Related papers: Reference Vectors in Economic Choice
This paper studies how violations of structural assumptions like expected utility and exponential discounting can be connected to basic rationality violations, even though these assumptions are typically regarded as independent building…
In economic theory, an agent chooses from available alternatives -- modeled as a set. In decisions in the field or in the lab, however, agents do not have access to the set of alternatives at once. Instead, alternatives are represented by…
The state of economic theory and accumulated facts from the different branches of the economic science require to analyze the concept of the description of economy systems. The economic reality generates the problems the solution of that is…
In this paper an interesting application of mathematics in economics is presented: the formulation of the theory of consumer basic problem, grounded on the concept of preferences relation and operationalized with optimization tools.
As a firm varies the price of a product, consumers exhibit reference effects, making purchase decisions based not only on the prevailing price but also the product's price history. We consider the problem of learning such behavioral…
Abstract argumentation has emerged as a method for non-monotonic reasoning that has gained popularity in the symbolic artificial intelligence community. In the literature, the different approaches to abstract argumentation that were refined…
A multicriteria group choice problem is considered in the paper. The model includes a set of feasible alternatives, a vector criterion, and n preference relations of the decision makers (DMs). Each preference relation is a cone relation…
We review economic research regarding the decision making processes of individuals in economics, with a particular focus on papers which tried analyzing factors that affect decision making with the evolution of the history of economic…
Filtering has had a profound impact as a device of perceiving information and deriving agent expectations in dynamic economic models. For an abstract economic system, this paper shows that the foundation of applying the filtering method…
While the classic Prospect Theory has highlighted the reference-dependent and comparative nature of consumers' product evaluation processes, few models have successfully integrated this theoretical hypothesis into data-driven preference…
To determine the welfare implications of price changes in demand data, we introduce a revealed preference relation over prices. We show that the absence of cycles in this relation characterizes a consumer who trades off the utility of…
The majority of recommendation algorithms are evaluated on the basis of historic benchmark datasets. Evaluation on historic benchmark datasets is quick and cheap to conduct, yet excludes the viewpoint of users who actually consume…
Classical Decision Theory provides a normative framework for representing and reasoning about complex preferences. Straightforward application of this theory to automate decision making is difficult due to high elicitation cost. In response…
Recommender systems have become increasingly important with the rise of the web as a medium for electronic and business transactions. One of the key drivers of this technology is the ease with which users can provide feedback about their…
The number of Internet users had grown rapidly enticing companies and cooperations to make full use of recommendation infrastructures. Consequently, online advertisement companies emerged to aid us in the presence of numerous items and…
Regression plays a key role in many research areas and its variable selection is a classic and major problem. This study emphasizes cost of predictors to be purchased for future use, when we select a subset of them. Its economic aspect is…
Recommender systems attempt to reduce information overload and retain customers by selecting a subset of items from a universal set based on user preferences. While research in recommender systems grew out of information retrieval and…
For a product of interest, we propose a search method to surface a set of reference products. The reference products can be used as candidates to support downstream modeling tasks and business applications. The search method consists of…
Visualization design influences how people perceive data patterns, yet most research focuses on low-level analytic tasks, such as finding correlations. The extent to which these perceptual affordances translate to high-level decision-making…
Following the principles of Cognitive Grammar, we concentrate on a model for reference resolution that attempts to overcome the difficulties previous approaches, based on the fundamental assumption that all reference (independent on the…