Experiments for Decision Making in Business and Policy
||Dr David Comerford
||40% Coursework, 60% examination
MODULE INTRODUCTION, AIMS AND OBJECTIVES
Increasingly, policymakers and business strategists are looking for evidence-based arguments to justify decisions. There are three issues that make this module useful to students at the School of Management.
- In the digital age it is very feasible for firms and social entrepreneurs to pilot test their business strategies.
- Data is rapidly accumulating from experiments that show more effective ways to achieve business and policy goals than would be predicted by the standard economic models. At the same time, there are myriad psychological theories, some contradictory, making it hard for practitioners to predict behaviour based on theory. This module aims to systematize findings from the judgment and decision making literature; to identify anomalous findings that require further research; and to equip students with the skills to undertake that research.
- Evidence-based decision-making will outperform misapplied theories and trial-and-error in the long run and so an effective manager or policymaker needs to be aware of biases and to have the skills to test her theory.
LEARNING OUTCOMES AND SKILLS DEVELOPED
RECOMMENDED READING LIST
The core text book for this module is:
Kahneman, D. (2011). Thinking, fast and slow. Macmillan.