Organizational details:
- Lecturer: Dr. Michael Goedde-Menke
- Teaching Assistants: Pascal Büsing (pascal.buesing@wiwi.uni-muenster.de), Nils Lohmeier (nils.lohmeier@wiwi.uni-muenster.de)
- Language: English
- ECTS credits: 6
- The course comprises lectures and tutorials
- Assessments: 75% written exam, 25% group essay and presentation
- Registration is a prerequisite to attend the course
- All course materials will be provided via Learnweb
Contents:
The course aims at providing students with deeper insights into individual decision making. Special attention will be paid to behavioral anomalies in decisions under uncertainty and possible reasons for deviations from rational choice patterns. Due to the research orientation of the course, central research methods will also be presented and discussed.
The lecture is accompanied by a tutorial which provides students with the opportunity to develop a deeper understanding of fundamental debates and current issues in decision making research. Students will work in small groups on an assigned topic and prepare a short essay (max. 6 pages), which is then presented and discussed in class.
Learning outcomes:
Students will understand how and why individual decisions are often not in line with normative theory, especially due to irrational processing of available information or in response to missing information. Considering latest research findings from finance, economics, psychology, and neuroscience will enable students to develop an integrated perspective on individual decision making and behavioral anomalies. Students will gain detailed insight on how to scientifically explore individual decision making and enhance their skills as ”critical thinker”.
Outline:
- Experimental research on individual decision making
- Rational decision making under uncertainty
- Deviations from normative behavior and descriptive theories
- Irrational processing of information and impact of information deficiencies
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