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Decision Theory and Choices: a Complexity Approach

Decision Theory and Choices: a Complexity Approach
Author: Marisa Faggini
Publisher: Springer Science & Business Media
Total Pages: 252
Release: 2010-12-28
Genre: Mathematics
ISBN: 8847017785

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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.


Successful Decision-making

Successful Decision-making
Author: Rudolf Grünig
Publisher: Springer Science & Business Media
Total Pages: 246
Release: 2009-09-01
Genre: Business & Economics
ISBN: 3642008542

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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.


Successful Decision-making

Successful Decision-making
Author: Rudolf Grünig
Publisher: Springer Science & Business Media
Total Pages: 236
Release: 2006-03-14
Genre: Business & Economics
ISBN: 3540275037

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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.


Decision Theory and Decision Behaviour

Decision Theory and Decision Behaviour
Author: A. Rapoport
Publisher: Springer
Total Pages: 484
Release: 1998-01-27
Genre: Business & Economics
ISBN: 0230377769

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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.


Handbook of Decision Making

Handbook of Decision Making
Author: Paul C. Nutt
Publisher: John Wiley & Sons
Total Pages: 723
Release: 2010-05-17
Genre: Business & Economics
ISBN: 1405161353

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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


The Paradox of Choice

The Paradox of Choice
Author: Barry Schwartz
Publisher: Harper Collins
Total Pages: 308
Release: 2009-10-13
Genre: Psychology
ISBN: 0061748994

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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.


Choice

Choice
Author: Richard Harper
Publisher: John Wiley & Sons
Total Pages: 280
Release: 2017-09-05
Genre: Business & Economics
ISBN: 0745683886

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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.


Cognitive Workload and Fatigue in Financial Decision Making

Cognitive Workload and Fatigue in Financial Decision Making
Author: Stephen J. Guastello
Publisher: Springer
Total Pages: 138
Release: 2015-12-14
Genre: Business & Economics
ISBN: 4431553126

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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.


Decision Theory

Decision Theory
Author: D.J. White
Publisher: Routledge
Total Pages: 291
Release: 2018-02-06
Genre: Social Science
ISBN: 1351523325

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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.


Making Better Decisions

Making Better Decisions
Author: Itzhak Gilboa
Publisher: John Wiley & Sons
Total Pages: 235
Release: 2010-10-19
Genre: Business & Economics
ISBN: 1444336517

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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