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CEPHEI: BFDM
Behavioural Financial Decision Making

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Behavioural Financial Decision Making
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This course blends behavioral finance, neuro-finance, and sustainable finance topics with financial decision making techniques and concepts. It separates itself from both traditional finance courses and behavioral finance courses not only due to its up-to-date coverage but also due to its appeal to a broad range of audiences, including students, academics, and practitioners from social sciences, law, education, and engineering.
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About This Course

This course is based on frameworks, methods and theories from cognitive psychology and behavioral economics and applies such to financial decision making. This masters-level course is specifically tailored, but not limited, to students who are looking forward to excelling in the fields of business administration, finance, marketing, economics, and decision-making science.

The course not only provides a solid background on the emergence of behavioral finance and its underlying elements, but also offers a different perspective other than behavioral finance courses in that it specifically focuses on decision-making in the context of finance. Upon completion, the participant will be able to apply acquired knowledge to various areas of their academic studies as well as to their daily and professional lives.

Learning Outcomes

LO1.Understand the limits and key elements to behavioral financial decision making

LO2.Analyze the impact of neuroscience on the area of financial decision making

LO3.Apply knowledge acquired about biases and how to minimize them to any type of decision

LO4.Evaluate financial decisions based on traditional, behavioural, neuroscientific, and sustainability-based concepts

LO5.Create a personal roadmap for financial decision making

Course Instructor

Semen Son Turan

Semen Son Turan, PhD, MBA

Associate Professor of Finance

Director of Vocational School

Throughout her 20+ years long professional career, Dr. Son-Turan has held various positions from intern, analyst, internal auditor, investment advisor, general coordinator to general manager, at companies such as Chase Manhattan Bank, Toronto-Dominion Bank, Ashmore Asset Management, Is Asset Management, Rehau, and Ford Otosan. Subsequently, Dr. Son-Turan founded her own company providing management consulting services to agribusinesses and small to medium-sized family firms.

Her academic career, starting with her employment as Teaching Assistant at The Pennsylvania State University’s Business School in 1998 followed by an appointment as Lecturer at the same institution, evolved in parallel to her professional career.

Natively fluent in Turkish and German, Dr. Son-Turan has been teaching business, finance, and accounting courses in Turkish, German and English at European and US academic institutions as well as corporations for more than two decades. At the beginning of 2014, she became a full-time faculty member at the Department of Business Administration at MEF University in Istanbul, where she is still employed as Associate Professor of Finance and Head of Vocational School.

Dr. Son-Turan holds the Capital Market Activities Advanced Level License, a BA in Political Science and International Relations from Bogazici University (1998), an MBA from The Pennsylvania State University (2000), where she also completed all course requirements of the MS in Accounting program (2001) (full scholarship), and a PhD in Finance from Yasar University (2014) (full scholarship).

Her academic research interests include sustainability, higher education finance, behavioral finance, blockchain, cryptocurrencies, and business model generation. Her research is published in reputed journals such as Sustainability and International Journal of Sustainability in Higher Education, and various internationally edited books.

Dr. Son-Turan serves on the Advisory Board of MEF University’s Center for Research and Best Practices in Learning and Teaching (CELT).

ECTS Credits

3 ECTS

Course Content and Structure

The course includes in the following modules:

  1. Module 1: THE BASICS – ACCOUNTING AND FINANCE
  2. Module 2: MOVING ON TO THE BEHAVIORAL REALM
  3. Module 3: DECISION MAKING
  4. Module 4: FINANCIAL DECISION MAKING
  5. Module 5: NEUROSCIENCE AND FINANCIAL DECISION MAKING
  6. Module 6: SUSTAINABLE FINANCIAL DECISION MAKING
  7. Module 7: RECAP AND FINAL EXAM

Assessment Methods and Weighting Scheme

There are 7 modules. At the end of Modules 1-6 there is a quiz. A final exam at the end of Module 7 concludes the assessment for this course. In specific:

  1. Each quiz: 10% of total course grade (6x10=60%)
  2. Final exam: 40% of total course grade
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