Download or read book Decision Theory and Choices a Complexity Approach written by Marisa Faggini and published by Springer Science & Business Media. This book was released on 2010-12-28 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: In economics agents are assumed to choose on the basis of rational calculations aimed at the maximization of their pleasure or profit. Formally, agents are said to manifest transitive and consistent preferences in attempting to maximize their utility in the presence of several constraints. They operate according to the choice imperative: given a set of alternatives, choose the best. This imperative works well in a static and simplistic framework, but it may fail or vary when 'the best' is changing continuously. This approach has been questioned by a descriptive approach that springing from the complexity theory tries to give a scientific basis to the way in which individuals really choose, showing that those models of human nature is routinely falsified by experiments since people are neither selfish nor rational. Thus inductive rules of thumb are usually implemented in order to make decisions in the presence of incomplete and heterogeneous information sets.
Download or read book Decision Theory and Decision Behaviour written by A. Rapoport and published by Springer. This book was released on 1998-01-27 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book treats two approaches to decision theory: (1) the normative, purporting to determine how a 'perfectly rational' actor ought to choose among available alternatives; (2) the descriptive, based on observations of how people actually choose in real life and in laboratory experiments. The mathematical tools used in the normative approach range from elementary algebra to matrix and differential equations. Sections on different levels can be studied independently. Special emphasis is made on 'offshoots' of both theories to cognitive psychology, theoretical biology, and philosophy.
Download or read book Decision Economics Complexity of Decisions and Decisions for Complexity written by Edgardo Bucciarelli and published by Springer Nature. This book was released on 2020-02-07 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is based on the International Conference on Decision Economics (DECON 2019). Highlighting the fact that important decision-making takes place in a range of critical subject areas and research fields, including economics, finance, information systems, psychology, small and international business, management, operations, and production, the book focuses on analytics as an emerging synthesis of sophisticated methodology and large data systems used to guide economic decision-making in an increasingly complex business environment. DECON 2019 was organised by the University of Chieti-Pescara (Italy), the National Chengchi University of Taipei (Taiwan), and the University of Salamanca (Spain), and was held at the Escuela politécnica Superior de Ávila, Spain, from 26th to 28th June, 2019. Sponsored by IEEE Systems Man and Cybernetics Society, Spain Section Chapter, and IEEE Spain Section (Technical Co-Sponsor), IBM, Indra, Viewnext, Global Exchange, AEPIA-and-APPIA, with the funding supporting of the Junta de Castilla y León, Spain (ID: SA267P18-Project co-financed with FEDER funds)
Download or read book Successful Decision making written by Rudolf Grünig and published by Springer Science & Business Media. This book was released on 2009-09-01 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unlike other publications on decision making, the book focuses on discovering the problem, analyzing it and on developing and assessing solution options. One whole chapter describes a case study. It illustrates how the proposed decision making procedure is used in practice. Executives get an approach to systematically and successfully solving complex problems.
Download or read book Choice written by Richard Harper and published by John Wiley & Sons. This book was released on 2017-09-05 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: We make decisions every day. Yet we are sometimes perplexed by these decisions and the decisions of others. To complicate things further, we live in an age where there are more things to choose from than ever before – the Internet is transforming our choices and making us more accountable for them: what we choose is recorded, modelled and used to predict our future behaviour. So are we in a position to make better choices today than we were a decade ago? Certainly there are some who believe so. Psychologists claim we are subject to hidden mental processes that lead us to one thing rather than another; economists offer predictions about what people will buy; and some philosophers claim that our choices echo our evolutionary past. Are these claims merited? Do they reflect the beginnings of a new science of choice? This book offers a critical overview of these and other claims, showing where they are justified and where they are exaggerated. It will be an essential reference for anyone interested in whether science can help us to understand both the ways people make choices in their everyday lives and how these may be changing.
Download or read book Cognitive Workload and Fatigue in Financial Decision Making written by Stephen J. Guastello and published by Springer. This book was released on 2015-12-14 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents new theory and empirical studies on the roles of cognitive workload and fatigue on repeated financial decisions. The mathematical models that are developed here utilize two cusp catastrophe functions for discontinuous changes in performance and integrate objective measures of workload, subjective experiences, and individual differences among the decision makers. Additional nonlinear dynamical processes are examined with regard to persistence and antipersistence in decisions, entropy, further explanations of overall performance, and the identification of risk-optimization profiles for long sequences of decisions.
Download or read book Successful Decision making written by Rudolf Grünig and published by Springer Science & Business Media. This book was released on 2006-03-14 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: Unlike other publications on decision making, the book focuses on discovering the problem, analyzing it and on developing and assessing solution options. One whole chapter describes a case study. It illustrates how the proposed decision making procedure is used in practice. Executives get an approach to systematically and successfully solving complex problems.
Download or read book The Paradox of Choice written by Barry Schwartz and published by Harper Collins. This book was released on 2009-10-13 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whether we're buying a pair of jeans, ordering a cup of coffee, selecting a long-distance carrier, applying to college, choosing a doctor, or setting up a 401(k), everyday decisions—both big and small—have become increasingly complex due to the overwhelming abundance of choice with which we are presented. As Americans, we assume that more choice means better options and greater satisfaction. But beware of excessive choice: choice overload can make you question the decisions you make before you even make them, it can set you up for unrealistically high expectations, and it can make you blame yourself for any and all failures. In the long run, this can lead to decision-making paralysis, anxiety, and perpetual stress. And, in a culture that tells us that there is no excuse for falling short of perfection when your options are limitless, too much choice can lead to clinical depression. In The Paradox of Choice, Barry Schwartz explains at what point choice—the hallmark of individual freedom and self-determination that we so cherish—becomes detrimental to our psychological and emotional well-being. In accessible, engaging, and anecdotal prose, Schwartz shows how the dramatic explosion in choice—from the mundane to the profound challenges of balancing career, family, and individual needs—has paradoxically become a problem instead of a solution. Schwartz also shows how our obsession with choice encourages us to seek that which makes us feel worse. By synthesizing current research in the social sciences, Schwartz makes the counter intuitive case that eliminating choices can greatly reduce the stress, anxiety, and busyness of our lives. He offers eleven practical steps on how to limit choices to a manageable number, have the discipline to focus on those that are important and ignore the rest, and ultimately derive greater satisfaction from the choices you have to make.
Download or read book Handbook of Decision Making written by Paul C. Nutt and published by John Wiley & Sons. This book was released on 2010-05-17 with total page 723 pages. Available in PDF, EPUB and Kindle. Book excerpt: HANDBOOK OF DECISION MAKING This handbook offers a state-of-the-art overview of research and theories on decision making in organizations at the strategic level of analysis. Chapters are authored by leading international scholars, with some illustrative case vignettes from practitioners. Each contributor was selected for his/her special knowledge of the field. The Handbook addresses key questions confronting the decision making research of the past and the present, offers critiques, and suggests future research directions. Topics covered emphasize the classic decision theory perspectives while also incorporating recent insights from the fields of strategic choice, risk & uncertainty, scenario planning and complexity theory, with a broad social science perspective on the disciplinary roots of decision theory in economics, politics, and social theory. This is a landmark reference volume for the field, offering scholars and practitioners: Comprehensive, but accessible, coverage of classic and recent developments Chapters by established international experts Case analyses illustrating practical consequences of theories Guide to new research directions and theory
Download or read book Making Better Decisions written by Itzhak Gilboa and published by John Wiley & Sons. This book was released on 2010-10-19 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: Making Better Decisions introduces readers to some of the principal aspects of decision theory, and examines how these might lead us to make better decisions. Introduces readers to key aspects of decision theory and examines how they might help us make better decisions Presentation of material encourages readers to imagine a situation and make a decision or a judgment Offers a broad coverage of the subject including major insights from several sub-disciplines: microeconomic theory, decision theory, game theory, social choice, statistics, psychology, and philosophy Explains these insights informally in a language that has minimal mathematical notation or jargon, even when describing and interpreting mathematical theorems Critically assesses the theory presented within the text, as well as some of its critiques Includes a web resource for teachers and students
Download or read book Decision Theory written by D.J. White and published by Routledge. This book was released on 2018-02-06 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: All of human life may be seen as a process of decision-making, but it is only in recent years and in response to the needs of the large and complex organizations characterizing our society that this process has been subjected to scientifi c scrutiny. Out of this scrutiny-undertaken by a wide range of professionals in economics, administration, management, statistics, psychology, engineering, computer science, operations research, and systems analysis-there has begun to emerge a body of theory that has profound implications for improving practical decision-making. This book is the fi rst to bring together all the various aspects of decision theory into one cohesive treatment.
Download or read book Complex Strategic Choices written by Steen Leleur and published by Springer Science & Business Media. This book was released on 2012-02-09 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: Effective decision making requires a clear methodology, particularly in complex, globally relevant situations. Institutions and companies in all disciplines and sectors are faced with increasingly multi-faceted areas of uncertainty which cannot always be effectively handled by traditional strategies. Complex Strategic Choices provides clear principles and methods which can guide and support strategic decision to face modern challenges. By considering ways in which planning practices can be renewed and exploring the possibilities for acquiring awareness and tools to add value to strategic decision making, Complex Strategic Choices presents a methodology which is further illustrated by a number of case studies and example applications. Dr. Techn. Steen Leleur has adapted previously established research based on feedback and input from various conferences, journals and students resulting in new material stemming from and focusing on practical application of systemic planning. The outcome is a coherent and flexible approach named systemic planning. The inclusion of both the theoretical and practical aspects of systemic planning makes this book a key resource for researchers and students in the field of planning and decision analysis as well as practitioners dealing with strategic analysis and decision making. More broadly, Complex Strategic Choices acts as guide for professionals and students involved in complex planning tasks across several fields such as business and engineering.
Download or read book Econophysics of Order driven Markets written by Frédéric Abergel and published by Springer Science & Business Media. This book was released on 2011-04-06 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: The primary goal of the book is to present the ideas and research findings of active researchers from various communities (physicists, economists, mathematicians, financial engineers) working in the field of "Econophysics", who have undertaken the task of modelling and analyzing order-driven markets. Of primary interest in these studies are the mechanisms leading to the statistical regularities ("stylized facts") of price statistics. Results pertaining to other important issues such as market impact, the profitability of trading strategies, or mathematical models for microstructure effects, are also presented. Several leading researchers in these fields report on their recent work and also review the contemporary literature. Some historical perspectives, comments and debates on recent issues in Econophysics research are also included.
Download or read book Judgments Decisions and Public Policy written by Mothakapalli Venkatappa Rajeev Gowda and published by Cambridge University Press. This book was released on 2002 with total page 390 pages. Available in PDF, EPUB and Kindle. Book excerpt: Behavioral decision theory draws on experimental research in cognitive psychology to provide a descriptively accurate model of human behavior. It shows that people systematically violate the normative assumptions of economic rationality by miscalculating probabilities and making choices based on one-economic criteria. Behavioral decision theory s ability to capture the complexity of human judgments and choices makes it a useful foundation for improving public policy analysis, design, and implementation. This volume showcases the research of leading scholars who are working on applications of behavioral decision theory in diverse policy settings. It is designed to give policy analysts and practitioners who are non-psychologists a clearer understanding of the complexities of human judgment and choice, and an idea of how to integrate behavioral decision theoretic insights into the policy sciences. This interdisciplinary volume should be insightful and useful wherever people s judgments and choices matter for policy formulation, acceptance, and effectiveness.
Download or read book Computable Foundations for Economics written by K. Vela Velupillai and published by Routledge. This book was released on 2012-07-26 with total page 514 pages. Available in PDF, EPUB and Kindle. Book excerpt: Computable Foundations for Economics is a unified collection of essays, some of which are published here for the first time and all of which have been updated for this book, on an approach to economic theory from the point of view of algorithmic mathematics. By algorithmic mathematics the author means computability theory and constructive mathematics. This is in contrast to orthodox mathematical economics and game theory, which are formalised with the mathematics of real analysis, underpinned by what is called the ZFC formalism, i.e., set theory with the axiom of choice. This reliance on ordinary real analysis and the ZFC system makes economic theory in its current mathematical mode completely non-algorithmic, which means it is numerically meaningless. The book provides a systematic attempt to dissect and expose the non-algorithmic content of orthodox mathematical economics and game theory and suggests a reformalization on the basis of a strictly rigorous algorithmic mathematics. This removes the current schizophrenia in mathematical economics and game theory, where theory is entirely divorced from algorithmic applicability – for experimental and computational exercises. The chapters demonstrate the uncomputability and non-constructivity of core areas of general equilibrium theory, game theory and recursive macroeconomics. The book also provides a fresh look at the kind of behavioural economics that lies behind Herbert Simon’s work, and resurrects a role for the noble classical traditions of induction and verification, viewed and formalised, now, algorithmically. It will therefore be of particular interest to postgraduate students and researchers in algorithmic economics, game theory and classical behavioural economics.
Download or read book Quantum Decision Theory and Complexity Modelling in Economics and Public Policy written by Anirban Chakraborti and published by Springer Nature. This book was released on 2023-10-23 with total page 251 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an outcome of the interdisciplinary conference held at OP Jindal Global University (Quantum Decision-making and Complexity modeling, and their possible applications in social sciences- economics, finance and public policy). The volume builds upon the emerging fields of Econophysics, Complexity theory and Quantum like modelling in cognition and social sciences, and their plausible applications in economics and public policy. There can be deep linkages between the micro, meso and macro scales at which these paradigms operate. In this data-driven age, greater amounts of information, along with the facility to harvest, sort and process said information, have permitted an expansion of the capability to study a society’s various factors to a degree of detail and inclusiveness that has never before been available to researchers. As a result, an increasing number of throughlines is being discovered, revealing heretofore unknown connections between various disciplines and enhancing the study of such societal tropes as finance, language, shared behavior, and many others. As the reader will see, with clearer understanding of the interconnectedness of society’s assorted parts comes a clearer understanding of the society as a whole. We have received critical thoughts from noted experts in social and natural sciences to explore possible interconnections. The editors of this book earnestly hope that the critical reviews presented in this volume will stimulate further scholarly interest, but also interest among policy practitioners for the purpose of exploring possibilities for creating a new paradigm for comprehending pressing issues of deep uncertainty and emergence in social dynamics.
Download or read book Theories of Choice written by Stefan Grundmann and published by Oxford University Press. This book was released on 2021-01-14 with total page 353 pages. Available in PDF, EPUB and Kindle. Book excerpt: Choice is a key concept of our time. It is a foundational mechanism for every legal order in societies that are, politically, constituted as democracies and, economically, built on the market mechanism. Thus, choice can be understood as an atomic structure that grounds core societal processes. In recent years, however, the debate over the right way to theorize choice - for example, as a rational or a behavioral type of decision making - has intensified. This collection provides an in-depth discussion of the promises and perils of specific types of theories of choice. It shows how the selection of a specific theory of choice can make a difference for concrete legal questions, in particular in the regulation of the digital economy or in choosing between market, firm, or network. In its first part, the volume provides an accessible overview of the current debates about rational versus behavioral approaches to theories of choice. The remainder of the book structures the vast landscape of theories of choice along with three main types: individual, collective, and organizational decision making. As theories of choice proliferate and become ever more sophisticated, however, the process of choosing an adequate theory of choice becomes increasingly intricate. This volume addresses this selection problem for the various legal arenas in which individual, organizational, and collective decisions matter. By drawing on economic, technological, political, and legal points of view, the volume shows which theories of choice are at the disposal of the legally relevant decision-maker, and how they can be operationalized for the solution of concrete legal problems. The editors acknowledge the kind support of the Fritz Thyssen Foundation for an exploratory conference on the subject of the book.
