Course period: 2.
Year of study: 2
Compulsory module
The aim of the course is to acquire knowledge of deviations from rational expectations in the understanding of behavioral economics, based on knowledge of decision theories, by integrating knowledge from economics and psychology, as well as the application of principles of behavioral economics in solving decision problems in business practice.
Brief module description
The course focuses on behavioral economics, its origin, development, and the theories that explain how people actually make decisions. Students will learn to identify different types of decision‑making processes, understand their structure, apply multi‑criteria evaluation, and distinguish between individual and group decision‑making. They will become familiar with the concept of bounded rationality and understand the psychological barriers, heuristics, biases, and errors that influence decisions. The course also covers prospect theory and behavioral finance, which highlight deviations from traditional economic models. Students will be able to apply this knowledge to analyze human behavior in marketing, trade, public administration, and other practical fields.
