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27E01000 - Decision Making and Choice Behavior, 30.10.2017-13.12.2017

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Syllabus

Lectures

  • Lectures

    Lectures

    • Lecture 1: Introduction and Foundations of Decision Analysis

      • no readings for first lecture

      • Lecture 1Lecture 1
        • Lecture 1_new.pptxLecture 1_new.pptx3.5MB
    • Lecture 2: Utility & Bayes’ Theorem

      • Reading: Baron: Normative theory of choice under uncertainty. In Thinking and Deciding, 4th ed., 2008, pp. 233-243
      • Additional reading: Hastie & Dawes: Changing Our Minds: Bayes’ Theorem. In Rational Choice in an UncertainWorld, 2nd ed., 2010, pp. 178-188

      • Lecture 2Lecture 2
        • ReadingReading
          • baron_normative_theory_of_choice_under_uncertainty.pdfbaron_normative_theory_of_choice_under_uncertainty.pdf754.2KB
        • hastie_bayes_theorem_and_decision_trees.pdfhastie_bayes_theorem_and_decision_trees.pdf486.1KB
        • Lecture 2_new.pptxLecture 2_new.pptx1.5MB
    • Lecture 3: Axioms & elicitation

      • Reading: 
        Hastie & Dawes: Defining Rationality: Expected Utility Theory. In Rational Choice in an Uncertain World, 2nd ed., 2010, pp. 244-259
      • Additional reading: Chesley: Elicitation of Subjective Probabilities: A Review, Accounting Review 50 (2), April 1975, pp. 325-337

      • Lecture 3Lecture 3
        • ReadingReading
          • hastie_rational_choice_in_an_uncertain_world_ch11_3.pdfhastie_rational_choice_in_an_uncertain_world_ch11_3.pdf830.9KB
        • Chesley - 1975 - Elicitation of Subjective Probabilities A Review.pdfChesley - 1975 - Elicitation of Subjective Probabilities A Review.pdf936.4KB
        • Lecture 3_new.pptxLecture 3_new.pptx1.9MB
    • Lecture 4: Basic concepts of behavioral decision making, prospect theory

      • Reading: Only Section III in Kahneman: Maps of Bounded Rationality: Psychology for Behavioral Economics, The American Economic Review, Vol. 93, No. 5 2003, pp. 1449-1475
      • Additional reading: Camerer: Prospect Theory in the Wild: Evidence from the Field. In Choices, Values, and Frames, (Eds.) Kahneman & Tversky, reprinted 2005, 288-300

      • Lecture 4Lecture 4
        • ReadingReading
          • Kahneman - 2003 - Maps of Bounded Rationality Psychology for Behavi.pdfKahneman - 2003 - Maps of Bounded Rationality Psychology for Behavi.pdf3.6MB
        • Camerer - Prospect Theory in the Wild.pdfCamerer - Prospect Theory in the Wild.pdf352.5KB
        • Lecture 4.pptxLecture 4.pptx951.9KB
    • Lecture 5: Anchoring, availability and representativeness

      • Reading: Tversky & Kahneman: Judgment under Uncertainty: Heuristics and Biases, Science 185, 1974, pp. 1124-1131
      • Additional reading: Hammond, Keeney, Raiffa: The Hidden Traps in Decision Making, Harvard Business Review, 1998, pp.47-58

      • Lecture 5Lecture 5
        • ReadingReading
          • Tversky and Kahneman - 1974 - Judgment Under Uncertainty Heuristics and Biases.pdfTversky and Kahneman - 1974 - Judgment Under Uncertainty Heuristics and Biases.pdf1.9MB
        • Hammond et al. - 1998 - The hidden traps in decision making.pdfHammond et al. - 1998 - The hidden traps in decision making.pdf262.7KB
        • Lecture 5.pptxLecture 5.pptx863.3KB
    • Lecture 6: Framing and mental accounting

      • Reading: Tversky & Kahneman: The Framing of Decisions and the Psychology of Choice, Science 211, 1981, pp. 453-458
      • Additional reading: Thaler: Mental Accounting and Consumer Choice, Marketing Science 4, 1985, pp. 199 – 214

      • Lecture 6Lecture 6
        • ReadingReading
          • Tversky and Kahneman - 1981 - The framing of decisions and the psychology of cho.pdfTversky and Kahneman - 1981 - The framing of decisions and the psychology of cho.pdf1.5MB
        • Lecture 6.pptxLecture 6.pptx5MB
        • Thaler - 1985 - Mental Accounting and Consumer Choice.pdfThaler - 1985 - Mental Accounting and Consumer Choice.pdf419.8KB
    • Lecture 7: Fast & frugal decision making

      • Reading: Simon: A Behavioral Model of Rational Choice, Quarterly Journal of Economics 69 (1), 1955, pp. 99-118
      • Additional reading: Gigerenzer & Goldstein: Reasoning the Fast and Frugal Way: Models of Bounded Rationality, Psychological Review 103(4), 1996, pp. 650-669.

      • Lecture 7Lecture 7
        • ReadingReading
          • Simon - 1955 - A Behavioral Model of Rational Choice.pdfSimon - 1955 - A Behavioral Model of Rational Choice.pdf4.7MB
        • Gigerenzer, Goldstein - 1996 - Psychological review.pdfGigerenzer, Goldstein - 1996 - Psychological review.pdf260KB
        • Lecture 7.pptxLecture 7.pptx4.8MB
    • Lecture 8: Emotions / embodied cognition

      • Reading: Hsee & Rottenstreich: Music, Pandas, and Muggers: On the Affective Psychology of Value, Journal of Experimental Psychology, 2004, 133 (1), 23-30
      • Additional reading: Bechara & Damasio: The somatic marker hypothesis: An neural theory of economic decision, Games and Economic Behavior, 52, 2005, 336-372

      • Lecture 8Lecture 8
        • ReadingReading
          • Hsee and Rottenstreich - 2004 - Music, pandas, and muggers On the affective psych.pdfHsee and Rottenstreich - 2004 - Music, pandas, and muggers On the affective psych.pdf199.4KB
        • Bechara and Damasio - 2005 - The somatic marker hypothesis A neural theory of .pdfBechara and Damasio - 2005 - The somatic marker hypothesis A neural theory of .pdf543.5KB
        • Lecture 8.pptxLecture 8.pptx1MB
    • Lecture 9: Dealing with conflicting objectives

      • Reading: Baird: Multicriteria Decisions. In Managerial Decisions Under Uncertainty, 1990, chapter 13
      • Additional reading: none

      • Lecture 9Lecture 9
        • ReadingReading
          • baird chapter 13.pdfbaird chapter 13.pdf4.3MB
        • Lecture 9_new.pptxLecture 9_new.pptx1.7MB
    • Lecture 10: Aiding decision making

      • Reading: Hammond, J. S., Keeney, R. L., & Raiffa, H. Even Swaps: A Rational Method for Making Trade-Offs. Harvard Business Review, 1998, 76(2), pp. 137–150
      • Additional reading: Münscher, R., Vetter, M., & Scheuerle, T. A Review and Taxonomy of Choice Architecture Techniques. Journal of Behavioral Decision Making, 2015.

      • Lecture 10Lecture 10
        • ReadingReading
          • Hammond et al. - 1998 - Even Swaps A Rational Method for Making Trade-Off.pdfHammond et al. - 1998 - Even Swaps A Rational Method for Making Trade-Off.pdf4MB
        • Lecture 10.pptxLecture 10.pptx3.5MB
        • Münscher et al. - 2015 - A Review and Taxonomy of Choice Architecture Techn.pdfMünscher et al. - 2015 - A Review and Taxonomy of Choice Architecture Techn.pdf168.4KB
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