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 explained, and provides a critical examination of psychological models in multi-attribute decision-making. It evaluates and defines the constitutive elements of good decisions and bad decisions. By defining ordinal utility theory relating to multi-attribute decision-making, this book re-interprets the rationality of multi-attribute decision-making based on Arrow's general possibility theorem. Escaping from Bad Decisions provides graduate students and early career researchers in economics, decision theory, and cognitive sciences with analyses of multi-attribute decision-making. Pluralistic perspectives, it argues, help people escape from bad decisions. Provides a comprehensive background to the phenomena of bad decisions, considered in their economic, psychological, and cognitive aspectsReinterprets existing theories and phenomena as well as proposing a new overview of decision behaviors by integrating mathematical and psychological perspectivesAdapts model-based techniques such as mathematical model based functional magnetic resonance imaging (fMRI) using mathematical models of the decision process INDICE: Part I Theory of good decision and bad decision 1.What is best decision? 2. Decision theoretic concepts to make best decision 3. Non-cyclic preference relation and rational decision 4. Weak order and revealed preference 5. Difficulties of making best decision 6. Multi-attribute decision making 7. Difficulties of making best decision in multi-attribute situation: Re-interpretation of Arrow's impossibility theorem 8. Pareto optimality in multi objective decision 9.Worst decision and decision theory Part II Empirical illustrations and explanations of bad decision 10. Historical illustrations of bad decisions: A Japanese history of Would War II and Business example of bad decisions 11. Social psychological explanations of bad decisions: Authority and conformity 12. Experimental analysis of bad decisions: Using eye-gaze movement equipment 13. Web survey of bad decisions: Psychological tendencies who make bad decisions 14. Experimental analysis of group bad decisions 15. Psychology of bad decisions and their decision theoretic models. Part III Prescriptions how to escape from bad decisions 16. Multi attribute decision and conjoint structure 17.Computer simulation of decision strategies 18. Easy decision strategies to reach better decision based on computer simulation 19. Easy decision strategies to escape from worse decision based on computer simulation 20. Mathematical descriptions of easy decision strategies and related theorem 21. Toward good decision making: Integration of theoretical and empirical findings

• ISBN: 978-0-12-816032-9
• Editorial: Academic Press
• Encuadernacion: Rústica
• Páginas: 352
• Fecha Publicación: 01/09/2019
• Nº Volúmenes: 1
• Idioma: Inglés