Behavioral Finance in Hospitality: How to Make Better Financial Decisions
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Everyone faces thousands of decisions every day (What should I eat for lunch? Should I cross the road now or wait for the bus to pass? Should I buy or rent this equipment?). We usually make these decisions with little thought, relying on simple rules of thumb. Without these rules of thumb we would be paralyzed by the number of decisions and get nothing done. But in certain situations these rules of thumb lead to predictable errors because of the way the human mind works. In this behavioral finance course, we study how to avoid these predictable errors to make better financial decisions across a wide range of hospitality business situations.
Key Benefits Participants will learn how to avoid behavioral biases and errors and understand how to make better financial decisions. This course prepares beginning and seasoned managers alike to better manage themselves and others in making financial decisions at all levels. Ultimately, the course prepares participants to think critically and strategically about the intersection of human behavior and financial decision-making.
- Omission bias
- Problems with probability
- Loss aversion
- Belief perseverance and confirmation bias