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OIT 605: Behavioral Operations Management

Behavioral Operations incorporates insights from cognitive psychology, social psychology and behavioral economics to study how individuals make decisions in an operational context. Two major goals of Behavioral Operations are to provide a better understanding of (and make better predictions about) behavioral regularities in operational settings, and to provide guidance to firms on how to design mechanisms that will lead to better decisions and improved performance. This course has several aims: (1) To survey foundational research from economics and psychology on important behavioral factors such as bounded rationality and decision heuristics, folk intuitions about random processes, preference regularities such as loss aversion and reference dependent preferences, and interpersonal factors such as trust and fairness. (2) To apply behavioral insights to core operational settings such as inventory decision making, queueing systems, supply chain relationships, contracting, etc. (3) To discuss how to conduct behaviorally-inspired research using a range of methodologies including analytical modeling, laboratory and field experiments, and observational empirics. There will be a particular emphasis on laboratory experimental design, and in in many cases we will examine series of experiments to see how experiments can build on each other ¿ especially when researchers with different theoretical predispositions look at the same issue. Our goal is to help students identify behavioral issues to incorporate into their research interests, as well as opportunities to engage in experimental research as an extension of their current research agenda. This course meets the behavioral requirement for OIT PhD students.
Terms: Aut | Units: 2
Instructors: Plambeck, E. (PI)
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