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Behavioral Economics


Module name (EN):
Name of module in study programme. It should be precise and clear.
Behavioral Economics
Degree programme:
Study Programme with validity of corresponding study regulations containing this module.
Business Psychology, Bachelor, regulation 01.10.2026
Module code: BWP-302
SAP-Submodule-No.:
The exam administration creates a SAP-Submodule-No for every exam type in every module. The SAP-Submodule-No is equal for the same module in different study programs.
P470-0014
Hours per semester week / Teaching method:
The count of hours per week is a combination of lecture (V for German Vorlesung), exercise (U for Übung), practice (P) oder project (PA). For example a course of the form 2V+2U has 2 hours of lecture and 2 hours of exercise per week.
4VU (4 hours per week)
ECTS credits:
European Credit Transfer System. Points for successful completion of a course. Each ECTS point represents a workload of 30 hours.
5
Semester: 3
Mandatory course: yes
Language of instruction:
German
Assessment:
Written exam

[updated 09.11.2026]
Applicability / Curricular relevance:
All study programs (with year of the version of study regulations) containing the course.

BWP-302 (P470-0014) Business Psychology, Bachelor, regulation 01.10.2026 , semester 3, mandatory course
Workload:
Workload of student for successfully completing the course. Each ECTS credit represents 30 working hours. These are the combined effort of face-to-face time, post-processing the subject of the lecture, exercises and preparation for the exam.

The total workload is distributed on the semester (01.04.-30.09. during the summer term, 01.10.-31.03. during the winter term).
60 class hours (= 45 clock hours) over a 15-week period.
The total student study time is 150 hours (equivalent to 5 ECTS credits).
There are therefore 105 hours available for class preparation and follow-up work and exam preparation.
Recommended prerequisites (modules):
None.
Recommended as prerequisite for:
Module coordinator:
Prof. Dr. Markus Münter
Lecturer: Prof. Dr. Markus Münter

[updated 22.05.2026]
Learning outcomes:
After successfully completing this course, students will be able to:
- explain, describe, and contextualize fundamental concepts and topics in behavioral economics,
- apply models to explain individual and collective decisions, taking into account psychological heuristics and biases,
- classify key areas and methods of experimental economic research,
- explain the significance of cognitive psychology and bounded rationality for microeconomic theory and for real-world markets,
- use the knowledge they have acquired to independently address minor behavioral economics questions in the form of real-world case studies and experiments.


[updated 09.11.2026]
Module content:
Microeconomic decision theory (expected utility theory, Homo economicus) and its limitations
Risk and uncertainty in human decision-making
Psychology in markets (behavioral anomalies, price formation, and market-driven deregulation versus government nudging)
Bounded rationality, heuristics, and cognitive biases in the human decision-making process
Approaches to behavioral management (behavioral strategy, cognitive abilities of leaders, debiasing)
Fundamentals of game theory and behavioral game theory
Fundamentals of behavioral finance (anomalies in financial markets, speculative bubbles, investor behavior)

[updated 09.11.2026]
Recommended or required reading:
Ben-David, I. / Graham, J. R. / Harvey, C. R. (2007): Managerial overconfidence and corporate policies, Working Paper 13711, National Bureau of Economic Research (NBER).
Camerer, C. F. / Loewenstein, G. / Rabin, M. (Hrsg.) (2011): Advances in behavioral economics, Princeton (Princeton University Press).
DellaVigna, S. (2009): Psychology and economics: evidence from the field, Journal of Economic Literature, Vol. 47, No. 2, S. 315-372.
Garbuio, M. / Lovallo, D. / Ketenciouglu, E. (2014): Behavioral economics and strategic decision making, in: The Oxford Handbook of Managerial Economics, Oxford/Boston, S. 204-226.
Kahneman, D. (2003): Maps of bounded rationality: psychology for behavioral economics, American Economic Review, Vol. 93, No. 5, S. 1449-1475.
Kahneman, D. (2011): Thinking, fast and slow, Princeton.
Münter, M. T. (2025): Mikroökonomie, Wettbewerb und strategisches Verhalten, Tübingen (Mohr Siebeck).
Powell, T. C. / Lovallo, D. / Fox, C. R. (2011): Behavioral strategy, Strategic Management Journal, Vol. 32, No. 13, S. 1369-1386.
Thaler, R. H. (2015): Misbehaving: the making of behavioral economics, New York (W. W. Norton & Company).
Wilkinson, N. / Klaes, M. (2017): An Introduction to Behavioral Economics; Palgrave MacMillan.

[updated 09.11.2026]
 
[Sun Nov 15 00:34:49 CET 2026, CKEY=wvv, BKEY=wpsy, CID=BWP-302, LANGUAGE=en, DATE=15.11.2026]