We offer students the chance to obtain a minor in the area of Behavioural Business. Behavioural business refers to behavioural economics as applied to different business and policy domains.
Our minor consists of 4 courses and is currently the first of its kind in Victoria:
This course provides you with an introduction to behavioural economics, the cutting-edge economics discipline that draws on insights and methods from other social sciences including psychology, sociology and anthropology to better understand economic and business decisions.
You will focus on new methods of enquiry and the theories and insights that they generate. The aim is to provide you with skills and knowledge to enable you to apply these methods and theories to real world economic, business and policy issues.
2. ECON1341 Psychology for Business Decisions
This course covers aspects of human psychology that are essential for business to understand the decisions of various stakeholders, including competitors, customers, shareholders, employees, partners and regulators. You will discover how people in business and the economy make decisions individually and in groups, as well how they are affected by these decisions.
The focus will be on the cognitive and social processes that underlie decision making by individuals and by businesses. Topics will include judgment, perception and attention, information processing, motivation, affect emotion, as well as attitude formation and change. Insights from these topics will be applied to practical issues across the business domain, including marketing, finance, management and strategy, and how business decision making affects society and the environment.
Success in business is about making good decisions. This can be very challenging under “strategic interdependence” – the influence of competitors, business partners, customers, shareholders and government on each other. This course introduces tools to address strategic choice from business economics and psychology.
Game theory provides you with the tools to recognise and understand strategic situations, to predict others’ behaviours and to design appropriate strategic and tactical responses. Psychology enriches the theory with insights about how people make strategic decisions in practice. Knowledge of these approaches helps decision makers to be better informed through systematic and evidence-based thinking. In this course, you will be introduced to these approaches and their application to business problems and managerial decision making. You will also become familiar with main theoretical concepts and tools and their application in hands-on and case-based analysis.
4. ECON1338 Behavioural Business for Organisational Design
This course examines modern, complex businesses from a behavioural perspective while also exploring a firm’s internal organisation, boundary and growth. It covers issues such as why firms exist, how they are organised internally, what their scope is and what motivates their managers and employees.
Understanding the nature and role of modern economic organisation is crucial for the design and operation of any successful business. This course applies theoretical concepts to practical issues in business decision making, strategy and organisational design in a professional context.