Behavioural Economics Masters backed by AIB
University College Dublin is rolling out a Master's Programme in Behavioural Economics next year, supported by funding from AIB.
The AIB Chair in Behavioural Economics involves the appointment of a professor to the UCD School of Economics and the UCD Geary Institute for Public Policy.
The bank said the position has already been advertised and is expected to be filled later this year.
It's estimated that the State-owned bank is contributing around €1m to the project, which also includes the creation of a new UCD-AIB Behavioural Economics Laboratory at the south Dublin university.
A spokeswoman, however, declined to comment on the estimate.
In total, the initiative involves the recruitment of a post-doctoral fellow, the development of a programme of research, the establishment of the Master's Programme in 2017, and the creation of a new UCD-AIB Behavioural Economics Laboratory at UCD's campus in Belfield.
Behavioural economists study how social and emotional factors influence economic decisions, using psychology and other disciplines to shed light on how and why we behave as we do when it comes to finance and money.
AIB chief executive Bernard Byrne said he believes behavioural economics can help provide insight to aid in solving problems facing the economy and society.
"At a national level it can assist governments in designing policy levers to encourage more progressive and efficient outcomes," he said.
"For individuals, it helps businesses really understand how best they can serve their customers' real needs."