Learning Objectives:

The students know the process of human judgement and decision‐making behavior in practice and are in a position to distinguish these from normative decision‐making models. They can describe both the micro and macroeconomic consequences of the underlying behavioral approaches. Students understand under which conditions specific aspects of human decision‐making emerge. Furthermore, they are familiar with strategies with which targeted action can be taken to affect the architecture of decisions, in order to promote specific patterns in decision‐making.

  • Introduction to Managerial Decision Making
  • Overconfidence
  • Common Biases
  • Bounded Awareness
  • Framing and Reversals of Preference
  • Motivational and Emotional Influences on Decision Making
  • The Escalation of Commitment
  • Fairness and Ethics in Decision Making
  • Common Investment Mistakes
  • Making Rational Decisions in Negotiation
  • Negotiator Cognition
  • Improving Decision Making


Students complete this module by passing a written exam, which comprises 90 minutes or Students have the option to participate in a presentation instead of the written exam. Teams will be no more than 2 students each. (preferred teams for 1-week program).

HSF Module Description: