Everybody makes numerous decisions each and every day. Many of them are of minor importance, but some decisions require serious consideration. The course will teach students how to tackle these decisions. The concept is called Rational Decision Making. It is based on a model of a decision making process with seven phases. The course will highlight each and every phase and will then proceed with case studies. Thus, students will have the opportunity to apply their new knowledge to cases of practical decision making.

By the end of the course the students will have understood the concept of procedural rationality. They should be able to pass consciously through the phases of a decision making process while making use of the methodological recommendations of decision analysis.

• Eisenführ, F. / Weber, M. / Langer, Th.: Rational Decision Making, Berlin et al. 2010 
• Edwards, W. / Miles Jr., R.F. / von Winterfeld, D. (Edts.): Advances in Decision Analysis. Cambridge et al. 2007 
• Keeney, R.L.: Value-Focused Thinking. Cambridge et al. 1996