Please note! Course description is confirmed for two academic years, which means that in general, e.g. Learning outcomes, assessment methods and key content stays unchanged. However, via course syllabus, it is possible to specify or change the course execution in each realization of the course, such as how the contact sessions are organized, assessment methods weighted or materials used.

LEARNING OUTCOMES

To familiarize the students with the central topics of decision theory and behavioral decision making.

Credits: 6

Schedule: 15.04.2019 - 27.05.2019

Teacher in charge (valid 01.08.2020-31.07.2022): Eeva Vilkkumaa

Teacher in charge (applies in this implementation): Juuso Liesiö

Contact information for the course (valid 24.03.2019-21.12.2112):

juuso.liesio@aalto.fi

CEFR level (applies in this implementation):

Language of instruction and studies (valid 01.08.2020-31.07.2022):

Teaching language: English

Languages of study attainment: English

CONTENT, ASSESSMENT AND WORKLOAD

Content
  • Valid 01.08.2020-31.07.2022:

    Rational decision making under uncertainty, quantification of uncertainty, biases, Bayesian decision theory, foundations of utility theory, behavioral decision theory: criticism of rationality axioms, prospect theory.

Assessment Methods and Criteria
  • Valid 01.08.2020-31.07.2022:

    Spring 2021 & 2022: Quizzes 40%, assignments 60%

  • Applies in this implementation:

    Total 0-100 course points consisting of
    -Pop quizzes (held at the beginning of each lecture except the first one, 6 best out of 9): 0-30 points.
    -Home assignment:0-20 points
    -Exam: 0-50 points
    Lower bounds for grades are 5: 90p, 4:80p, 3: 70p, 2: 60p, 1: 50p, and at least 25p from the exam. Bounds may be relaxed after the exam results are in.

Workload
  • Valid 01.08.2020-31.07.2022:

    Contact teaching 22 h, Independent work 132 h, Exam 3 h

DETAILS

Study Material
  • Valid 01.08.2020-31.07.2022:

    Material handed out in class, mandatory readings

  • Applies in this implementation:

    Lecture slides, scientific articles and the home assignment. All material will be published in MyCourses. 

Prerequisites
  • Valid 01.08.2020-31.07.2022:

    Business Analytics 2 or equivalent skills

SDG: Sustainable Development Goals

    8 Decent Work and Economic Growth

    9 Industry, Innovation and Infrastructure