Dr Barbara Fasolo

Dr Zhifang Ni

This course is compulsory on the MSc in Management Science (Decision Sciences). This course is available on the MSc in Management, MSc in Management (CEMS MIM), MSc in Management Science (Operational Research) and MSc in Risk and Finance. This course is available as an outside option to students on other programmes where regulations permit.

This half unit course examines ‘decision capability’, that is the ability of people to make judgments and decisions. The course blends research on how individuals and groups actually make decisions with theories on how they should make decisions in order to be consistent. The course encourages students to appreciate the linkages between the mathematical and psychological theories of decision. The course will cover the foundations of decision theory; models and theories describing how people form preferences, make judgments, deal with conflicting objectives, uncertainty, and risk.

20 hours of lectures and 9 hours of seminars in the MT. 3 hours of lectures in the ST.

J. Baron, Thinking and Deciding (3rd Ed.); R. Hastie & R. M. Dawes, Rational Choice in an Uncertain World; W. Edwards & D. von Winterfeldt, Decision Analysis and Behavioral Research; R.T. Clemen and T. Reilly, Making Hard Decisions with Decision Tools Suite: S. French, Decision Theory: an introduction to the mathematics of rationality.

Exam (100%, duration: 2 hours) in the main exam period.