Psychologie des Unternehmertums und Wandels

After sucessfully completing this module, students will understand how fundamental psychological theories of decision-making under uncertainty, complex interdependence, and intertemporal dynamics can help explain the behavior of individuals who drive change, such as entrepreneurs, innovators, and social activists. They will have developed a basic understanding of the key psychological and behavioral economics theories related to decision-making under risk, uncertainty, and with intertemporal consequences. Students will be able to identify and explain critical patterns of thinking and decision-making in workplace contexts. Students will also be able to apply these theories to real-world situations.

• Data collection (allowing lectures and seminars to use student data as a basis for discussion)
• Written examination, 90 minutes

• Bernardo, A. E., & Welch, I. (2001). On the evolution of overconfidence and entrepreneurs. Journal of Economics & Management Strategy , 10 (3), 301-330.
• Bönte, W., Urbig. D. (2019) Connecting People and Knowledge: Knowledge Spillovers, Cognitive Biases, and Entrepreneurship (Chapter 34). In: E. E. Lehmann, M. Keilbach (eds.), From Industrial Organization to Entrepreneurship. Springer, pp. 385-397.
• Crant, J. M. (2000). Proactive behavior in organizations. Journal of Management, 26(3), 435-462.
• Ellsberg, D. (1961). Risk, ambiguity, and the savage axioms. The Quarterly Journal of Economics , 75(4), 643-669.
• Evans, J. S. B., & Stanovich, K. E. (2013). Dual-process theories of higher cognition: Advancing the debate. Perspectives on Psychological Science, 8(3), 223-241.
• Fehr, E., & Schmidt, K. M. (1999). A theory of fairness, competition, and cooperation. The Quarterly Journal of Economics , 114(3), 817-868.
• Fox, C. R., & Tversky, A. (1995). Ambiguity aversion and comparative ignorance. The Quarterly Journal of Economics , 110(3), 585-603.
• Frederick, S., Loewenstein, G., & O'donoghue, T. (2002). Time discounting and time preference: A critical review. Journal of Economic Literature , 40(2), 351-401.
• Kahneman, D., Tversky, A. (1979). Prospect theory: An analysis of decisions under risk. Econometrica , 47, 278.
• Loewenstein, G. F., Weber, E. U., Hsee, C. K., & Welch, N. (2001). Risk as feelings. Psychological Bulletin, 127(2), 267–286.
• Ostrom, E. (2000). Collective action and the evolution of social norms. Journal of Economic Perspectives , 14(3), 137-158.
• Read, D., Loewenstein, G., Rabin, M., Keren, G., & Laibson, D. (2000). Choice bracketing. In S. Barbera, P. Hammond, & C. Seidl (Eds.), Elicitation of Preferences (pp. 171–202). Springer.
• Samuelson, W., & Zeckhauser, R. (1988). Status quo bias in decision making. Journal of Risk and Uncertainty , 1 (1), 7-59.
• Simon, H. A. (1955). A behavioural model of rational choice. The Q uarterly J ournal of E conomics , 69 (1), 99-118.
• Staw, B. M. (1981). The escalation of commitment to a course of action. Academy of Management Review , 6 (4), 577-587.
• Thaler, R. (1985). Mental accounting and consumer choice. Marketing Science , 4(3), 199-214.
• Trigeorgis, L., & Reuer, J. J. (2017). Real options theory in strategic management. Strategic Management Journal , 38(1), 42-63:
• Tversky, A., & Kahneman, D. (1973). Availability: A heuristic for judging frequency and probability. Cognitive Psychology , 5(2), 207-232.
• Tversky, A., & Kahneman, D. (1991). Loss aversion in riskless choice: A reference-dependent model. The Quarterly Journal of Economics , 106 (4), 1039-1061.

The module is open to both Bachelor’s and Master’s students

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