d163559 Decision-Making in Economics, Business, and Politics

CEVRO University
fall 2023
Extent and Intensity
24/24/0. 7 credit(s). Type of Completion: zk (examination).
Teacher(s)
PhDr. Pavel Pšeja, Ph.D. (lecturer)
William Gallagher (lecturer)
Guaranteed by
PhDr. Pavel Pšeja, Ph.D.
Department of Economics – Departments – President – CEVRO University
Timetable
Wed 15:30–16:50 Učebna 208/B, Wed 17:00–18:20 Učebna 208/B
  • Timetable of Seminar Groups:
d163559/cviceni: No timetable has been entered into IS.
Prerequisites (in Czech)
Hi Everyone, Welcome to the introductory page for “Decision Making in Economics, Business and Politics” for the Fall 2023 semester! As summer starts to draw to a close, I figured it was time to post an introductory message. I tip my hat to all of you for signing up for this section and I look forward to a very productive semester. This section will begin Thursday, October 5th. Listed below is the “course syllabus”. It summarizes the key points, objectives, expectations, etc. It is subject to change, but summarizes the general course structure, what you'll be graded on, and philosophy as far as what we hope to accomplish. Lecture classes will be 80 minutes, held every Thursday. Review it at your convenience, but please review it before the first class. The first day we’ll spend a little time getting acquainted - I've spent the past four years as a college instructor, and prior to that over 40 years in the business world, including three start-ups; so if you want to discuss business issues and topics not covered in the text, just ask. Education isn't just limited to the textbook. To see students go out and be successful in the business world is (or should be) the “Holy Grail” of teaching. And whether you’re the CEO of Microsoft, or the leader of the nastiest street gang in Los Angeles, they both have one thing in common: “you got to put in the work”. I’m here to help you with that and see all of you be successful, so please come visit me for assistance if you ever get stuck on any topic. Primarily we'll use the first week to get settled in, get to know each other, and discuss the additional details around the course. There will be a quiz assignment, but it will be true/false or multiple choice – the purpose is to just gain a little intuitive feel around the basic fundamentals of statistical analysis and how It relates to Business, Economics, and Politics.
Course Enrolment Limitations
The course is offered to students of any study field.
Course objectives (in Czech)
This course has two main goals. First, to provide students with a comprehensive overview of decision theory and its applications to economics, business, and politics. This approach has gained increased attention from academics and the lay public in the last few decades, as evidenced by the two "Nobel Prizes" awarded in economics. Second, human decision-making research in these areas is inextricably linked to the experimental methods introduced to economics in the 1960s by Vernon Smith (also a "Nobel Prize" winner in economics). In order for male and female students to fully penetrate the laws of human decision-making, they will be able to try out several experiments themselves and their subsequent evaluation and interpretation within the seminars. As a decision maker, you will need to access, analyze and share data to support your decisions. One of the course objectives is to develop your knowledge of basic statistical techniques and methods, and apply them to help you make successful decisions.
Syllabus (in Czech)
  • Introduction to the course An Introduction to Human Decision Making (Identify goals, identify data collection methods, biases, and presuppositions) Methodology for the study of human decision-making (SWOT Analysis, Cost/Benefit Analysis Decision Matrix, Pros and Cons list, etc.) Decision making in time (“the key to making decisions is not to make them quicky, but to make them at the proper time”. For example, ten search engines existed before Google was released; Google learned from everyone else’s mistakes and became the market leader, a position they never relinqished). Conversely, in my 35 years in Los Angeles, “The Grilled Cheese Truck had massive success and a rabid following, as they benefited from “First Mover Advantage”. That market soon became saturated, but they cashed in at a tidy profit). Decision making in a social context (collaborative effort creates shared perspectives, including potential pitfalls) Decision making in management (define tactical vs. strategic decision-making, and the importance of each). Decision making in politics (see lecture #4). Based on personal interaction with 7+ US Senators and 20+ House Representatives, getting reelected appears to be priority #1; setting constituent and legislative priorities quickly follows that; we will view that through the lens of statistical analysis. Decision making in public policies (agenda setting, formulation, implementation, and evaluation.)
Literature
    required literature
  • Field, A., & Hole, G. (2002). How to design and report experiments. Sage.
    recommended literature
  • Lind D., Marchal W. & Wathen S: Statistical Techniques in Business and Economics. 18th Ed. McGraw-Hill
  • Cottam, ML, Dietz-Uhler, B., Mastors, E., Preston, T. (2010). "Introduction To Political Psychology (p.273)" (2nd ed.). New York, NY: Psychology Press.
  • Smith, V. L. (2018). A Life of Experimental Economics, Volume II: The Next Fifty Years. Springer.
  • Thaler R (2015): Misbehaving – the Making of Behavioral Economics. W. W. Norton and Company
  • Gjerstad, SD, & Smith, VL (2014). Rethinking housing bubbles: The role of household and bank balance sheets in modeling economic cycles. Cambridge University Press.
  • Choi, SJ, & Pritchard, AC (2003). Behavioral Economics and the SEC. Stanford Law Review , 1-73.
  • Smith, V. L. (2018). A Life of Experimental Economics, Volume I: Forty Years of Discovery. Springer.
Assessment methods (in Czech)
Seminar work and its defense, written test, and oral exam.
Language of instruction
Czech
Further Comments
Study Materials
The course can also be completed outside the examination period.
The course is also listed under the following terms summer 2020, fall 2020, fall 2021, fall 2022.
  • Enrolment Statistics (recent)
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