Introductory description

This module introduces students to the foundations andprinciples of the scientific study of how consumers make decisions.

Module aims

Outline syllabus

This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.

Week 1: Introduction: the science of studying decisions 

Week 2: Consumer decisions in economics 

Week 3: Decisions under risk and uncertainty 

Week 4: Heuristics and biases 

Week 5: Prospect theory and reference-dependence

Week 6:  Mental accounting and financial decision-making

Week 7:  Decisions over time

Week 8:  Self-control and present bias

Week 9:  How experience shapes decisions

Week 10: Emotions and decisions

Learning outcomes

By the end of the module, students should be able to:

• Methods for studying consumer decision making 
• Understand different ways of modelling decision making 
• Impact of decision-making strategies on choices  
• Systematic biases in consumer decisions 
• Demonstrate logic and justification within skills of argument construction 
• Critically reflect on the scope and limits of human rationality 

Indicative reading list

Reading lists can be found in Talis

Interdisciplinary

The module is a core module in the interdisciplinary MSc Marketing and Consumer Behaviour which is co designed and taught by Behavioural Science and Marketing

Subject specific skills

Understanding the importance of using evidence to study decisions 

Gather and evaluate information effectively, judging the credibility, relevance, and limitations of evidence. 

Evaluating strengths and weaknesses of different sources of evidence 

Critical grasp of alternative ways of modelling consumer decision making

Transferable skills

Evaluate information and arguments objectively, using evidence and clear reasoning to form well supported judgments 

Analyse complex issues critically, identifying patterns, inconsistencies, and implications to reach informed conclusion