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Decision Theory

Module name (EN):
Name of module in study programme. It should be precise and clear.
Decision Theory
Degree programme:
Study Programme with validity of corresponding study regulations containing this module.
Business Administration, Bachelor, ASPO 01.10.2012
Module code: BBWL-511
SAP-Submodule-No.:
The exam administration creates a SAP-Submodule-No for every exam type in every module. The SAP-Submodule-No is equal for the same module in different study programs.
P420-0063
Hours per semester week / Teaching method:
The count of hours per week is a combination of lecture (V for German Vorlesung), exercise (U for Übung), practice (P) oder project (PA). For example a course of the form 2V+2U has 2 hours of lecture and 2 hours of exercise per week.
4V (4 hours per week)
ECTS credits:
European Credit Transfer System. Points for successful completion of a course. Each ECTS point represents a workload of 30 hours.
5
Semester: 5
Mandatory course: no
Language of instruction:
German
Assessment:
Written exam (90 min. / can be repeated semesterly)

[updated 02.01.2019]
Applicability / Curricular relevance:
All study programs (with year of the version of study regulations) containing the course.

BBWL-511 (P420-0063) Business Administration, Bachelor, ASPO 01.10.2012 , semester 5, optional course
BBWL-511 (P420-0063) Business Administration, Bachelor, ASPO 01.10.2016 , semester 5, optional course
BBWL-2020-511 (P420-0063) Business Administration, Bachelor, ASPO 01.10.2020 , semester 5, optional course
Workload:
Workload of student for successfully completing the course. Each ECTS credit represents 30 working hours. These are the combined effort of face-to-face time, post-processing the subject of the lecture, exercises and preparation for the exam.

The total workload is distributed on the semester (01.04.-30.09. during the summer term, 01.10.-31.03. during the winter term).
60 class hours (= 45 clock hours) over a 15-week period.
The total student study time is 150 hours (equivalent to 5 ECTS credits).
There are therefore 105 hours available for class preparation and follow-up work and exam preparation.
Recommended prerequisites (modules):
None.
Recommended as prerequisite for:
Module coordinator:
Prof. Dr. Susan Pulham
Lecturer:
Prof. Dr. Susan Pulham


[updated 04.09.2012]
Learning outcomes:
After successfully completing this module, students will have an overview of the current decision models of prescriptive decision theory. They will be familiar with the most important findings of descriptive decision theory, can name and explain them and can critically compare both theories. Students will be able to analyze real decision-making situations and understand and improve their own and other people´s behavior. They will have the opportunity to make their own bad decisions in an experimental environment and will be able to explain what they did wrong.

[updated 02.01.2019]
Module content:
Part A: Psychology
Chapter 1: The Cognitive Limitations of Man
Chapter 2: The Perception of New Information
Chapter 3: Access to Information Available in the Head
Chapter 4: Processing the Information
Chapter 5: Motivation and Emotion
Chapter 6: Groups and Masses
 
Part B: Relative Perception and Evaluation
Chapter 1: On the Path to Rationality
Chapter 2: Why People Evaluate Relatively and Why this is Often Unreasonable
Chapter 3: Why Probabilities are also Evaluated Relatively
Chapter 4: It is Possible Without an Irrational Relative Evaluation
 
Part C: Decision Analysis
Chapter 1: Simple Decision Support without Modeling Preferences
Chapter 2: Setting up a Preference Model
Chapter 3: Probabilities
Chapter 4: Expected Utility Theory
Chapter 5: Solving Problems with Incomplete Information
Chapter 6: Multi-Level Decision Problems


[updated 02.01.2019]
Teaching methods/Media:
Lecture
Exercises
Experiments


[updated 02.01.2019]
Recommended or required reading:
-Eisenführ, F./ Weber, M./ Langer, T.: Rationales Entscheiden (2010)
- Kahneman, D./ Slovic, P./ Tversky, A.: Judgment under Uncertainty: Heuristics
  and Biases (1982)
- Kahneman, D./ Tversky, A.: Choices, Values and Frames (2000)
- Von Nitzsch, R./ Goldberg, J.: Behavioral Finance 4. Aufl. (2004)
- Von Nitzsch, R.: Entscheidungslehre - Wie Menschen entscheiden und wie sie
  entscheiden sollten 5. Aufl. (2008)
- Von Nitzsch, R.: Entscheidungslehre: Der Weg zur besseren Entscheidung 3.  
  Aufl. (2011)
- Zimmermann, H.-J.:  Operations Research, 2. Aufl. (2007)


[updated 02.01.2019]
 
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