Credits: 6

Schedule: 15.04.2020 - 25.05.2020

Teacher in charge (valid 01.08.2018-31.07.2020): 

Juuso Liesiö

Contact information for the course (applies in this implementation): Teachers (
Associate Professor Juuso Liesiö 
Assistant Professor Eeva Vilkkumaa

Teaching Period (valid 01.08.2018-31.07.2020): 

V Spring (2018-2019), Otaniemi campus

V Spring, (2019-2020), Otaniemi campus

Learning Outcomes (valid 01.08.2018-31.07.2020): 

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

Content (valid 01.08.2018-31.07.2020): 

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.

Details on the course content (applies in this implementation): 

Subjective expected utility (SEU); Multi-attribute utility and value theory (MAUT/MAVT); Portfolio decision analysis (PDA); Prospect theory (PT); Anchoring, availability and representativeness; Framing and mental accounting; Fast & frugal decision making; Emotions / embodied cognition; Optimizer's curse

Assessment Methods and Criteria (valid 01.08.2018-31.07.2020): 

Exam 50%, Assignments 50%.

Elaboration of the evaluation criteria and methods, and acquainting students with the evaluation (applies in this implementation): 
Assessment Methods and Criteria for 2020:

There will be no face-to-face contact teaching or conventional exams. 

Total of 0-100 course points consisting of:
- Nine quizzes on MyCourses with deadlines before each online lecture (expect for the first one): 0-40p total.
- Two assignments with deadlines at the midway and end of the course: 0-60p total.

In addition, to pass the course each student has to prepare to pass an oral examinations every week (except for the first week). Such an exam will cover all of the student's quiz and assignment answers that have been returned before the exam. Student-specific timeslots for the oral exams will be set during the first week.

Lower bounds for grades are 5: 90p, 4:80p, 3: 70p, 2: 60p, 1: 50p. Bounds may be relaxed at the end of the course.

Workload (valid 01.08.2018-31.07.2020): 

Contact teaching 24 h, Independent work 133 h, Exam 3 h

Details on calculating the workload (applies in this implementation): 

Workload 2020:

Online lectures 10x2h = 20h, Independent work 140h.

Study Material (valid 01.08.2018-31.07.2020): 

Material handed out in class, mandatory readings

Details on the course materials (applies in this implementation): 

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

Course Homepage (valid 01.08.2018-31.07.2020):

Prerequisites (valid 01.08.2018-31.07.2020): 

Business Decisions 2 or equivalent skills

Grading Scale (valid 01.08.2018-31.07.2020): 


Registration for Courses (valid 01.08.2018-31.07.2020): 

Via WebOodi.

Details on the schedule (applies in this implementation): 

The online lectures will be held on the time slots originally reserved for contact teaching and the exam (please see the MyCourses-calendar for details). 


Registration and further information