Decision Sciences: Game Theory, Psychology &Data Analysis

Description and course content

Strategic thinking, understanding psychological mechanism of decision-making, and evidence-based analysis are of utter importance in the world of business and government. Too many bad decisions are made because of a lack of understanding of basic incentives and decision-making, and proper analysis of data. The SBWL “Decision Sciences” trains students’ strategic thinking, psychological knowledge, and analytical capabilities in applied problem-solving. In a problem-based teaching approach, it shows students how to generate data to substantiate evidence-based managerial decision-making, properly analyze it and draw conclusions. It further trains them to understand the psychological basis of decision-making, to analyze the incentives of decision-makers and the market forces they are subjected to, and to predict their behavior.

The obtained competencies will prepare students directly for the job market. The main target audience are students who want to work and excel in positions with analytical and strategic roles. This includes consultants in all flavors like corporate finance (e.g. due diligence work), human resources (e.g. incentive systems), strategy consultancy (e.g. analysis of strategic market positioning), or supply chain management (process optimization and negotiation handling). It also includes corresponding roles within companies, like special assistant to management, key project managers, HR managers, data analytics specialists, risk management, forensic analysts, mergers and acquisitions, or supply chain management.

The SBWL “Decision Sciences” builds on the foundations provided in the STEOP/CBK (Grundlagen der BW/VW, Angewandte Mikorökonomik, Mathematik & Statistik) and the common BW courses (e.g. Personal, Führung, Organisation). The SBWL can provide important foundations for the study of other SBWLs (e.g. Entrepreneurship und Innovation, Unternehmensführung und Controlling, Personalmanagement, Verhaltenswissenschaftlich orientiertes Management, Data Science etc).

Structure and courses:

The SBWL Decision Sciences is completely taught in English. It comprises a set of six courses. All courses will be offered in each semester:

The following courses are compulsory, and you can visit them in the 1^st half of semester

• Empirical Data Analysis
• Game Theory I 
• Business Psychology I

Choose 2 out of 3 – they are offered in the 2^nd half of semester

• Game Theory II
• Business Psychology II
• Project/Advanced course

Migration options to the new SBWL Decision Sciences for students in old SBWL Strategy and Data

We offer all students in the SBWL Strategy and Data the opportunity to transfer to the SBWL Decision Sciences, if they wish. If they do, their already completed courses will be transferred as follows:

•  Strategy I -> Game theory I
• Data I -> no transfer (you keep your ECTS points, but won't be counted as a free elective)
• Strategy II -> Game theory II
• Data II -> Data analysis
• Project course -> Project/Advanced course

Students who choose to stay in the SBWL Strategy and Data will have time until the end of Winter Term 2022/23 to complete the SBWL

Perspectives

After the success completion of the SBWL, students are able to be familiar with different sources of empirical evidence and the appropriate methods to analyze them, demonstrate basic knowledge and understanding of game-theoretical tools and solution concepts. 

Furthermore, they can demonstrate an understanding of the underpinnings and core psychological concepts involved in managerial decision-making. 

In addition, students can analyze strategic situations and the incentives of players therein and decision-making behavior with respect to psychological aspects and biases. 

Bachelor thesis: 

You have the opportunity to write your bachelor thesis at the institute for markets and strategy. Further information are on the website of the institute. 

Access to Specialization:

First of all, you have to register for AG “Access to Specialization: Decision Sciences: Game Theory, Psychology, and Data Analysis in LPIS

Afterwards you must fill out the application form on the website http://www.wu.ac.at/ims

And upload your CV, performance record and motivational letter to LEARN@WU. 

Here you find the presentation of the specialization fair!