Modulhandbuch (Module manual)

M.184.5158 Behavioral Economics for Managerial Decision Making: Theory and Application
(Behavioral Economics for Managerial Decision Making: Theory and Practice)
Koordinator (coordinator): Prof. Dr. Wendelin Schnedler
Ansprechpartner (contact): Dilan Okcuoglu (dilan.okcuoglu[at]
Credits: 5 ECTS
Workload: 150 Std (h)
Semesterturnus (semester cycle): SoSe/WS
Studiensemester (study semester): 1-4
Dauer in Semestern (duration in semesters): 1
Lehrveranstaltungen (courses):
Nummer / Name
(number / title)
(contact time)
Status (P/WP)
(group size)
a) K.184.51581 / Behavioral Economics for Managerial Decision Making: Theory and Application Seminar 30 Std (h) 120 Std (h) P 20 TN (PART)
Wahlmöglichkeiten innerhalb des Moduls (Options within the module):
Empfohlene Voraussetzungen (prerequisites):
Zur Zeit sind keine Voraussetzungen bekannt. (No conditions are known.)
Inhalte (short description):

​Decision-making processes are influenced by, for example, social considerations, inter-temporality of choice, risk perceptions etc. Behavioral economics uses insights from other social sciences to better understand how certain decisions differ from the assumption of homo-oeconomicus, a narrowly defined selfish and purely rational decision maker without cognitive limitations.  In this course, we will discuss some of such deviations in managerial decision-making in the light of behavioral models and evidence. In this context, the manager should be understood in a broader sense: Managers as consumers, managers as employees and managers as leaders. A manager is expected to have a good understanding of consumer behavior and the factors that can influence purchasing decisions that might seem to be unrelated to the product itself. A manager should be able to navigate the world of the organization by understanding employees' motivations (which are not always material as the standard economic model suggests), limitations and behavioral biases, and the potential errors in their own judgment. Whenever applicable, we discuss the formal behavioral models. Therefore, some math and microeconomics are required. You will have the chance to study a paper in depth, in which one of the concepts we discuss in the course is applied to a real life issue, which you can learn more in depth.​

Lernergebnisse (learning outcomes):
Fachkompetenz Wissen (professional expertise):


  • are familiar with behavioral models and the evidence that motivate and test those models.
  • understand formal behavioral concepts and how they are applied in different fields​.
  • detect certain decision anomalies, biases and systematic deviations from the assumptions of rationality.​

  • Fachkompetenz Fertigkeit (practical professional and academic skills):


  • learn how behavioral concepts are applied in different fields of management.
  • have a better understanding of strategies such as incentives, nudges or organizational changes that promote better decisions.​
  • present a research article​.

  • Personale Kompetenz / Sozial (individual competences / social skills):


  • discuss course content and selected papers with the instructor and the other participants.
  • participate in mini decision making experiments and defend their choices in front of the class (All in- and out-class activities will be in English).​

  • Personale Kompetenz / Selbstständigkeit (individual competences / ability to perform autonomously):


  • understand formal behavioral models.
  • understand those models are applied in the field.
  • evaluate the weaknesses of an academic paper and critically assess it​. ​

  • Prüfungsleistungen (examinations)
    Art der Modulprüfung (type of modul examination): Modulteilprüfungen
    Art der Prüfung
    (type of examination)
    a) Klausur 60 minutes 50.00 %
    b) Präsentation 30 Minuten 50.00 %
    Studienleistung / qualifizierte Teilnahme (module participation requirements)
    Voraussetzungen für die Teilnahme an Prüfungen (formal requirements for participating in examinations)
    Voraussetzungen für die Vergabe von Credits (formal requirements for granting credit points)
    Die Vergabe der Credits erfolgt, wenn die Modulnote mindestens „ausreichend“ ist
    Gewichtung für Gesamtnote (calculation of overall grade)
    Das Modul wird mit der Anzahl seiner Credits gewichtet (Faktor: 1)
    Verwendung des Moduls in den Studiengängen (The module can be selected in the following degree programmes)
    M.Sc. IBS, M.Sc. BWL, M.Sc. International Economics and Management, M.Sc. Management, M.Sc. Management Information Systems, M.Sc. Taxation, Accountingand Finance, M.Sc. Winfo, M.Sc. Wirtschaftspädagogik, M.Ed. Wirtschaftspädagogik
    Umfang QT (participation requirements):
    Lernmaterialien, Literaturangaben (learning material, literature):
    Teilnehmerbegrenzung (participant limit):
    20 Personen
    Sonstige Hinweise (additional information):

    ​All in- and out-class activities will be in English.​

    Students who miss the first day without being officially excused, will be unregistered from the course​.

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