Consumer and Managerial Decision Making


This course introduces Masters students to the field of behavioral decision making. The main focus is on the ability to a better understanding of the mechanisms, clues and limitations lying behind individuals decisions.

General characterization





Responsible teacher

Luís Fructuoso Martinez


Weekly - Available soon

Total - Available soon

Teaching language





Bazerman, M.H., and Moore, D.A. (2013). Judgment in managerial decision making (8th edition). Hoboken, NJ: John Wiley & Sons.

Hardman, D. (2009). Judgment and decision making: Psychological perspectives. West Sussex, UK: BPS Blackwell.

Ariely, D. (2010). Predictably irrational: The hidden forces that shape our decisions (revised and expanded edition). NY: Harper Perennial.

HBR’S 10 must reads (2013). On making smart decisions. Boston, MA: Harvard Business Review Press.

Kahneman, D. (2011). Thinking, fast and slow. NY: Farrar, Straus and Giroux.

Thaler, R.H. (2015). Misbehaving: The making of Behavioral Economics. NY: W.W. Norton.

Wethey, D. (2013). Decide: Better ways of making decisions. London, UK: Kogan Page Limited.


PowerPoint slides for the lectures and class handouts. Exercises and cases to discuss in class. Additional readings will be provided during the course.

Teaching method

The course will be delivered through twelve sessions (two each week), following a theoretic-practical approach. The sessions will consist of both lectures on course topics (mainly expositional) and presentations of group work delivered by the students (following an active and participative learning-teaching methodology). Students should also prepare for class discussions by reading the mandatory literature and doing the recommended exercises every week.

One lecture will include an experienced guest speaker from the corporate world, who will present a topic related to behavioral decision making and discuss practical issues with students.

Thus, the following learning-teaching methodologies will be used:

  • Expositional – Presentation of the theoretical reference frameworks.

  • Participative – Illustration, analysis and resolution of application exercises.

  • Active – Conducting individual and group work.

  • Self-study – Related to students’ autonomous work, which will help them to integrate and consolidate their knowledge.

All these teaching methodologies will allow students to accomplish the intended learning objectives.

Evaluation method

The final exam is mandatory and must cover the entire span of the course. Its weight in the final grade can be between 30 to 70%. The remainder of the evaluation can consist of class participation, midterm exams, in class tests, etc. Overall, written in class assessment (final exam, midterm) must have a weight of at least 50%.

Students should also prepare for class discussions by reading the mandatory literature and doing the recommended exercises every week.

A. Final individual exam (50%) – The final exam is mandatory. Students must obtain a minimum grade of 9.5/20 to pass. Students are not allowed to consult reading materials.
B. Individual assignment (20%) – Individual written report on a specific DM topic.
C. Group assignment (30%) – Group work on a specific DM topic. Students should form groups of 2 or 3 people and deliver both an oral presentation and a consultancy-format (PowerPoint) based report.

The instructor may consider individual class attendance and participation for minor grade adjustments.

Subject matter

  • Introduction;

  • Rational decision making;

  • Behavioral decision making;

  • Common biases and psychological traps in decision making;

  • Managerial examples;

  • Tips for improving decision making.


Programs where the course is taught: