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HU Credits:
3
Degree/Cycle:
2nd degree (Master)
Responsible Department:
Business Administration
Semester:
2nd Semester
Teaching Languages:
Hebrew
Campus:
Mt. Scopus
Course/Module Coordinator:
prof. Ella Segev
Coordinator Office Hours:
Mondays 16:30-17:30
Teaching Staff:
Prof Ella Segev
Course/Module description:
Course description:
The course will introduce the fundamental approaches to modeling decision making and their applications.
Course/Module aims:
Learning outcomes - On successful completion of this module, students should be able to:
Learning outcomes
On successful completion of this module, students should be able to analyze problems of decisions making using the different approached that will be introduced.
Attendance requirements(%):
80
Teaching arrangement and method of instruction:
Course/Module Content:
Course content:
Expected Utility Theory
Preference relations and their properties
Axioms of expected utility
von-Neuman Morgenstern’s expected utility theory
Risk aversion/ Risk loving
The value of information in decision making
Decision trees
Blackwell’s theorem
Collective decision theory
Aggregation of Preferences
Social choice functions
Arrow’s Impossibility theorem
Axioms of revealed preferences and their relationship with expected utility
Tversky and Kahneman’s criticism on expected utility
Prospect theory
Behavioral decision making - Biases in decision making
Required Reading:
None
Additional Reading Material:
Additional reading material:
“Decision Making under Uncertainty” by Tapan Biswas, Mcmillan Press LTD.
“An Introduction to Decision Theory” by Martin Peterson, 2nd edition, Cambridge University Press
“A Primer in Social Choice Theory” by Wulf Gaertner, Oxford University Press
“The Analytics of Uncertainty and Information” by Sushil Bikhchandani, Jack Hirshleifer and John G. Riley, 2nd edition, Cambridge University Press
Grading Scheme :
Written / Oral / Practical Exam / Home Exam 80 %
Active Participation / Team Assignment 5 %
Submission assignments during the semester: Exercises / Essays / Audits / Reports / Forum / Simulation / others 15 %
Additional information:
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