LEARNING OUTCOMES
The course aims to introduce students to the central ideas that form the academic field of behavioural decision science, taking a practical point of view.
After taking the course the students are able to discuss and critically evaluate the following: i) What decisions should we make if we were equipped with perfect rationality and the perfect tools to support us, and what standards should we set for good judgement? ii) How do we make decisions given our imperfect foresight, limited cognitive abilities, and prehistoric emotional repertoire? iii) How can we support managers, clients, policymakers, colleagues, and family and friends to make better decisions?
Credits: 6
Schedule: 24.04.2023 - 31.05.2023
Teacher in charge (valid for whole curriculum period):
Teacher in charge (applies in this implementation): Eeva Vilkkumaa, Ilkka Leppänen
Contact information for the course (applies in this implementation):
Prof. Eeva Vilkkumaa, eeva.vilkkumaa@aalto.fi.
Office hours: by appointment.
CEFR level (valid for whole curriculum period):
Language of instruction and studies (applies in this implementation):
Teaching language: English. Languages of study attainment: English
CONTENT, ASSESSMENT AND WORKLOAD
Content
valid for whole curriculum period:
Normative, descriptive and prescriptive decision science; preferences and uncertainty; multiple objectives; biases and heuristics; expected utility and prospect theory; social decision making
applies in this implementation
This course focuses on the theoretical foundations of decision analytic methods, how human behaviour deviates from these foundations, and how decision processes can be designed to take these deviations into account. This year's content covers expected utility theory, heuristics and biases, prospect theory, multiattribute value/utility theory, bounded rationality, social decision making, and narrative theory on decision making.
Assessment Methods and Criteria
valid for whole curriculum period:
Coursework and exam
applies in this implementation
Final points, which consist of quiz (40%) and assignment points (60%), determine the final grade: >50p ->1; >60p -> 2; >70p -> 3; >80p -> 4; >90p -> 5. These bounds maybe relaxed during final marking.
There are nine quizzes and two assignments with deadlines during the course. Each quiz contains a number of multiple choice questions based on pre-readings.
Workload
valid for whole curriculum period:
Contact teaching, Independent work, Exam
applies in this implementation
Contact teaching includes lectures, Q&A sessions on the assignments, and assignment feedback sessions.
Individual work includes class preparation, quizzes, and assignments.
DETAILS
Study Material
applies in this implementation
Material handed out in MyCourses, consisting of lecture slides as well as key and further readings.
Substitutes for Courses
valid for whole curriculum period:
Prerequisites
valid for whole curriculum period:
SDG: Sustainable Development Goals
3 Good Health and Well-being
8 Decent Work and Economic Growth
FURTHER INFORMATION
Further Information
valid for whole curriculum period:
Teaching Language : English
Teaching Period : 2022-2023 Spring V
2023-2024 Spring V
Details on the schedule
applies in this implementation
Two-hour lectures twice a week (Mondays and Wednesdays) that are used to go through the course contents. The lectures are in hybrid mode, i.e., take place in the lecture room where they are streamed with Zoom and recorded. You may participate either physically or online. Participation on lectures is voluntary.
Additionally, we will arrange online Q&A sessions to support with the assignments.
- Teacher: Leppänen Ilkka
- Teacher: Vilkkumaa Eeva