September 30 – October 4, 2019

In 1992, Frank Gallucci founded Whitestone Associates, a boutique investment banking firm which facilitates transactions in niche markets. He has over 25 years of global business experience in the areas of strategic planning, international business development, acquisitions and divestitures. Frank’s educational background includes: MBA and MS, Hofstra University, and BS, State University of New York. Frank is an adjunct Professor at Adelphi University’s Graduate School of Business and Steven’s Institute of Technology. Frank also sits on Business School advisory boards of Adelphi University and Steven Institute of Technology. He is also on the advisory board of The Spirit of Huntington, a not-for-profit that utilize art to support individuals with special needs.

Learning Objectives:

The students know the process of human judgement and decision‐making behaviour in practice, and are in a position to distinguish these from normative decision‐making models. They are able to describe both the micro and macroeconomic consequences of the underlying behavioural 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

Teaching Methods: In-Class and Self-Study. This module contains topics that enhance the contents of the subject areas Digital Management and General Management.

Assessments: Students complete this module by passing a written exam, which comprises 90 minutes. Students have the option to participate in a team presentation instead of the written exam. Teams will be no more than 2 students each.

Literature: [Will be provided by the instructor]

High-Stakes Decision Making

Schedule: Sep 30, 2019 until Oct 4, 2019 Monday, Tuesday, Wednesday, Thursday and Friday from 9.00am to 1.00pm at Hochschule Fresenius New York.

12 E 41 Street, 15th Floor, New York, NY 10017

9.00am Coffee + Pastries followed by Behavioral Decision Making9.00am Behavioral Decision Making9.00am Behavioral Decision Making
Visiting Lecture: Charles Grinnell
9.00am Behavioral Decision Making9.00am Behavioral Decision Making
4.30pm One World Observatory [the highest point in New York City]11.00am Intro to Design Thinking @ Hasso Plattner Institute New York6.45pm (for pre-show) Amateur Night @ Apollo Theater12.30pm Farewell Luncheon @ Yale Club of New York City. Click here for the club’s Dress Code.

Suggested Reading:

  • Bazerman, Max; Moore, Don (2013): Judgment in Managerial Decision Making, 8th edition, Boston
  • Ariely, D. (2008): Predictably Irrational, New York
  • Ariely, D. (2010): The Upside of Irrationality. The Unexpected Benefits of Defying. Logic at Work and at Home, New York
  • Baron, J. (2008): Thinking and Deciding, 4. Aufl., New York
  • Gigerenzer, G., Hertwig, R., & Pachur, T. (Hrsg.) (2011): Heuristics: The Foundation of Adaptive Behavior, Oxford
  • Kahneman, D. (2011): Thinking, fast and slow, 15. Aufl., New York
  • Thaler, R., & Sunstein C. (2009): Nudge – Improving decisions about health, wealth and happiness, London

Please fill out the above link once you have completed the course!

Behavioral Decision Making [pdf]