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Decision Theory

Module name (EN): Decision Theory
Degree programme: Business Administration, Bachelor, ASPO 01.10.2016
Module code: BBWL-511
Hours per semester week / Teaching method: 4V (4 hours per week)
ECTS credits: 5
Semester: 5
Mandatory course: no
Language of instruction:
Written exam (90 min. / can be repeated semesterly)

[updated 02.01.2019]
Applicability / Curricular relevance:
BBWL-511 Business Administration, Bachelor, ASPO 01.10.2012, semester 5, optional course
BBWL-511 Business Administration, Bachelor, ASPO 01.10.2016, semester 5, optional course
BBWL-2020-511 Business Administration, Bachelor, ASPO 01.10.2020, semester 5, optional course
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):
Recommended as prerequisite for:
Module coordinator:
Prof. Dr. Susan Pulham
Lecturer: Prof. Dr. Susan Pulham

[updated 01.10.2016]
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:

[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]
[Wed Dec  8 01:20:44 CET 2021, CKEY=bea, BKEY=bbw2, CID=BBWL-511, LANGUAGE=en, DATE=08.12.2021]