14288 - Psychology of Entrepreneurship and Change Modulübersicht

Module Number: 14288
Module Title:Psychology of Entrepreneurship and Change
  Psychologie des Unternehmertums und Wandels
Department: Faculty 5 - Business, Law and Social Sciences
Responsible Staff Member:
  • Prof. Dr. Urbig, Diemo
Language of Teaching / Examination:English
Duration:1 semester
Frequency of Offer: Every winter semester
Credits: 6
Learning Outcome:

After sucessfully completing this module, students will understand how fundamental psychological theories of decision-making under uncertainty, complex interdependence, and intertemporal dynamics can help explain the behavior of individuals who drive change, such as entrepreneurs, innovators, and social activists. They will have developed a basic understanding of the key psychological and behavioral economics theories related to decision-making under risk, uncertainty, and with intertemporal consequences. Students will be able to identify and explain critical patterns of thinking and decision-making in workplace contexts. Students will also be able to apply these theories to real-world situations.

Contents:

In this module, we venture into the specifics of a wide range of decision-making theories. We travel through a diverse collection of seminal theories, including many that have formed the basis of Nobel Prize-winning research. We emphasize the interdisciplinary application of insights to ensure that students from a variety of disciplines can absorb and apply the knowledge gained in this module to their own professional decision-making scenarios. 

The concepts and theories are presented in lectures. Students practice their theory application skills by presenting and discussing critical issues and applications of these theories in seminar.

The literature is presented in the lecuture and students can afterwards read the literature in depth.

The topics include:

  • Satisficing and dual process theories
  • Risk aversion and ambiguity aversion
  • Prospect theory and loss aversion
  • Mental accounting and choice bracketing
  • Risk reduction strategies: Hedging, learning, and real options
  • Time preferences
  • Status-quo, escalation of commitment, and the not-invented-here effect
  • Personal initiative, sensation seeking, and entrepreneurship
  • Rational herding and individually irrational learning
  • Nash equilibrium and individually irrational cooperation

In each session of the module, we will focus on one or two articles that present a specific theory or topic.

To collect data, all students take part in a survey that measures some of the constructs addressed in the module, allowing lectures and seminars to use student data as a basis for discussion.

Recommended Prerequisites:None
Mandatory Prerequisites:

No successful participation in modules

  • 13811 Behavioral Resource Management
  • 13514 Individuals in Transformation Processess
Forms of Teaching and Proportion:
  • Lecture / 2 Hours per Week per Semester
  • Seminar / 2 Hours per Week per Semester
  • Self organised studies / 120 Hours
Teaching Materials and Literature:

In each session of the module, we will focus on one or two articles that present a specific theory or topic. The lecture will introduce the main ideas of the articles, highlight the sections students should focus on, and provide a foundation for reading the articles in greater detail. Please note that students are not expected to understand each of the articles entirely in depth.

  • Bernardo, A. E., & Welch, I. (2001). On the evolution of overconfidence and entrepreneurs. Journal of Economics & Management Strategy10(3), 301-330.
  • Bönte, W., Urbig. D. (2019) Connecting People and Knowledge: Knowledge Spillovers, Cognitive Biases, and Entrepreneurship (Chapter 34). In: E. E. Lehmann, M. Keilbach (eds.), From Industrial Organization to Entrepreneurship. Springer, pp. 385-397.
  • Crant, J. M. (2000). Proactive behavior in organizations. Journal of Management, 26(3), 435-462.
  • Ellsberg, D. (1961). Risk, ambiguity, and the savage axioms. The Quarterly Journal of Economics, 75(4), 643-669.
  • Evans, J. S. B., & Stanovich, K. E. (2013). Dual-process theories of higher cognition: Advancing the debate. Perspectives on Psychological Science, 8(3), 223-241.
  • Fehr, E., & Schmidt, K. M. (1999). A theory of fairness, competition, and cooperation. The Quarterly Journal of Economics, 114(3), 817-868. 
  • Fox, C. R., & Tversky, A. (1995). Ambiguity aversion and comparative ignorance. The Quarterly Journal of Economics, 110(3), 585-603.
  • Frederick, S., Loewenstein, G., & O'donoghue, T. (2002). Time discounting and time preference: A critical review. Journal of Economic Literature, 40(2), 351-401.
  • Kahneman, D., Tversky, A. (1979). Prospect theory: An analysis of decisions under risk. Econometrica, 47, 278.
  • Loewenstein, G. F., Weber, E. U., Hsee, C. K., & Welch, N. (2001). Risk as feelings. Psychological Bulletin, 127(2), 267–286.
  • Ostrom, E. (2000). Collective action and the evolution of social norms. Journal of Economic Perspectives, 14(3), 137-158.
  • Read, D., Loewenstein, G., Rabin, M., Keren, G., & Laibson, D. (2000). Choice bracketing. In S. Barbera, P. Hammond, & C. Seidl (Eds.), Elicitation of Preferences (pp. 171–202). Springer.
  • Samuelson, W., & Zeckhauser, R. (1988). Status quo bias in decision making. Journal of Risk and Uncertainty1(1), 7-59.
  • Simon, H. A. (1955). A behavioural model of rational choice. The Quarterly Journal of Economics69(1), 99-118.
  • Staw, B. M. (1981). The escalation of commitment to a course of action. Academy of Management Review6(4), 577-587.
  • Thaler, R. (1985). Mental accounting and consumer choice. Marketing Science, 4(3), 199-214.
  • Trigeorgis, L., & Reuer, J. J. (2017). Real options theory in strategic management. Strategic Management Journal, 38(1), 42-63:
  • Tversky, A., & Kahneman, D. (1973). Availability: A heuristic for judging frequency and probability. Cognitive Psychology, 5(2), 207-232.
  • Tversky, A., & Kahneman, D. (1991). Loss aversion in riskless choice: A reference-dependent model. The Quarterly Journal of Economics106(4), 1039-1061.
Module Examination:Prerequisite + Final Module Examination (MAP)
Assessment Mode for Module Examination:

Prerequisite for the final module examination:

  • Data collection (allowing lectures and seminars to use student data as a basis for discussion)

Final module examination:

  • Written examination, 90 minutes

Bonus marks of up to 10 per cent for a theory-application paper (essay), 1,200 - 1,500 words

Evaluation of Module Examination:Performance Verification – graded
Limited Number of Participants:None
Part of the Study Programme:
  • Bachelor (research-oriented) / Angewandte Naturwissenschaften / PO 2024 - NF 2026
  • Bachelor (research-oriented) - Co-Op Programme with Practical Placement / Angewandte Naturwissenschaften - dual / PO 2025 - NF 2026
  • Bachelor (research-oriented) / Architektur / PO 2022
  • Master (research-oriented) / Artificial Intelligence / PO 2022 - 1. SÄ 2024
  • Master (research-oriented) / Bauen und Erhalten / PO 2007
  • Bachelor (research-oriented) - Extended Semester / Bauingenieurwesen / PO 2017
  • Bachelor (research-oriented) / Bauingenieurwesen / PO 2017
  • Bachelor (research-oriented) / Bauingenieurwesen / PO 2022 - 1. SÄ 2023
  • Bachelor (research-oriented) - Extended Semester / Bauingenieurwesen / PO 2022 - 1. SÄ 2023
  • Master (research-oriented) / Bauingenieurwesen / PO 2014
  • Bachelor (research-oriented) - Co-Op Programme with Integrated Vocational Training / Bauingenieurwesen - dual / PO 2017
  • Bachelor (research-oriented) - Co-Op Programme with Integrated Vocational Training / Bauingenieurwesen - dual / PO 2022 - 1. SÄ 2023
  • Bachelor (research-oriented) - Co-Op Programme with Practical Placement / Bauingenieurwesen - dual / PO 2022 - 1. SÄ 2023
  • Bachelor (research-oriented) / Bau- und Kunstgeschichte / PO 2022
  • Master (research-oriented) / Bau- und Kunstgeschichte / PO 2025
  • Abschluss im Ausland / Betriebswirtschaftslehre / keine PO
  • Bachelor (applied) / Betriebswirtschaftslehre / PO 2017 - 1. SÄ 2019
  • Master (research-oriented) / Betriebswirtschaftslehre / PO 2017
  • Bachelor (applied) - Co-Op Programme with Practical Placement / Betriebswirtschaftslehre - dual / PO 2019
  • Bachelor (applied) / Biotechnologie / PO 2018 - 2. SÄ 2024
  • Master (applied) / Biotechnology / PO 2018
  • Master (applied) - Extended Semester / Biotechnology / PO 2018
  • Master (research-oriented) / Chemistry: Materials, Engineering and Sustainability / PO 2025
  • Master (research-oriented) / Cyber Security / PO 2017 - 1. SÄ 2024
  • Bachelor (research-oriented) / Digitale Gesellschaft / PO 2022
  • Bachelor (research-oriented) / Digitale Gesellschaft / PO 2026
  • Bachelor (research-oriented) / eBusiness / PO 2007
  • Bachelor (applied) / Elektrotechnik / PO 2018 - 2. SÄ 2021
  • Bachelor (research-oriented) / Elektrotechnik / PO 2019 - 1. SÄ 2020
  • Bachelor (research-oriented) / Elektrotechnik / PO 2022
  • Master (applied) / Elektrotechnik / PO 2018 - 1. SÄ 2022
  • Master (applied) - Extended Semester / Elektrotechnik / PO 2018 - 1. SÄ 2022
  • Master (research-oriented) / Elektrotechnik / PO 2019 - 1. SÄ 2020
  • Master (research-oriented) / Elektrotechnik / PO 2023
  • Master (research-oriented) / Elektrotechnik / PO 2026
  • Bachelor (research-oriented) - Co-Op Programme with Integrated Vocational Training / Elektrotechnik - dual / PO 2022
  • Bachelor (research-oriented) - Co-Op Programme with Practical Placement / Elektrotechnik - dual / PO 2022
  • Master (research-oriented) - Reduced Semester / Elektrotechnik - dual / PO 2026
  • Bachelor (research-oriented) / Energietechnik und Energiewirtschaft / PO 2021 - 1. SÄ 2024
  • Master (research-oriented) / Energietechnik und Energiewirtschaft / PO 2021 - 1. SÄ 2024
  • Master (research-oriented) - Double Degree / Environmental and Resource Management / PO 2021
  • Master (research-oriented) / Environmental and Resource Management / PO 2021
  • Bachelor (applied) - Co-Op Programme with Practical Placement / Hebammenwissenschaft / PO 2021
  • Bachelor (research-oriented) - Co-Op Programme with Practical Placement / Hebammenwissenschaft / PO 2026
  • Master (research-oriented) / Hybrid Electric Propulsion Technology / PO 2024
  • Master (research-oriented) / Hybrid Electric Propulsion Technology / PO 2026
  • Bachelor (applied) / Instrumental- und Gesangspädagogik / PO 2019 - 2. SÄ 2024
  • Bachelor (research-oriented) / Instrumental- und Gesangspädagogik / PO 2026
  • Bachelor (research-oriented) - Co-Op Programme with Practical Placement / Instrumental- und Gesangspädagogik - dual / PO 2026
  • Master (research-oriented) / Klimagerechtes Bauen und Betreiben / PO 2018 - 1. SÄ 2023
  • Bachelor (research-oriented) / Kultur und Technik / PO 2017
  • Master (research-oriented) / Kultur und Technik / PO 2017
  • Bachelor (research-oriented) / Künstliche Intelligenz / PO 2022
  • Bachelor (research-oriented) / Künstliche Intelligenz Technologie / PO 2022
  • Master (research-oriented) / Künstliche Intelligenz Technologie / PO 2022 - 1. SÄ 2024
  • Bachelor (research-oriented) / Landnutzung und Wasserbewirtschaftung / PO 2017
  • Bachelor of Education / Lehramt Primarstufe Deutsch-Englisch / PO 2025
  • Bachelor of Education / Lehramt Primarstufe Deutsch-Englisch / PO 2026
  • Bachelor of Education / Lehramt Primarstufe Deutsch-Kunst / PO 2025
  • Bachelor of Education / Lehramt Primarstufe Deutsch-Kunst / PO 2026
  • Bachelor of Education / Lehramt Primarstufe Deutsch-Musik / PO 2025
  • Bachelor of Education / Lehramt Primarstufe Deutsch-Musik / PO 2026
  • Bachelor of Education / Lehramt Primarstufe Deutsch-Sachunterricht Gesellschaftswissenschaften / PO 2025
  • Bachelor of Education / Lehramt Primarstufe Deutsch-Sachunterricht Gesellschaftswissenschaften / PO 2026
  • Bachelor of Education / Lehramt Primarstufe Deutsch-Sorbisch/Wendisch / PO 2026
  • Bachelor of Education / Lehramt Primarstufe Deutsch-Sport / PO 2025
  • Bachelor of Education / Lehramt Primarstufe Deutsch-Sport / PO 2026
  • Bachelor of Education / Lehramt Primarstufe Mathematik-Deutsch / PO 2025
  • Bachelor of Education / Lehramt Primarstufe Mathematik-Deutsch / PO 2026
  • Bachelor of Education / Lehramt Primarstufe Mathematik-Englisch / PO 2025
  • Bachelor of Education / Lehramt Primarstufe Mathematik-Englisch / PO 2026
  • Bachelor of Education / Lehramt Primarstufe Mathematik-Kunst / PO 2025
  • Bachelor of Education / Lehramt Primarstufe Mathematik-Kunst / PO 2026
  • Bachelor of Education / Lehramt Primarstufe Mathematik-Musik / PO 2025
  • Bachelor of Education / Lehramt Primarstufe Mathematik-Musik / PO 2026
  • Bachelor of Education / Lehramt Primarstufe Mathematik-Sachunterricht Naturwissenschaften / PO 2025
  • Bachelor of Education / Lehramt Primarstufe Mathematik-Sachunterricht Naturwissenschaften / PO 2026
  • Bachelor of Education / Lehramt Primarstufe Mathematik-Sorbisch/Wendisch / PO 2026
  • Bachelor of Education / Lehramt Primarstufe Mathematik-Sport / PO 2025
  • Bachelor of Education / Lehramt Primarstufe Mathematik-Sport / PO 2026
  • Master (research-oriented) / Leichtbau und Werkstofftechnologie / PO 2023
  • Bachelor (research-oriented) / Life Science and International Health / PO 2025
  • Bachelor (applied) / Maschinenbau / PO 2018 - 1. SÄ 2019
  • Bachelor (research-oriented) / Maschinenbau / PO 2006 - 2. SÄ 2008
  • Bachelor (research-oriented) / Maschinenbau / PO 2021
  • Master (applied) / Maschinenbau / PO 2018 - 1. SÄ 2021
  • Master (applied) - Extended Semester / Maschinenbau / PO 2018 - 1. SÄ 2021
  • Master (research-oriented) / Maschinenbau / PO 2023
  • Master (research-oriented) - Reduced Semester / Maschinenbau / PO 2023
  • Bachelor (applied) - Co-Op Programme with Practical Placement / Maschinenbau - dual / PO 2018 - 1. SÄ 2019
  • Bachelor (research-oriented) - Co-Op Programme with Integrated Vocational Training / Maschinenbau - dual / PO 2021
  • Bachelor (research-oriented) - Co-Op Programme with Practical Placement / Maschinenbau - dual / PO 2021
  • Master (research-oriented) - Co-Op Programme with Practical Place / Maschinenbau - dual / PO 2023
  • Bachelor (research-oriented) / Materialchemie / PO 2018
  • Master (research-oriented) / Materialchemie / PO 2018
  • Master (research-oriented) / Mathematical Data Science / PO 2025
  • Master (research-oriented) / Mathematics / PO 2025
  • Bachelor (research-oriented) / Medizininformatik / PO 2016 - 1. SÄ 2024
  • Bachelor (research-oriented) / Medizintechnik / PO 2022 - 2. SÄ 2025
  • Bachelor (research-oriented) - Co-Op Programme with Practical Placement / Medizintechnik - dual / PO 2022 - 2. SÄ 2025
  • Master (research-oriented) / Micro- and Nanoelectronics / PO 2024
  • Bachelor (applied) / Pflegewissenschaft / PO 2020
  • Bachelor (applied) - Co-Op Programme with Integrated Vocational Training / Pflegewissenschaft / PO 2020
  • Bachelor (applied) / Pflegewissenschaft / PO 2025
  • Bachelor (applied) - Co-Op Programme with Integrated Vocational Training / Pflegewissenschaft / PO 2025
  • Bachelor (research-oriented) - Co-Op Programme with Integrated Vocational Training / Pflegewissenschaft / PO 2026
  • Master (research-oriented) / Physics / PO 2021
  • Bachelor (research-oriented) / Physik / PO 2021
  • Bachelor (research-oriented) - Co-Op Programme with Integrated Vocational Training / Physiotherapie / PO 2026
  • Master (research-oriented) / Power Engineering / PO 2016 - 1. SÄ 2023
  • Bachelor (applied) / Soziale Arbeit / PO 2018
  • Bachelor (applied) / Soziale Arbeit / PO 2020 - 1. SÄ 2021
  • Bachelor (applied) - Double Degree / Soziale Arbeit / PO 2020 - 1. SÄ 2021
  • Bachelor (research-oriented) / Soziale Arbeit / PO 2026
  • Master (applied) / Soziale Arbeit / PO 2020 - 1. SÄ 2021
  • Bachelor (research-oriented) - Co-Op Programme with Practical Placement / Soziale Arbeit - dual / PO 2026
  • Master (research-oriented) / Soziale Arbeit in der Transformationsgesellschaft / PO 2026
  • Bachelor (research-oriented) / Städtebau und Stadtplanung / PO 2019
  • Bachelor (research-oriented) / Stadtplanung und Städtebau / PO 2023
  • Bachelor (research-oriented) / Stadt- und Regionalplanung / PO 2016
  • Master (research-oriented) / Stadt- und Regionalplanung / PO 2023
  • Bachelor (applied) / Therapiewissenschaften / PO 2017
  • Master (research-oriented) / Transformation Studies / PO 2024
  • Bachelor (research-oriented) / Umweltingenieurwesen / PO 2006 - 3. SÄ 2018
  • Bachelor (research-oriented) / Umweltingenieurwesen / PO 2021
  • Master (research-oriented) / Umweltingenieurwesen / PO 2021
  • Bachelor (research-oriented) / Umweltwissenschaften / PO 2025
  • Bachelor (research-oriented) - Co-Op Programme with Practical Placement / Umweltwissenschaften - dual / PO 2025
  • Master (research-oriented) / Urban Design and Sustainable Revitalization / PO 2024
  • Bachelor (research-oriented) / Wirtschaftsinformatik / PO 2024
  • Abschluss im Ausland / Wirtschaftsingenieurwesen / keine PO
  • Master (applied) / Wirtschaftsingenieurwesen / PO 2018 - 1. SÄ 2023
  • Master (applied) - Extended Semester / Wirtschaftsingenieurwesen / PO 2018 - 1. SÄ 2023
  • Master (research-oriented) / Wirtschaftsingenieurwesen / PO 2019
  • Master (research-oriented) / Wirtschaftsingenieurwesen / PO 2025
  • Master (research-oriented) - Reduced Semester / Wirtschaftsingenieurwesen / PO 2025
  • Master (research-oriented) - Reduced Semester / Wirtschaftsingenieurwesen - dual / PO 2025
  • Master (research-oriented) - Co-Op Programme with Practical Place / Wirtschaftsingenieurwesen - dual / PO 2025
 This module has been approved for the general studies.
Remarks:

The module is open to both Bachelor’s and Master’s students.

Module Components:
  • Lecture Psychology of Entrepreneurship and Change - 2 SWS
  • Seminar Psychology of Entrepreneurship and Change - 2 SWS
Components to be offered in the Current Semester: