The Psychology of Business Decisions
MKTG6104
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 will help 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.
Unit of study details
Unit of study level: Postgraduate
Credit points: 6
Commencing semesters: 2
Further unit of study information
Unit of study handbook: MKTG6104
Costs and scholarships information: Costs and Scholarships
Final dates to withdraw from units of study: Census Dates
Available for study abroad and exchange: No