The Psychology of Economic and Business Decisions
| Code | School | Level | Credits | Semesters |
| BUSI2051 | Business | 2 | 10 | Autumn UK |
- Code
- BUSI2051
- School
- Business
- Level
- 2
- Credits
- 10
- Semesters
- Autumn UK
Summary
Much economic and business behaviour deviates from the traditional views of rationality, eg utility and profit maximisation. This module provides an overview of alternative views of decision making from behavioural economics and the economic psychology of individual choice. The focus is both on new methods of economic enquiry and the insights they have generated into economic and business decision making. These new approaches include: experimental and cognitive economics, neuroeconomics, economics of emotions and happiness, behavioural finance, cultural economics, social preferences and evolutionary psychology.
Target Students
Available to Part I and Part II students who are taking/have taken BUSI1100/BUSI1114 - Business Economics OR BUSI1095/BUSI1107/BUSI1117 - Introduction to Economics OR BUSI1097/BUSI1106/BUSi1115 - Economic Principles. Also available to Exchange students. Not available for Economics students.
Co-requisites
Modules you must take in the same academic year, or have taken in a previous year, to enrol in this module:
- Introduction to Economics (BUSI1095)
- Economic Principles (BUSI1097)
- Business Economics (BUSI1100)
- Economic Principles (BUSI1106)
- Introduction to Economics (BUSI1107)
Classes
- One 1-hour workshop
- One 1-hour seminar each week for 2 weeks
- One 2-hour lecture each week for 8 weeks
Assessment
- 20% Coursework 1: 300 words
- 80% Coursework 2: 2000 words
Assessed by end of autumn semester
Educational Aims
The aim of the module isto familiarise students with the theoretical concepts and insights the economics of psychology has generated and to enable students to apply these independently to business and management problems.Learning Outcomes
Knowledge and Understanding
This module develops a knowledge and understanding of:
• A coherent core of economic principles, including the microeconomics of decision and choice, production and exchange, economic welfare; the macroeconomics of employment, national income, the balance of payments, inflation, growth, and money.
• Understanding extends to economic policy, analytical methods and model-based argument.
• The applications of economics, in particular in the field of industrial, organizational and managerial economics.
• Ability to apply core economic theory and economic reasoning to applied topics.
• Understanding of verbal, graphical, mathematical and econometric
Intellectual Skills
This module develops:
• The ability to analyse and evaluate a range of business data, sources of information and appropriate methodologies, which includes the need for strong digital literacy, and to use that research for evidence-based decision-making
• Conceptual and critical thinking, analysis, synthesis and evaluation
Professional Practical Skills
This module develops:
• Numeracy and quantitative skills to manipulate data, evaluate, estimate and model business problems, functions and phenomena
• Self-analysis and awareness/sensitivity to diversity in terms of people and cultures. This includes a continuing appetite for development.
Transferable (key) Skills
This module develops:
• Building and maintaining relationships
• Emotional intelligence and empathy
• Subject-specific transferable skills including abstraction, analysis, deduction and induction, and problem framing.