Decision theory / Organizational Economics

Questions of decision theory (Laux/Gillenkirch/Schenk-Mathes 2018) can be scrutinized with regard to individual decision situations or also in interactions with several decision makers. In individual decision theory, prescriptive theory offers support in deriving recommendations for action from axiom systems of rational action (for the elicitation of preferences cf. Köster/Schenk-Mathes 2019). Comparing these recommendations to real decision behavior, deviations are frequently found. Within the framework of descriptive decision theory, these deviations are determined by experimental studies, surveys and observations, and typical decision patterns are discovered and classified. If the aim is to avoid these biases, methods of decision support have to be developed and applied.

If several decision-makers are involved, new questions of coordination and cooperation arise. Both, the design of contractual relationships between companies in a value chain (Köster/Schenk-Mathes/Specht 2019, Köster/Schenk-Mathes 2016), but also the development of control and incentive mechanisms within companies (Erlei/Schenk-Mathes 2016) represent typical issues.