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| Semester | fall semester 2020 |
| Course frequency | Every fall sem. |
| Lecturers |
C. Miguel Brendl (miguel.brendl@unibas.ch)
Georg Nöldeke (georg.noeldeke@unibas.ch, Assessor) |
| Content | 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. |
| Comments | 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. |
| Weblink | Weblink zu ADAM |
| Admission requirements | Prerequisites: Completed Bachelor in Business and Economics |
| Course application | 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! |
| Language of instruction | English |
| Use of digital media | No specific media used |
| Interval | Weekday | Time | Room |
|---|
No dates available. Please contact the lecturer.
| Modules |
Basic Module: Advanced Topics in Economics (Master's Studies: International and Monetary Economics) (Pflicht) Core Module: Business (Master's Studies: Business and Economics) Modul: Methoden der Wirtschaftswissenschaften (Master's Studies: European Global Studies) Module: Core Competences in Economics (Master's Studies: Sustainable Development) Module: Preparation Master's Thesis in Economics (Master's Studies: Sustainable Development) Module: Selected Subjects of Economics and Jurisprudence (Master's Studies: Actuarial Science) |
| Assessment format | end-of-semester examination |
| Assessment details | 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. The exam will take place at Messe Basel. You will receive detailed information about the procedure and admission to the exhibition hall about one week before the exam. 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. |
| Assessment registration/deregistration | Registration: course registration |
| Repeat examination | no repeat examination |
| Scale | 1-6 0,1 |
| Repeated registration | as often as necessary |
| Responsible faculty | Faculty of Business and Economics , studiendekanat-wwz@unibas.ch |
| Offered by | Faculty of Business and Economics |