LFU:online

First, students gain a basic understanding of concepts in decision theory, game theory, and, most importantly, behavioral decision making (Prospect Theory, behavioral biases, heuristics) in companies and markets. Moreover, students will learn principles of research about fairness and inequality and its impact on societal and economic decisions. 

Second, implications of individual decisions and preferences on a macro level will be discussed. Here, social preferences (fairness, altruism, trust), moral and ethical considerations play a central role. A special focus is also devoted to the role of negative externalities of economic behavior, particularly with respect to the climate crisis and ethical considerations of economic decision-making. The course offers a deeper understanding of microeconomic principles (with a special focus on behavioral economics) and their impact on a macro level.

Short introduction into decision- and game theory. A major focus is put on behavioral decision making (Prospect Theory, behavioral biases, heuristics). Another part is devoted to social preferences (trust, altruism, fairness) and how these preferences influence economic inequality, sustainability, the interplay of the climate crisis and economic decision, and ethical and moral considerations on a macro level.

Lecture with discussions, online and paper-and-pen experiments in class.

Written final exam, experiments, blog posts for a scientific blog in economic responsibility, short presentations.

see Curriculum

Please note that attendance is required on the first VU-unit as otherwise your course place is free for other students.