| CODE | MGT5919 | ||||||||
| TITLE | Psychology of Risk | ||||||||
| UM LEVEL | 05 - Postgraduate Modular Diploma or Degree Course | ||||||||
| MQF LEVEL | 7 | ||||||||
| ECTS CREDITS | 5 | ||||||||
| DEPARTMENT | Business and Enterprise Management | ||||||||
| DESCRIPTION | This unit provides a detailed overview of the empirical research that has been conducted on the psychology of risk and to piece together the theoretical and practical implications of the data. It is not the intention of this study-unit to present a single theoretical model or standpoint but instead to be critically inclusive; thus it will offer a review of the full variety of explanations that have been developed and to represent their respective pros and cons. There is no single theoretical mammoth than can currently encompass all of the interesting questions concerning the psychology of risk and perhaps there will never be. This is because risk and its corollaries are so multi-faceted. However, there are many medium-range explanatory models and these are all considered in this study unit. Study-unit Aims: This study-unit has three specific aims: 1. To present a critical overview of the wide array of models encapsulating the psychology of risk; 2. To highlight the close affinity between the perception of risk and psychological processes (e.g. emotions, decision making, attention overload); 3. To explain the dynamics of risk in a practical contexts. Learning Outcomes: 1. Knowledge & Understanding By the end of the study-unit the student will be able to: 1. Describe the essential components underlying the psychology of risk; 2. Demonstrate a wide critical understanding of the various models underlying the psychology of risk; 3. Relate the psychology of risk to other fundamental processes like decision-making. 2. Skills By the end of the study-unit the student will be able to: 1. Relate how theory can in effect be relevant to practice; 2. Appraise the psychology of risk in real organizational settings; 3. Prescribe suggestions to effectively manage the perception of risk. Main Text/s and any supplementary readings: The main text Breakwell, G. M. (2014). The Psychology of Risk (2nd edition). Cambridge, UK: Cambridge University Press. Supplementary texts Newell, B. R., Lagnado, D. A. & Shaks, D. R. (2015). Straight choices: The psychology of decision making. London: Psychology Press. Slovic, P. (2000). The perception of risk. UK: Routledge. Stanovich, K. E. (2011). Rationality and the Reflective Mind. Oxford, UK: Oxford University Press. In addition to the above, a reading pack with most recent papers will be prepared. These will be obligatory readings. |
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| STUDY-UNIT TYPE | Lecture | ||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Vincent Cassar |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2023/4. It may be subject to change in subsequent years. |
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