Related papers: Decision making in Economics -- a behavioral appro…
When making decisions under risk, people often exhibit behaviors that classical economic theories cannot explain. Newer models that attempt to account for these irrational behaviors often lack neuroscience bases and require the introduction…
This article investigates the fundamental factors influencing the rate and manner of Electoral participation with an economic model-based approach. In this study, the structural parameters affecting people's decision making are divided into…
In this paper, we make a review on the concepts of rationality across several different fields, namely in economics, psychology and evolutionary biology and behavioural ecology. We review how processes like natural selection can help us…
Decisions by humans depend on their estimations given some uncertain sensory data. These decisions can also be influenced by the behavior of others. Here we present a mathematical model to quantify this influence, inviting a further study…
A burgeoning literature in economics studies how people form beliefs about the causal structures linking economic variables, and what happens when those beliefs are mistaken. We survey this research and connect it to a rich literature in…
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…
In this chapter the complex systems are discussed in the context of economic and business policy and decision making. It will be showed and motivated that social systems are typically chaotic, non-linear and/or non-equilibrium and therefore…
Many classical models of collective behavior assume that emergent dynamics result from external and observable interactions among individuals. However, how collective dynamics in human populations depend on the internal psychological…
We study the associations between everyday economic decision-making quality and people's emotional states. Using high-frequency, highly disaggregated consumer "scanner" data, we show that the cost of poor decision-making is substantial, on…
Accuracy of economic theories and efficiency of economic policy strictly depend on the choice of the economic variables and processes mostly liable for description of economic reality. That states the general problem of assessment of any…
Over the last two decades, a growing body of experimental research has provided evidence that linguistic frames influence human behaviour in economic games, beyond the economic consequences of the available actions. This article proposes a…
A broad current application of algorithms is in formal and quantitative measures of murky concepts -- like merit -- to make decisions. When people strategically respond to these sorts of evaluations in order to gain favorable decision…
We review the literature on models that try to explain human behavior in social interactions described by normal-form games with monetary payoffs. We start by covering social and moral preferences. We then focus on the growing body of…
This paper takes a look at the general characteristics of business or economic intelligence system. The role of the user within this type of system is emphasized. We propose two models which we consider important in order to adapt this…
Emotion and fairness play a key role in mediating socioeconomic decisions in humans; however, the underlying neurocognitive mechanism remains largely unknown. This exploratory study unraveled the interplay between agents' emotions and the…
Emergent collective group processes and capabilities have been studied through analysis of transactive memory, measures of group task performance, and group intelligence, among others. In their approach to collective behaviors, these…
The roles played by decision factors in making complex subject are decisions are characterized by how these factors affect the overall decision. Evidence that partially matches a factor is evaluated, and then effective computational rules…
Identifying and quantifying factors influencing human decision making remains an outstanding challenge, impacting the performance and predictability of social and technological systems. In many cases, system failures are traced to human…
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…
As we discussed in Part I of this topic, there is a clear desire to model and comprehend human behavior. Given the popular presupposition of human reasoning as the standard for learning and decision-making, there have been significant…