Making Decisions

Catalog description

Life is full of decisions. Some decisions are made rationally, others could be improved. This course considers the psychology of human decision-making, the analysis of optimal decision-making, and implications for individual action and social policy. Topics include: chance and preference (e.g., how do consumers weigh attributes when making purchases?); the value of information (e.g., when should physicians order expensive diagnostic tests?); risky choice (e.g., is it rational to play the lottery?).