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Decision Theory

Module name (EN): Decision Theory
Degree programme: Marketing Science, Master, ASPO 01.04.2016
Module code: MAMS-220
Hours per semester week / Teaching method: 4V (4 hours per week)
ECTS credits: 6
Semester: 2
Mandatory course: yes
Language of instruction:
Written exam (90 minutes / can be repeated semesterly)

[updated 20.11.2019]
Applicability / Curricular relevance:
MAMS-220 Marketing Science, Master, ASPO 01.04.2016, semester 2, mandatory course
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):
Recommended as prerequisite for:
Module coordinator:
Prof. Dr. Susan Pulham
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:

[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]
[Sat Dec  4 02:42:51 CET 2021, CKEY=mext, BKEY=msm2, CID=MAMS-220, LANGUAGE=en, DATE=04.12.2021]