Create an extended essay of 4000 words written in a Harvard referencing style for Individual and Institutional Economic Behaviour module. Question: Critically evaluate theoretical explanations of behaviour at one level of aggregation.
Level of aggregation: individual level of aggregation Theoretical explanation: Instrumental Rationality Aspects which need to be included are:
-Define a level of aggregation (individual) -Choose one theory and explain with the help of this theoretical viewpoint the behaviour at the individual aggregate level, for instance, bounded rationality in the case of individual behaviour
-Explore the role of risk and uncertainty at this level of aggregation -Identify advantages and disadvantages of this theory evidenced with academic literature -Show evidence for these advantages and disadvantages with the help of empirical data. This can include government reports, statistics, interviews conducted by reputable organizations and practitioner literature.
-Depending on the provided discussion conclude if the evidence supports the theoretical assumptions or if not in which case you would need to suggest another theoretical viewpoint. Use the reading list provided, along with government and non-government reports (including Bank of England, reports published on gov.co.uk, Institute for Fiscal Studies, Office for National Statistics, New Economics Foundation, Money Advice service). Evaluation Criteria for the Essay:
1. Defining the Purpose of the Essay: Is the formulation of the problem/purpose of the extended essay clear? Why is it of relevance to look at this level of aggregation? Are the assumptions incorporated (chosen theoretical viewpoint) or limitations (selected level of aggregation) of the essay stated?
2. Literature Review: Are there references to theories explaining behaviour at the selected level of aggregation? Is relevant academic literature referred to when critically reviewing the level of aggregation and outlining advantages and disadvantages?
3. Design of the Essay: Is the structure of the essay clear? Does it have a logical order? Is the argumentation line easy to follow?
4. Main part of the Essay – Analysis: This part is concerned with the coherence of the critical evaluation presented. Is documentary evidence given including academic (e.g. previous research) and empirical evidence (e.g. figures, graphs)? Are there factual errors or misleading statements? Is the interpretation of the analysis results clear? Are all facts included which are necessary for the conclusion drawn?
5. Conclusion: Are the conclusions clearly stated and substantiated by the evidence presented? Does the conclusion refer back to the aims stated in the introduction?
6. References and Formal Presentation of Essay: Is the referencing style appropriate? Are all the references used, named? Is a reference list provided in the end? Does it include reliable sources? Clear separation between direct and indirect quotes? An outline given in the beginning? Is the format of the essay professional?