Related papers: Decision making in Economics -- a behavioral appro…
This article conducts a literature review on the topic of monetary policy in developing countries and focuses on the effectiveness of monetary policy in promoting economic growth and the relationship between monetary policy and economic…
An agent-based model for financial markets has to incorporate two aspects: decision making and price formation. We introduce a simple decision model and consider its implications in two different pricing schemes. First, we study its…
As automated decision making and decision assistance systems become common in everyday life, research on the prevention or mitigation of potential harms that arise from decisions made by these systems has proliferated. However, various…
Decision analysis deals with modeling and enhancing decision processes. A principal challenge in improving behavior is in obtaining a transparent description of existing behavior in the first place. In this paper, we develop an expressive,…
A perfectly rational decision-maker chooses the best action with the highest utility gain from a set of possible actions. The optimality principles that describe such decision processes do not take into account the computational costs of…
Even though classic theories and models of discrete choice pose man as a rational being, it has been shown extensively that people persistently violate rationality in their actual choices. Recent models of decision-making take these…
Interactions among individuals in natural populations often occur in a dynamically changing environment. Understanding the role of environmental variation in population dynamics has long been a central topic in theoretical ecology and…
On the surface, behavioural science and physics seem to be two disparate fields of research. However, a closer examination of problems solved by them reveals that they are uniquely related to one another. Exemplified by the theories of…
Persuasion through conversation has been the focus of much research. Nudging is a popular strategy to influence decision-making in physical and digital settings. However, conversational agents employing "nudging" have not received…
The study of opinions, their formation and change, is one of the defining topics addressed by social psychology, but in recent years other disciplines, as computer science and complexity, have addressed this challenge. Despite the…
High-consequence decision making demands peak performance from individuals in positions of responsibility. Such executive authority bears the obligation to act despite uncertainty, limited resources, time constraints, and accountability…
When making choices in software projects, engineers and other stakeholders engage in decision making that involves uncertain future outcomes. Research in psychology, behavioral economics and neuroscience has questioned many of the classical…
Algorithms are often used to produce decision-making rules that classify or evaluate individuals. When these individuals have incentives to be classified a certain way, they may behave strategically to influence their outcomes. We develop a…
Computer modeling of human decision making is of large importance for, e.g., sustainable transport, urban development, and online recommendation systems. In this paper we present a model for predicting the behavior of an individual during a…
Algorithmic decision support (ADS), using Machine-Learning-based AI, is becoming a major part of many processes. Organizations introduce ADS to improve decision-making and use available data, thereby possibly limiting deviations from the…
Over the past decade, crowdsourcing has emerged as a cheap and efficient method of obtaining solutions to simple tasks that are difficult for computers to solve but possible for humans. The popularity and promise of crowdsourcing markets…
Controversy about the significance of underdetermination of theories persists in the philosophy and conduct of science. The issue has practical import when research is used to inform decision making, because scientific uncertainty yields…
Many of today's online services provide personalized recommendations to their users. Such recommendations are typically designed to serve certain user needs, e.g., to quickly find relevant content in situations of information overload.…
Large language models (LLMs) are increasingly used to simulate human decision-making, but their intrinsic biases often diverge from real human behavior--limiting their ability to reflect population-level diversity. We address this challenge…
For a variety of inter-related cultural, organizational, and political reasons, progress in climate science and the actual solution of scientific problems in this field have moved at a much slower rate than would normally be possible. Not…