The Psychology of Business Decisions (MKTG6104)

UNIT OF STUDY

Given limitations in their ability to process information, humans adopt a variety of heuristics or "rules of thumb" when making judgements or decisions regarding business problems, product choice and consumption options, and in their personal lives. The evolution of these heuristics over time has ensured that they produce generally good outcomes across a variety of contexts. However, they also lead to systematic, and sometimes substantial, errors in certain cases. This unit of study helps students understand biases in human decision making, and how they influence business and consumer decisions in everyday life. For each decision domain, the psychological heuristic is contrasted with the logical rule for producing an optimal outcome.

Our courses that offer this unit of study

Further unit of study information

Classes

1x 3 hr seminar per week

Assessment

major assignment (34%), mid session examination (15%), minor assignment (15%), class participation (4%), final examination (30%), and research component (2%)

Faculty/department permission required?

No

Unit of study rules

Prohibitions

MKTG5002

Study this unit outside a degree

Non-award/non-degree study

If you wish to undertake one or more units of study (subjects) for your own interest but not towards a degree, you may enrol in single units as a non-award student.

Cross-institutional study

If you are from another Australian tertiary institution you may be permitted to underake cross-institutional study in one or more units of study at the University of Sydney.