Behavioral Management Science


Event details

Date 22.02.2023 16:3017:30  
Speaker Professor Ulrich Thonemann University of Cologne  
Category Conferences - Seminars
Event Language English
Abstract : People often fail to be rational when deciding how to act. By taking people's actual preferences and biases into account, managers can achieve their goals much better than by ignoring them. I will present three models that use insights from different fields to improve managerial decision making. The first model uses the concept of medium maximization, the observation that people tend to maximize a medium presented to them rather than the ultimate goal. If you have ever wondered whether it makes a difference whether companies use the medium "inventory turn rate" or its inverse, "days of supply", my talk will provide an answer.  The second model uses the naive diversification bias, which is the observation that people tend to spread their budget evenly across options. In the context of project management, I will show how the labeling of projects (e.g., as risky vs. safe or innovative vs. incremental) affects the selection of project management portfolios. The third model is about response times in supply chain negotiations, and I will show how people who are aware of their counterparts' response times can use this information to their advantage.

Biography : Ulrich Thonemann is Professor for Supply Chain Management at the University of Cologne and Director of the Department of Supply Chain Management and Dean of the Faculty of Management Economics and Social Sciences. He started his academic career as a Professor for Supply Chain Management at Stanford University and also holds Master and Ph.D. degrees from Stanford. Before joining academia, he and worked as a management consultant at McKinsey & Company in Cologne.  His publications have appeared in journals such as Management Science, Operations Research, Harvard Business Manager and the European Journal of Operational Research. His current research focuses on Crew Scheduling, Supply Chain Optimization, Machine Learning, and Behavioral Operations Management and on the application of state-of-the-art approaches in industry.  

Practical information

  • Informed public
  • Registration required


  • Prof. Ralf Seifert


  • Angela Devenoge

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