Learn to make sound economic decisions
Description
This course will equip students with the necessary tools to perform a proper analysis of decision problems, representing these problems in decision trees or matrices. This will allow them to accurately compare different alternatives using the expected profit maximization method and make sound economic decisions.
During the course, you will learn to calculate the value of perfect and imperfect information, enabling you to make better decisions. You will also analyze the impact of the decision-maker's risk stance on those decisions. Finally, you will examine the latest advances in decision theory from other fields, such as psychology, by renowned authors like Kahneman and Thaler, Nobel laureates in Economics, whose contributions enrich our understanding of decision-making.
If your job often involves making financial decisions, or if you want to strengthen your knowledge of these types of decisions for your future career or personal life, this is the course for you! We'll teach you how to properly analyze decision problems, compare different alternatives using the expected profit maximization method, and make sound financial decisions. Sign up now!
What you will learn
In this course you will learn about:
- Applicable criteria in decision making
- The value of perfect information
- The value of imperfect information
- Approaches to risk in decision-making
- Contributions from psychology to economic decision-making
Faculty
Juan Carlos Aguado Franco
King Juan Carlos University
Tenured Lecturer in the Department of Economic Analysis at Rey Juan Carlos University in Madrid. He holds a degree in Economics from the Autonomous University of Madrid (UAM), a Master of Science from the Agronomic Institute of Montpellier, France, and a PhD in Economics from Rey Juan Carlos University. Since 2002, he has been a professor at Rey Juan Carlos University, and previously taught for eight years at Carlos III University of Madrid, five years at Alfonso X "El Sabio" University, and one year at the Polytechnic University of Madrid. He has been a visiting professor at the University of Costa Rica and ORT University in Montevideo, Uruguay. He is the author of the books "Basic Lessons in Economics," "The Financial Management of Tourism Companies" (Paraninfo Publishers, Madrid), "Decision and Game Theory," "Fundamental Course in Microeconomics" (Delta Publications, Madrid), and "Understanding Microeconomics" (Pirámide, Madrid).
Frequently Asked Questions
What type of audience might be interested in taking the MOOC?
What can it be used for?
What certification do I get if I complete it?
You will be able to obtain the MOOC completion certificate once you have completed all the required course activities. The certificate will confirm your successful completion of the MOOC and will include the total number of hours.
How can I register?
To enroll in this course, simply log in or create your account and then click on the Start.
Which browsers are compatible with a URJC MOOC?
Current versions of Chrome, Firefox, Safari, or Internet Explorer version 9 or higher.
What happens if I have to drop out of a MOOC? Will I be able to re-enroll in a future edition of the same MOOC and/or another MOOC in the future?
Enrollment and participation in a URJC MOOC is free. There are absolutely no academic penalties for dropping out. You can enroll in the same MOOC and/or others (as long as they are still being offered) at a later time.
When does my MOOC start and end?
This MOOC is designed to be self-paced. You don't need to start at a specific time, although a learning pace of one topic per week is recommended.
How do I pass the course?
At the end of each module you will be assessed with a test on the basic concepts learned.
RAC credit validation
If you are an undergraduate student at Rey Juan Carlos University, you must register for the course using your university account (@alumnos.urjc.es) to receive RAC credits upon successful completion. Credits will not be awarded to students who completed the course using an account other than their URJC account or who are not currently enrolled in an undergraduate degree program.
🙋 You won't need to request the recognition, as it will appear automatically.
- 6 Sections
- 35 Lessons
- 20 Hours
- 1. Decision-making process7
- 1.1Applicable criteria in decision making
- 1.2Modification of probabilities that implies a change of decision
- 1.3Optimal choice according to the criterion of maximizing expected value - Tree representation
- 1.4Information in a poker game
- 1.5Optimal choice according to the criterion of maximizing expected value – Matrix representation
- 1.6Calculating the value of an unknown payoff so that one alternative is preferred over another
- 1.7Module Exam
- 2. The value of perfect information7
- 2.1The value of perfect information
- 2.2Calculation of the expected monetary value with perfect information (EMV)
- 2.3Value of partial perfect information
- 2.4Value of perfect information with more than one variable
- 2.5Calculating the value of perfect information (VIP)
- 2.6Calculation of the value of perfect information (VIP) in matrix representation
- 2.7Module Exam
- 3. The value of imperfect information7
- 4. Positions towards decision-making7
- 5. Behaviors that contradict the theory7
- Final Exam0
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