Consumers choose the kind of product they prefer.
Organizational participants make decisions concerning the success of the organization.
The purpose of this course is to illustrate the study of decision making behavior by introducing various theories contributed by economists and psychologists. The first couple of weeks will be devoted to the concepts of decision making assumed by early researchers, such as rational choice, expected utilities and Bayes's theorem. Then the challenging psychological experiments will be discussed. More approaches to rationality, such as bounded theories, ecological theories will also be discussed. Additionally, other cognitive aspects of information processing relevant to the decision making behavior will be concluded as well.