion Graduate School .
• Initial evaluation within the faculty.
o The first step in the evaluation is within the faculty.
o Candidates must submit a Declaration of Intent, a cv, and two letters of recommendation. The Declaration of Intent should be a short letter (one or two pages) briefly describing the (a) candidate’s background and his/her motivation for applying to the master’s program (b) which faculty member is the candidate interested in working with and why. A list of relevant faculty members is here
o The most suitable candidates will be invited for an online interviews.
o Answers will be relatively quickly (within 3-4 weeks). To apply, please email :firstname.lastname@example.org
Once accepted, you need to the undergo formal Technion admission process. This step verifies that your credentials match the Techion’s requirement.
The Graduate School’s admissions process is described in their website,
Additional information for Candidates
Accepted candidates generally receive a scholarship that covers 100% of the program tuition , as well as basic living expenses, including housing. An application for this scholarship will be sent to successful candidates upon acceptance to the program. The scholarship is conditional upon attendance at the Technion
Dormitory options are available for singles and families.
The program is designed for full-time students. In special cases, part-time work will be authorized.