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Decisions taken in our everyday lives are based on a wide variety of information so it is generally very difficult to assess what are the strategies that guide us. Stock market therefore provides a rich environment to study how people take…
Optimizing recommender systems based on user interaction data is mainly seen as a problem of dealing with selection bias, where most existing work assumes that interactions from different users are independent. However, it has been shown…
A broad range of on-line behaviors are mediated by interfaces in which people make choices among sets of options. A rich and growing line of work in the behavioral sciences indicate that human choices follow not only from the utility of…
This paper presents a dynamic model to study the impact on the economic outcomes in different societies during the Malthusian Era of individualism (time spent working alone) and collectivism (complementary time spent working with others).…
There is a sudden surge to model human behavior due to its vast and diverse applications which includes modeling public policies, economic behavior and consumer behavior. Most of the human behavior itself can be modeled into a choice…
The prevalence of many urban phenomena changes systematically with population size. We propose a theory that unifies models of economic complexity and cultural evolution to derive urban scaling. The theory accounts for the difference in…
Online auctions are one of the most fundamental facets of the modern economy and power an industry generating hundreds of billions of dollars a year in revenue. Auction theory has historically focused on the question of designing the best…
We study a model of user decision-making in the context of recommender systems via numerical simulation. Our model provides an explanation for the findings of Nguyen, et. al (2014), where, in environments where recommender systems are…
Economies are instances of complex socio-technical systems that are shaped by the interactions of large numbers of individuals. The individual behavior and decision-making of consumer agents is determined by complex psychological dynamics…
Data-driven research is becoming a new paradigm in transportation, but the natural lack of individual socio-economic attributes in transportation data makes research such as activity purpose inference and mobility pattern identification…
The answers people give when asked to 'think of the unexpected' for everyday event scenarios appear to be more expected than unexpected. There are expected unexpected outcomes that closely adhere to the given information in a scenario,…
Humans are social animals, they interact with different communities of friends to conduct different activities. The literature shows that human mobility is constrained by their social relations. In this paper, we investigate the social…
Personalized decision making targets the behavior of a specific individual, while population-based decision making concerns a sub-population resembling that individual. This paper clarifies the distinction between the two and explains why…
We test the predictions of the sticky information model using a survey dataset by comparing shoppers accuracy in recalling the prices of regulated and comparable unregulated products. Because regulated product prices are capped, they are…
The emergence of large-scale connectivity underlies the proper functioning of many networked systems, ranging from social networks and technological infrastructure to global trade networks. Percolation theory characterizes network formation…
Given the combined evidences of bounded rationality, limited information and short-term optimization, over-the-counter (OTC) fresh product markets provide a perfect instance where to develop a behavioural approach to the analysis of…
Imitation is a key component of human social behavior, and is widely used by both children and adults as a way to navigate uncertain or unfamiliar situations. But in an environment populated by multiple heterogeneous agents pursuing…
Meaning may arise from an element's role or interactions within a larger system. For example, hitting nails is more central to people's concept of a hammer than its particular material composition or other intrinsic features. Likewise, the…
We empirically investigate distributions of individual consumption expenditure f or four commodity categories conditional on fixed income levels. The data stems from the Family Expenditure Survey carried out annually in the United Kingdom.…
Users of electronic devices, e.g., laptop, smartphone, etc. have characteristic behaviors while surfing the Web. Profiling this behavior can help identify the person using a given device. In this paper, we introduce a technique to profile…