For immediate release - 6th March 2007
Ever wanted to know how wage bargaining works? Intrigued by how businesses compete with each other in the marketplace? Can you trust someone in Hong Kong from whom you want to buy a DVD on eBay? Can mandatory seat belts make driving more dangerous?
The Centre for Economic Learning and Social Evolution, funded by the Economic and Social Research Council (ESRC), of University College London is staging an event on Tuesday 13th March 2007 to demonstrate the importance of economics in everyday life. The open day forms part of the ESRC Festival of Social Science which runs from 9th to 18th March.
UCL is looking for two groups of Year 11 students (24 per group) to take part in experiments that show how economically relevant decisions are made. Students will reap financial rewards according to the decisions they make.
During the sessions, students will explore a range of economic problems such as co-operation and competition, public goods, bargaining market games and trust.
Professor Steffen Huck, Deputy Head of Economics at UCL, who will be heading up the open day, commented:
"In earlier times, most of economics was either theoretical or analysing data generated through life itself. But the last twenty years have seen a revolution during which economics has become, like physics, an experimental science. Economics experiments are carried out with human subjects but, of course, we will neither administer drugs nor pain. Rather we examine how humans make economically relevant decisions in controlled environments."
The event should interest all students as economics can help find effective strategies for the things we do in everyday life. It will be of particular interest to those who want to study economics at university, but it will also give those uncertain about the subject a better understanding of it, perhaps leading them to consider further study.
World class experts from UCL will give short and inspiring talks about developments in the social sciences. And students will learn something about their own and others' behaviour as they will be shown the data generated in the experiments at the end.
Two time slots are available, one at 10am to 12pm, and one at 1-3pm for two separate groups of 24 students. The event will be held at the Department of Economics at UCL. Refreshments will be provided after each session.
For further information:
- If you have a class or group that you wish to attend the event or have any queries, please contact Glen Bowness at the ESRC Centre for Economic Learning and Social Evolution. Tel: 020 7679 5817 or e-mail: g.bowness@ucl.ac.uk
- UCL Press Office:
- ESRC Press Office:
Notes for editors
- The Festival of Social Science is organised by the Economic and Social Research Council (ESRC), and runs from March 9th to 18th, alongside National Science and Engineering Week. It celebrates some of the very best British social science research, as well as highlighting the ways in which social science makes a difference to everyday lives. Press releases detailing some of the varied events are available at www.esrcfestival.ac.uk or for more information please contact the ESRC Press Office on 01793 413032 or via e-mail: alexandra.saxon@esrc.ac.uk
- The Economic and Social Research Council (ESRC) is the UK's largest funding agency for research and postgraduate training relating to social and economic issues. It provides independent, high quality, relevant research to business, the public sector and Government. The ESRC's planned total expenditure in 2006-07 is £169 million. At any one time the ESRC supports over 4,000 researchers and postgraduate students in academic institutions and research policy institutes. More at http://www.esrcsocietytoday.ac.uk/.
- ESRC Society Today offers free access to a broad range of social science research and presents it in a way that makes it easy to navigate and saves users valuable time. As well as bringing together all ESRC-funded research and key online resources such as the Social Science Information Gateway and the UK Data Archive, non-ESRC resources are included, for example the Office for National Statistics. The portal provides access to early findings and research summaries, as well as full texts and original datasets through integrated search facilities. More at http://www.esrcsocietytoday.ac.uk/.