The purpose of this course is to inform future managers, consultants, and advisors of the psychological processes and biases underlying the decisions made by customers, competitors, colleagues, and themselves, with emphasis on how to incorporate such insights into business, marketing, and investing strategies. The seminar has two facets. First, it gives students a broad overview of important results from various behavioral sciences (e.g., behavioral decision research, social and cognitive psychology, consumer research) that clarify how people really make decisions (in contrast to the rational expectations model underlying classical economic theories). Second, it provides students with practical advice about applying these findings to topics in marketing, management, and finance (each the focus of approximately 1/3 of the class material).
Eric Schoenberg was a Columbia Business School faculty member from 2007 to 2013.