19 August 2011
Consumer and Managerial Decision Making
The study of decision making has been transformed over the past several decades by increasing recognition of the ways in which people deviate in predictable ways from traditional economic assumptions of rationality. This course aims to provide an overview of recent insights about decision-making from the fields of psychology and behavioral economics. The goal is to understand the predictable decision quirks that people exhibit in consumer, managerial, and personal domains. Understanding how people make decisions has obvious benefits for predicting consumer choices in the marketplace and behavior in organizations. Course offered by Department of Business studies, Aarhus School of Business, AU.
Lyle Brenner, University of Florida
Familiarity with basic economic concepts and with elementary probability and statistics is a necessity.
At the end of the course, students will be able to:
• Understand principles for evaluating the quality (or lack thereof) of decisions.
• Investigate decisions with conflicting objectives and how to reconcile these objectives.
• Clearly separate the roles of beliefs and values in making decisions where uncertainty is present.
• Identify typical shortcomings in intuitive judgment and provide some solutions to help you overcome these shortcomings.
• Understand the importance of decision framing and context, so that you are able to avoid inconsistencies in your own choices and anticipate inconsistencies in the behavior of others.
• Explore the nature of risk and uncertainty, how they influence decisions, and how they can be better managed.
• Better understand the decision-making processes of your customers, co-workers and competitors.
EUR 0: See website for information regarding fees