Research has established that we often fall prey to cognitive biases unknowingly, leading to us making suboptimum decisions. This module seeks to examine some of these biases and how they affect our decision making as we re-look at decision making theories (Game Theory).
In this module, we seek answers to the question of, “What constitutes a good decision and what makes for a good decision maker?”
We will also discuss the implications of these biases from the social welfare perspective and explores how we can overcome these biases.
Module Learning Outcomes
At the end of the module, students are expected to be able to:
Objectively assess the risks or uncertainties associated with the diferent outcomes of a decision
Identify common cognitive biases that can undermine an objective evaluation of outcomes
Apply various rational decision-making tools, including non-cooperative game-theoretic techniques to find the optimal choice(s).