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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.
Marketing Science, Master, ASPO 01.04.2016
Module code: MAMS-220
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.
P420-0007
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.
6
Semester: 2
Mandatory course: yes
Language of instruction:
German
Assessment:
Written exam (90 minutes / can be repeated semesterly)

[updated 20.11.2019]
Applicability / Curricular relevance:
All study programs (with year of the version of study regulations) containing the course.

MAMS-220 (P420-0007) Marketing Science, Master, ASPO 01.04.2016 , semester 2, mandatory 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 180 hours (equivalent to 6 ECTS credits).
There are therefore 135 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 02.02.2016]
Learning outcomes:
  After successfully completing this module, students will:
_ be able to characterize established decision models in prescriptive decision theory,
_ be able to name and explain the most important findings of descriptive decision theory,
_ be able to critically compare the two theories,
_ be able to analyze real decision-making situations and assess and improve their own and external behavior,
_ be able to identify their own wrong decisions in an experimental environment and discuss their mistakes.


[updated 20.11.2019]
Module content:
Part A: Psychology
 
Chapter 1: The Cognitive Limitations of Man
Chapter 2: The Perception of New Information
Chapter 3: Access to Available Information 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 20.11.2019]
Teaching methods/Media:
Lecture
Exercises
Experiments


[updated 20.11.2019]
Recommended or required reading:
Eisenführ, F./ Weber, M./ Langer, T. (latest edition): Rationales Entscheiden,  Wiesbaden (2010)
Kahneman, D./ Slovic, P./ Tversky, A.: Judgment under Uncertainty: Heuristics and Biases, Cambridge (1982)
Kahneman, D./ Tversky, A.: Choices, Values and Frames, Cambridge (2000)
Von Nitzsch, R./ Goldberg, J. (latest edition): Behavioral Finance, München
Von Nitzsch, R (latest edition).: Entscheidungslehre - Wie Menschen entscheiden und wie sie entscheiden sollten, Stuttgart
Von Nitzsch, R.: Entscheidungslehre (latest edition): Der Weg zur besseren Entscheidung, Aachen
Zimmermann, H.-J. (latest edition): Operations Research, Wiesbaden


[updated 20.11.2019]
 
[Thu Dec 26 12:48:00 CET 2024, CKEY=mext, BKEY=msm2, CID=MAMS-220, LANGUAGE=en, DATE=26.12.2024]