Course Syllabus

• Overview
• Class Readings
• Evaluation
• Short Papers
• Long Paper
• Quizzes
• Class Participation

Overview

In this class, we will review literature related to the psychology of judgment and decision making. We will discuss normative and descriptive theories of decision making and the empirical evidence that speaks to those theories. The topics covered include:

• Judgment and Choice under Certainty
  1. Framing and reference-dependence: endowment and status quo effects, loss aversion, framing effects
  2. Procedure-dependence and constructed preferences
  3. Context-dependence: contextual effects, decoy effects
  4. Comparison-dependence: disappointment and regret, grouping
• The Psychology of Probability and Uncertainty
  1. Judgmental heuristics
  2. Subjective probability: confidence and calibration
• Choice under Uncertainty
  1. Expected Utility Theory: Axioms, and violations
  2. Generalizations of expected utility theory
• Special Topics in Decision Making
  1. Decisions incorporating time
  2. The impact of emotions on decisions
  3. Social factors in decision making
  4. Perspectives on "rationality"

Class Readings:

Evaluation:

YYour grade in this class will be based on three short papers, one long paper, quizzes, and class participation. The breakdown is as follows:

Short Papers:

Every three weeks, you will submit a short paper elaborating on some aspect of the topics discussed in the preceding three weeks. Your goal in these papers should be to move beyond the literature discussed to start to develop a viable research proposal. These papers will typically involve some additional prior research (i.e., papers not covered in class) but should not emphasize this literature. (That is, your short paper is intended to be a research proposal, not a review. You should only spend time on the existing literature to the extent that it is necessary to understand the contribution of your proposal.)

Your short papers should involve both a set of nontrivial predictions and an conceptual overview of how these predictions can be tested. You may:

1. Propose situations in which an accepted theory may not apply. (Why will it not apply there? What are the critical moderators?)
2. Pit two or more (existing or original) theories against one another. (What does each predict? How might they be distinguished?)
3. Integrate two or more theories to increase their generality. (What new predictions would the new theory make, or what phenomena would it incorporate?)
4. Organize or integrate (or otherwise shed new light on) a set of empirical phenomena, such that interesting new predictions can be made.

These papers are expected to be approximately 3-5 pages in length. You are encouraged to discuss potential paper topics with Lyle and Alan prior to submission.

Long Paper:

For the long paper, you will more fully develop a viable research project related to one or more of the topics discussed in class. Unlike the short papers, this paper will involve a thorough discussion of the existing literature, a complete consideration of the underlying theory and predictions, and a more detailed exposition of your proposed methods. You may expand on, or integrate the topics addressed in your short papers in your long paper - or you may address a new topic. These papers should be no more than 20 pages in length.

Quizzes:

We will hold very short (5-10 minute) quizzes most weeks on the assigned reading material. These quizzes will ask fairly simple questions about the material, primarily to insure that students stay current in their reading.

Class Participation:

It is important that you prepare thoroughly for each class. Although some classes will involve lecture, all classes will have a substantial class discussion component. You should come prepared to discuss and respond to points in the papers, and to defend your positions. Asking relevant questions is also considered an important component of class participation. In some cases, we will assign students to review papers for the class. This is also part of participation.