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Behavioral Economics

Code: 2M3E14     Acronym: BEO

Keywords
Classification Keyword
OFICIAL Economics

Instance: 2023/2024 - 1S Ícone do Moodle

Active? Yes
Course/CS Responsible: Master in Economics of Business and Strategy

Cycles of Study/Courses

Acronym No. of Students Study Plan Curricular Years Credits UCN Credits ECTS Contact hours Total Time
ME 13 Official Syllabus after 2021-2022 2 - 3 21 81
MEEE 31 Syllabus 2 - 3 21 81

Teaching language

English

Objectives

Behavioral Economics combines insights from Psychology and Economics to understand how people process information and make decisions, paying particular attention to common deviations from purely rational and self-interested decisions.

The main objective of this course is to raise awareness of future decision makers (economists, managers, consultants or politicians) about these deviations and the psychological processes that lead to them, so that these are taken into account in the definition of marketing strategies, in the management of human resources and in decision-making in general.

Learning outcomes and competences

After this course, students (future decision-makers) should be able to:

- Recognize the behavioral factors that are present in a given context. 

- Understand how behavioral factors influence own decisions, as well as the decisions of other individuals and groups.

- Regulate own behavior by having in mind possible behavioral biases which can be harmful, thereby improving own decision-making.

- Influence the behavior of other individuals and groups, either partners or rivals, by harnessing or eliminating behavioral biases.

Working method

Presencial

Program


  1. Introduction to Managerial Decision Making

  2. Overconfidence

  3. Common Biases

  4. Bounded Awareness

  5. Framing and the Reversal of Preferences

  6. Motivational and Emotional Influences on Decision Making

  7. The Escalation of Commitment

  8. Fairness and Ethics in Decision Making

  9. Common Investment Mistakes

  10. Making Rational Decisions in Negotiations

  11. Negotiator Cognition

  12. Improving Decision Making

Mandatory literature

Max H Bazerman; Judgment in managerial decision making. ISBN: 0-471-39887-X

Complementary Bibliography

Dan Ariely; Previsivelmente irracional. ISBN: 978-989-8206-18-3
Daniel Kahneman; Thinking, fast and slow. ISBN: 978-0-141-03357-0
Richard H. Thaler; Nudge. ISBN: 978-0-300-12223-7
Wilkinson, Nick; Klaes, Matthias; An Introduction to Behavioral Economics

Teaching methods and learning activities

Classes; Presentations by students

Evaluation Type

Distributed evaluation with final exam

Assessment Components

Designation Weight (%)
Apresentação/discussão de um trabalho científico 15,00
Exame 65,00
Trabalho escrito 20,00
Total: 100,00

Amount of time allocated to each course unit

Designation Time (hours)
Apresentação/discussão de um trabalho científico 10,00
Estudo autónomo 30,00
Frequência das aulas 21,00
Trabalho escrito 20,00
Total: 81,00

Eligibility for exams

Students should attend at least 75% of the classes.

Calculation formula of final grade

Group assignment - 35%
Written test - 65%
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