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ECON42630

Academic Year 2024/2025

Decision Theory (ECON42630)

Subject:
Economics
College:
Social Sciences & Law
School:
Economics
Level:
4 (Masters)
Credits:
5
Module Coordinator:
Dr Margaret Samahita
Trimester:
Spring
Mode of Delivery:
On Campus
Internship Module:
No
How will I be graded?
Letter grades

Curricular information is subject to change.

This module covers normative and descriptive theories of decision-making in multiple settings: under certainty, under uncertainty, under risk, over time, in strategic settings and in groups. Focus will be on the theoretical framework, namely utility theory, probability theory, game theory and social choice theory, which will be contrasted with approaches from behavioral economics. The content also includes philosophical discussions of decision-making such as the philosophy of probability, distributive justice and moral philosophy.

About this Module

Learning Outcomes:

Students will be able to:
- model decisions made in various settings using normative and descriptive theories of decision-making
- compare and contrast the predictions made using the different theories
- critically evaluate the evidence for and against the different theories

Indicative Module Content:

- Decision under certainty
- Decision under uncertainty
- Probability judgment
- Decision under risk
- Decision over time
- Decision in strategic settings
- Decision in groups

Student Effort Hours:
Student Effort Type Hours
Lectures

24
Autonomous Student Learning

100
Total

124

Approaches to Teaching and Learning:
The module will be delivered through lectures and in-class discussion of problem sets.

Requirements, Exclusions and Recommendations

Not applicable to this module.


Module Requisites and Incompatibles
Not applicable to this module.
 

Assessment Strategy  
Description Timing Component Scale Must Pass Component % of Final Grade In Module Component Repeat Offered
Exam (In-person): Class test 1 Week 7 Alternative linear conversion grade scale 40% No

50

 No
Exam (In-person): Class test 2 Week 12 Alternative linear conversion grade scale 40% No

50

 No

Carry forward of passed components
No
 

Resit In Terminal Exam
Summer Yes - 2 Hour
Please see Student Jargon Buster for more information about remediation types and timing. 

Feedback Strategy/Strategies

• Feedback individually to students, post-assessment
• Group/class feedback, post-assessment

How will my Feedback be Delivered?

After completion of assessment, students will be provided with individual grades.

An Introduction to Decision Theory by Martin Peterson (2013)
A Course in Behavioral Economics by Erik Angner (2016)
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