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Consumer and Managerial Decision Making

Objectives

This course introduces Masters students to the field of behavioural 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

Code

2329

Credits

3.5

Responsible teacher

Luís Fructuoso Martinez

Hours

Weekly - Available soon

Total - Available soon

Teaching language

English

Prerequisites

n/a 


Bibliography

Hammond, J.S., Keeney, R.L., & Raiffa, H. (1998, reprinted in 2006). The hidden traps in decision making. Harvard Business Review, 76(September October), 47-58.

Emmerling , T. & Rooders , D. (2020). 7 strategies for better group decision making. Harvard Business Review (September).

Awad , E., Dsouza, S., Kim, R., Schulz, J., Henrich, J., Shariff, A., Bonnefon , F., & Rahwan , I. (2018). The Moral Machine experiment. Nature, 563, 59-64. https://doi.org/10.1038/s41586-018-0637-6. 

Teaching method

The course will be delivered through six asynchronous (video) sessions and six presential (on-campus) sessions, following a theoretic-practical approach. Most sessions will consist of lectures and discussions on course topics (including examples, case-studies and class discussions). The final sessions will be reserved for group work oral presentations. Students should prepare for class discussions by reading the mandatory literature and doing the recommended exercises every week. 

Thus, the following learning-teaching methodologies will be used: (1) Expositional - presentation of the theoretical reference frameworks; (2) Participative - illustration, analysis and resolution of application exercises; (3) Active - conducting individual and group work; (4) 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

Students should 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 10 (out of 20) points to pass. Students are not allowed to consult reading materials.

B. Group assignment (50%) - Group work on a specific DM topic. Students should deliver a consultancy-format (PowerPoint) based report.

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

Students can earn up to 0.2 bonus points on their final grade (provided that the final grade is sufficient) by participating in a 30 min research session anonymously. Details will be communicated in class and on Moodle. 


Subject matter

1. Overview and approaches to decision-making.

2. Introduction to behavioral decision-making.

3. Common biases and psychological traps in decision-making.

4. Consumer and managerial decision-making examples.

5. Nudge.

6. Tips for improving decision making.


Programs

Programs where the course is taught: