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PS918: Psychological Models of Choice (2022/23)

Module Code:

PS918

Module Name:

Psychological Models of Choice

Module Credits (CATS):

10 (ESRC-only), 15

 

Module Convener

Emmanouil Konstantinidis

Module Teachers

Emmanouil Konstantinidis

 

Module Aims

The main aim of this module Psychological Models of Choice is to review theories of individual choice. Core empirical results in the decision-making literature will be reviewed and their theoretical implications explored.

The module will cover the major theories of choice, with emphasis upon choices involving risk and time. Secondary aims include developing criticisms of methodologies, the ability to implement mathematical models of decision making, and appreciation of the strengths and weaknesses of different theoretical approaches.

Learning Outcomes

By the end of the module, students should be able to:

  • Read, understand, and critically evaluate academic articles that report models of choice
  • Describe and discuss the strengths and weaknesses of the most important models of individual choice
  • Implement a mathematical model of individual choice; understand and analyse the relation between theory and data
  • Describe and evaluate the appropriateness of key experimental methods for testing models of decision making
  • Understand the theoretical importance of core, critical empirical results in decision making

Assessed by:

  • All elements of the assessment

  • All elements of the assessment

  • Modelling assignment

  • All elements of the assessment
  • All elements of the assessment

 

Module Work Load

Module Length

9 weeks

Lectures

9 lectures of 2 hours each

Practical classes

5 practical classes of 2 hours each

Attendance

Attendance at lectures and practical classes is compulsory

Module Assessment - 10 CAT version (ESRC-only)

Assessed work:

Modelling assignment – involving programming a computational model of choice, applying the model to data, and writing a 2000-word report

Weighting:

50%

Exams:

Class Test 1 – short- and medium-length answers

Class Test 2 – short- and medium-length answers

Class Test 3 – short- and medium-length answers

Weighting:

16%

17%

17%

Module Assessment - 15 CAT version

Assessed work:

Modelling assignment – involving programming a computational model of choice, applying the model to data, and writing a 2500-word report

Weighting:

55%

Exams:

Class Test 1 – short- and medium-length answers

Class Test 2 – short- and medium-length answers

Class Test 3 – short- and medium-length answers

Weighting:

15%

15%

15%

 

Module Programme

Topics covered on the course will likely include:

  • Introduction to cognitive modelling
  • Psychological Models of Risky Choice
  • Evidence Accumulation models
  • Heuristics
  • Information Biases
  • Emotion and arousal
  • Big Data & Choice models
  • Decision by sampling

 

Module Reading List

Ariely, D. (2008). Predictably irrational. The hidden forces that shape our decisions. New York: Harper.

Baron, S. (2008). Thinking and deciding (4th ed.). Cambridge, England: Cambridge University Press.

Busemeyer, J. R., & Townsend, J. T. (1993). Decision field theory: A dynamic-cognitive approach to decision making in an uncertain environment. Psychological Review, 100, 432–459.

Kahneman, D. (2011). Thinking, fast and slow. New York: Macmillan.

Kahneman, D., & Tversky, A. (2000). Choices, values and frames. New York: Cambridge University Press & the Russell Sage Foundation.

Lichtenstein, S. & Slovic, P. (2006). The construction of preference. Cambridge, UK: Cambridge University Press.

Newell, B. R., Lagnado, D. A., & Shanks, D. R. (2007). Straight choices: The psychology of decision making. Hove, UK: Psychology Press.