15.795 Behavioral Decision Theories and Applications
Introduces fundamental behavioral theories of human decision making and demonstrates how they impact the design of management strategies and policies. Topics include prospect theory, reference-dependence preferences, loss aversion, ambiguity aversion, regret, inter-temporal preferences, social preferences, cognitive hierarchy, bounded rationality, and adaptive learning. Studies these concepts in a wide range of applications, including pricing, supply chain management, social welfare, marketing, contract design, sustainability, and e-commerce. Discusses experimental methodologies to identify and measure various preferences and phenomena, as well as mathematical models to capture them in decision making. Content updated from year to year to include state-of-the-art research.
This class has no prerequisites.
This class counts for a total of 12 credits. This is a graduate-level class.
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