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31960-01 - Vorlesung: Microeconomics and Psychology of Decision Making 6 KP

Semester Herbstsemester 2020
Angebotsmuster Jedes Herbstsemester
Dozierende C. Miguel Brendl (miguel.brendl@unibas.ch)
Georg Nöldeke (georg.noeldeke@unibas.ch, BeurteilerIn)
Inhalt Content:

The course focuses on human decision behavior, from the perspectives of, both, microeconomics and psychology (without presupposing prior study of it). We illustrate how the same theory is relevant to different disciplines, such as Accounting, Finance, Human Resource Management, Marketing, and Organization Studies. With exceptions, such as Prospect Theory, economics and psychology have had surprisingly little mutual influence. However, interest in an interdisciplinary approach has grown considerably, and this course, being unique in the university landscape, is a response to these developments.

Using observations from laboratory experiments, psychology describes how people make decisions, and then attempts to develop a theoretical understanding of the mental mechanism that led to these decisions. The theory is heavily guided by observations from experiments, as well as by psychological mechanisms that apply to behavior in general, not just decisions.

Psychology is about how people do decide, irrespective of whether these decisions are logically consistent, good or bad. The most influential psychological theory of decision making is Prospect Theory. While it grew out of the above approach, it differs from it because it was theoretically inspired by Expected Utility Theory developed in economics.

Expected Utility Theory does not rest on the kind of evidence inspiring the analysis of decision making in psychology. Rather, its foundations are a set of compelling axioms intended to capture core principles of rational decision making. This microeconomic approach leads to a coherent theory of decision making with many interesting applications, but inherent limitations in accommodating the kind of phenomena that psychology focuses on, which are commonly viewed as mere “errors” in decision making.

Studying both approaches to decision making will put you in a better position to recognize when each is appropriate, and when it is not.
Bemerkungen If the lecture 31960 Advanced Economic Theory/Advanced Microeconomics is already successfully completed, it is not possible to gain further credits with this lecture.
For all MIME students: This lecture can be substituted in the Module 1: Advanced Topics in Econonomics with the lecture 40106 Game Theory and the Theory of the Firm which is taught in spring term.
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Teilnahmebedingungen Prerequisites:
Completed Bachelor in Business and Economics
Anmeldung zur Lehrveranstaltung Registration: Please enrol in MOnA. EUCOR-Students and students of other Swiss Universities have to enrol at the students administration office (studseksupport1@unibas.ch) within the official enrolment period. Enrolment = Registration for the exam!
Unterrichtssprache Englisch
Einsatz digitaler Medien kein spezifischer Einsatz


Intervall wöchentlich
Datum 24.11.2020 – 04.01.2021
Zeit Dienstag, 16.30-18.00 - Online Präsenz -
Mittwoch, 14.15-16.00 - Online Präsenz -

There will only be two live-online dates: 24.11. and 9.12.2020

Datum Zeit Raum
Dienstag 24.11.2020 16.30-18.00 Uhr - Online Präsenz -, --
Mittwoch 09.12.2020 14.15-16.00 Uhr - Online Präsenz -, --
Montag 04.01.2021 09.30-11.00 Uhr - Siehe Bemerkung, Messe
Module Grundlagenmodul: Advanced Topics in Economics (Masterstudium: International and Monetary Economics) (Pflicht)
Kernmodul: BWL (Masterstudium: Wirtschaftswissenschaften)
Modul: Ausgewählte Themen aus Ökonomie und Rechtswissenschaft (Masterstudium: Actuarial Science)
Modul: Kernbereich Wirtschaftswissenschaften (Masterstudium: Sustainable Development)
Modul: Methoden der Wirtschaftswissenschaften (Masterstudium: European Global Studies)
Modul: Vorbereitung Masterarbeit Wirtschaftswissenschaften (Masterstudium: Sustainable Development)
Leistungsüberprüfung Semesterendprüfung
Hinweise zur Leistungsüberprüfung Written exam: Students’ performance in parts 1 (Brendl) and 2 (Nöldeke) will be jointly graded. There will be no separate grade for either part 1 or part 2. The grade is based on the arithmetic mean of the points achieved in either part.
The date will be published during the first week of the lectures.
written exam: 04.01.21; 09:30-11:00. In case COVID-19 protective measures prevent examination on site, the faculty reserves the right to conduct the examination electronically during the same time slot.
The exam rooms will be published up to 05.12.20.

An-/Abmeldung zur Leistungsüberprüfung Belegen via MOnA innerhalb der Belegfrist
Wiederholungsprüfung keine Wiederholungsprüfung
Skala 1-6 0,1
Wiederholtes Belegen beliebig wiederholbar
Zuständige Fakultät Wirtschaftswissenschaftliche Fakultät / WWZ, studiendekanat-wwz@unibas.ch
Anbietende Organisationseinheit Wirtschaftswissenschaftliche Fakultät / WWZ