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Decision theory

Module name (EN): Decision theory
Degree programme: Industrial Engineering, Bachelor, ASPO 01.10.2007
Module code: WIBAS-450/550-M5m
Hours per semester week / Teaching method: 1V+1U (2 hours per week)
ECTS credits: 3
Semester: 4
Mandatory course: no
Language of instruction:
German
Assessment:
Written exam

[updated 13.09.2018]
Applicability / Curricular relevance:
WIBAS-450/550-M5m Industrial Engineering, Bachelor, ASPO 01.10.2007, semester 4, optional course
WIBASc-525-625-FÜ22 Industrial Engineering, Bachelor, ASPO 01.10.2013, semester 5, optional course
Workload:
30 class hours (= 22.5 clock hours) over a 15-week period.
The total student study time is 90 hours (equivalent to 3 ECTS credits).
There are therefore 67.5 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 22.07.2013]
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 behaviour. They will have the opportunity to make their own wrong decisions in an experimental environment and will be able to explain what they did wrong.

[updated 13.09.2018]
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


[updated 13.09.2018]
Teaching methods/Media:
Lecture
Exercises
Experiments


[updated 13.09.2018]
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 13.09.2018]
[Mon Nov 29 18:07:57 CET 2021, CKEY=wwm5ixe, BKEY=wi, CID=WIBAS-450/550-M5m, LANGUAGE=en, DATE=29.11.2021]