Thinking, Judgement and Decision Making (PSYC90104)

The science of judgment and decision-making is an important emerging area of study incorporating elements of psychology and behavioral economic theory. This includes the cognitive basis of decision-making, preference formation, belief updating, and related cognitive processes, using methods from psychology, cognitive neuroscience, and economics. We will explore the biases and heuristics that can lead to bad decisions, the mechanisms of individual and group decision-making, and how we can make better decisions. We will examine “nudges” (e.g., choice architecture to encourage positive decisions), unconscious impacts on decision-making, and the latest in behavioral science to inform our understanding of judgment and decision-making. All of these theories will be discussed in relation to real-world decision scenarios.