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Escaping from bad decisions : a behavioral decision-theoretic perspective /
"Escaping from Bad Decisions: A Behavioral Decision-Theoretic Perspective presents a modern conceptual and mathematical framework of the decision-making process. This framework explains how decision-making under certainty, risk, and uncertainty can be better understood and theoretically explain...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Amsterdam :
Academic Press,
2021.
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| Colección: | Perspectives in behavioral economics and the economics of behavior
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| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- Front Cover
- Escaping From Bad Decisions
- Copyright Page
- Contents
- About the author
- Preface
- 1 Introduction: Escaping from bad decisions
- 1.1 The classical problem of bad decision-making and akrasia
- 1.2 Second-order desires and bad decisions
- 1.3 The perspective proposed in this book: avoiding bad decision-making through prescriptive heuristics based on scientific...
- 1.3.1 The prescriptive approach of decision-making
- 1.3.2 Comparison of the approach adopted in this book with nudging and boosting
- 1.4 An overview of the contents of this book and suggestion to avoid bad decisions
- 1.4.1 The idea of worst and best decisions
- 1.4.2 Pluralism in decision-making
- 1.4.3 Prescriptive pluralistic decision-making
- 1.5 Conclusion and future perspectives
- References
- 2 Formal definitions of the worst decisions, best decisions, and bad decisions
- 2.1 Framework to describe decision-making
- 2.1.1 What is the best and bad decision?
- 2.1.2 Preference relation and set theory
- 2.1.3 Ordering and comparative judgment
- 2.1.4 Various forms of comparative judgments
- 2.1.5 Various types of preference relation
- 2.2 Worst option, best option, and bad decision
- 2.2.1 Definition of worst and best options
- 2.2.2 Relationship between worst and best options
- 2.3 Conditions for guaranteeing preference relations of the worst and best options
- 2.3.1 Existence condition of worst option
- 2.3.2 Existence condition of best option
- 2.3.3 Relation of the worst and best options
- 2.4 Necessary and sufficient conditions for the existence of worst and best options
- 2.4.1 Necessary and sufficient conditions for the existence of worst option
- 2.4.2 Necessary and sufficient conditions for the existence of best option
- 2.4.3 Necessary and sufficient conditions for the existence of worst and best options.
- 2.5 Conclusion
- References
- 3 Rational choice, irrational choice, and bad decisions
- 3.1 Economic man and rational decision-making
- 3.2 Greatest element rationalizability
- 3.2.1 Greatest element rationalizability and the best option
- 3.2.2 Criteria of rationality and weak order
- 3.2.2.1 Two criteria of rationality
- 3.2.2.2 Rational choice and weak order
- 3.2.3 Criteria of irrationality and weak order
- 3.2.3.1 Two criteria of irrationality
- 3.2.3.2 Irrational choice and weak order
- 3.2.4 Criteria of rationality and irrationality
- 3.2.4.1 Two criteria of rationality and irrationality
- 3.3 Maximal-element rationalizability
- 3.3.1 Maximal-element rational choice
- 3.3.1.1 Maximal-element rationalizability and not inferior option
- 3.3.1.2 Maximal option and quasiorder
- 3.3.1.3 Theorem of the maximal-element rationalization
- 3.3.2 Maximal-element irrationality and bad decision
- 3.3.2.1 Maximal-element irrationality and not superior option
- 3.3.2.2 Maximal option and quasiorder
- 3.3.2.3 Theorem of the maximal-element irrational choice
- 3.3.3 Maximal-element irrationality and rationality
- 3.4 Conclusion
- References
- 4 Preference ordering and measurement
- 4.1 Understanding preference relationships through ordering decisions and behavioral observations
- 4.2 Aspects of ordering decisions
- 4.2.1 Properties of preference relations
- 4.2.2 Equivalence relation
- 4.2.3 Relationship system
- 4.2.4 Total order and representation theorem
- 4.2.5 Weak order and representation theorem
- 4.3 What is the measurement of preference relations?
- 4.3.1 Correspondence and measurement
- 4.3.2 On the measurement and representation of preference relation
- 4.3.3 Uniqueness and measurement scale level
- 4.4 Quantitative representation of possible psychophysical laws and preference relations in terms of scale levels.
- 4.4.1 Psychophysical laws
- 4.4.1.1 Psychological scale structure of preference
- 4.4.2 Representational measurement approach
- 4.5 Conclusion
- References
- 5 Rational preference, irrational preference, and revealed preference
- 5.1 Rationality criteria and revealed preference
- 5.2 The concept of revealed preference
- 5.3 Utility functions and indifference curves
- 5.3.1 Indifference curve
- 5.3.2 Perfect substitute goods
- 5.3.3 Complete complementary goods
- 5.3.4 Indifference curve groups for noneconomic goods
- 5.3.5 Indifference curve group of neutral goods
- 5.4 Revealed preference
- 5.4.1 What is revealed preference?
- 5.4.2 Principle of revealed preference
- 5.4.3 Weak axiom of revealed preference
- 5.4.4 Strong axiom of revealed preference
- 5.4.5 A more general definition of rationality and revealed preference
- 5.5 Irrational choice and revealed preference
- 5.6 Revealed attention
- 5.7 Empirical testing of acyclic preference relations
- 5.7.1 Empirical investigation of acyclicity
- 5.7.2 Nontransitivity and thresholds
- 5.7.3 A decision-making model to explain nontransitivity
- 5.8 Conclusion
- References
- 6 Multiattribute decision-making, multiobjective optimization, and the additive conjoint system
- 6.1 Plurality of values and multiattribute decision-making
- 6.2 Difficulties of multiattribute decision-making
- 6.2.1 Multiattribute decision-making and information search
- 6.2.2 Multiattribute decision-making, best decision, and worst decision
- 6.2.3 Multiattribute decision-making and intransitivity of preference
- 6.2.4 Difficulty of multiattribute decision-making and its psychological cause
- 6.3 Theoretical examination when multiattribute decision-making does not satisfy weak order property of preference
- 6.3.1 Preference based on the dominance principle.
- 6.3.2 Preference based on the principle of the maximum number of dominant attributes
- 6.3.3 Impossibility theorem of multiattribute decision-making
- 6.4 Multiattribute decision-making and multioptimization
- 6.4.1 Multioptimization
- 6.4.2 Concept of multiobjective optimization
- 6.5 Additive conjoint structure and quasi best decision
- 6.5.1 Making the best decision with a single attribute and utility function
- 6.5.2 Multiattribute decision-making and additive conjoint structure
- 6.5.3 Axiomatic properties of additive conjoint structure
- 6.6 Conclusion
- References
- 7 A computer simulation of cognitive effort and the accuracy of two-stage decision strategies in a multiattribute decision-...
- 7.1 Introduction
- 7.2 Findings and problems of previous research on decision strategies
- 7.2.1 Decision strategies identified
- 7.2.2 Computer simulation studies of multiattribute decision-making process and problems
- 7.3 Purpose and methods of computer simulation 1
- 7.3.1 Purpose of computer simulation 1
- 7.3.2 Method of computer simulation 1
- 7.4 Results and discussion of computer simulation 1
- 7.4.1 Strategies and cognitive effort in the first-stage
- 7.4.2 First-stage strategies and relative accuracy
- 7.4.3 Relationship between relative accuracy and cognitive effort
- 7.4.4 Relationship between the number of options, cognitive effort, and relative accuracy
- 7.4.4.1 Relationship between the number of choices and cognitive effort
- 7.4.4.2 Relationship between the number of choices and relative accuracy
- 7.4.5 Relationship between the number of attributes and cognitive effort and relative accuracy
- 7.4.5.1 Relationship between the number of attributes and cognitive effort
- 7.4.5.2 Relationship between the number of two attributes and relative accuracy
- 7.5 Purpose and method of computer simulation 2.
- 7.5.1 Purpose of computer simulation 2
- 7.5.2 Method of computer simulation 2
- 7.6 Results and discussion of computer simulation 2
- 7.6.1 Relationship between the number of options left in the second-stage and cognitive effort
- 7.6.2 Relationship between the number of alternatives left in the second-stage and relative accuracy
- 7.7 General discussion
- 7.8 Conclusions and problems of this study
- References
- 8 A computer simulation of bad decisions and good decisions: an extended analysis of two-stage decision strategies
- 8.1 A comparison between additive strategy (WAD) and lexicographic strategy (LEX) in multiattribute decision-making
- 8.2 Methodology of this study
- 8.2.1 Target decision strategy
- 8.2.2 Indicators of decision-making
- 8.2.3 Method of computer simulation
- 8.3 Results and discussion of computer simulation
- 8.3.1 Cognitive effort (elementary information processes)
- 8.3.2 Choice rate of the worst option
- 8.3.3 Relative accuracy defined by the difference from the minimum value and by Payne et al
- 8.3.4 Relative accuracy divided by cognitive effort (an index of efficiency)
- 8.3.5 Best choice rate
- 8.4 General discussions
- 8.5 Conclusion
- References
- 9 A process tracing study of decision strategies and bad decisions
- 9.1 Implementation of the additive decision strategy and bad decision: a pilot study
- 9.1.1 Previous research on the choice accuracy and its problem
- 9.1.2 Purpose of the experiment
- 9.1.3 Method
- 9.1.4 Result and discussion
- 9.2 How to examine the effect of a second-stage decision-making strategy using process tracking on the bad decisions
- 9.2.1 Issues to be examined and the purpose of this study
- 9.2.2 Method of monitoring information acquisition as a process tracking technique
- 9.2.3 Overview of the experiment
- 9.2.4 Methods of the experiment.