Behavioral Decision Making: Understanding Irrational Decisions in Business and Society COURSE CANCELLED
This course is cancelled due to the COVID-19 outbreak.
Every day, people make many judgments and decisions and like these to be ‘good’. That is, they want to make the right decision in a multitude of domains: be it financial-, consumer-, professional-, romantic-, health-related... Whereas the large majority of people believe they are 100% capable of making fully rational (‘right’) decisions, how is it possible that savvy people make sometimes weird and even ‘foolish’ judgments and decisions?
In fact, people often fall short when they make decisions, irrespective of their importance or consequences. To understand when and why people make decision errors is helpful, not only to be more forgiving for oneself and others, but also to better understand decisions with potentially important consequences (such as in e.g. consumer, financial and professional decisions).
This one-week introductory crash course reveals how and when humans deviate from rational thinking in systematic and often predictable ways and will provide students with the basic knowledge of theories, concepts and methods that is necessary to understand how (irrational) decisions are made. The course is inspired by the groundbreaking, nobel-prize winning work of Kahneman and Tversky (Nobel Prize 2002), Thaler (Nobel Prize 2017) as well as other seminal work and research programmes of other leading thinkers in the field (and society). It delivers insights on biases in decision making and provides an introduction on mental accounting, loss aversion, intertemporal choices, visceral influences, forecasting, fairness, motivated reasoning and (dis)honesty.
During the lectures, basic concepts and theories will be discussed, specific issues related to the literature will be further explained, and certain topics will be zoomed in on.
The summer school welcomes research master students, PhD students, post-docs and highly qualified professionals (MSc or PhD Degree) from various disciplines (e.g. economics, medicine, political sciences, psychology, sociology …) who are interested in learning about scientific research on judgment & decision making.
This course provides insight into scientific research on judgment & decision making, where psychology and economics collide and collaborate to understand human behavior. It provides you with the basic knowledge of theories, concepts and methods that is necessary to understand how decisions are made. We will discuss eye-opening research that documents several well-known biases as well as focus on mental accounting, loss/gain framing, intertemporal choices, visceral influences, forecasting, fairness, motivated reasoning and (dis)honesty.
Active participation during lectures is greatly appreciated, contributes to higher teacher engagement, and is pivotal for your own learning experience. In order to bridge the gap between theory and practice, you will work in small teams (typically 2-3 students) on an assignment and presentation that are discussed on the last day (Friday July 17). In this group project students are in the lead of the learning experience. The success of any learning experience is strongly dependent on your own engagement with the materials and assignments provided. A substantial amount of self-study during this week is required.
Participants are expected to hold a MSc or PhD degree or, are currently pursuing a research masters.
|Academic Director||Associate Professor Kobe Millet|
|Credits||Participants who joined at least 80% of all sessions, hand in the team assignment and deliver a quality presentation at the end of the week receive a certificate of participation stating that the summer school is equivalent to a work load of 3 ECTS. Note that it is the student’s own responsibility to get these credits registered at their own university.|
|Venue||Amsterdam Zuidas, Gustav Mahlerplein 117, 1082 MS Amsterdam|
|Apply here||Course cancelled|