Related papers: Decision making in Economics -- a behavioral appro…
Language can exert a strong influence on human behaviour. In experimental studies, it is for example well-known that the framing of an experiment or priming at the beginning of an experiment can alter participants' behaviour. However, few…
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…
Understanding human behaviour in decision problems and strategic interactions has wide-ranging applications in economics, psychology, and artificial intelligence. Game theory offers a robust foundation for this understanding, based on the…
Learning underlies nearly all human behavior and is central to education and education reform. Although recent advances in neuroscience have revealed the fundamental structure of learning processes, these insights have yet to be integrated…
Behavioral economics changed the way we think about market participants and revolutionized policy-making by introducing the concept of choice architecture. However, even though effective on the level of a population, interventions from…
The study of opinions, their formation and change, is one of the defining topics addressed by social psychology, but in recent years other disciplines, like computer science and complexity, have tried to deal with this issue. Despite the…
Current theories of decision making suggest that the neural circuits in mammalian brains (including humans) computationally combine representations of the past (memory), present (perception), and future (agentic goals) to take actions that…
How should my own decisions affect my beliefs about the outcomes I expect to achieve? If taking a certain action makes me view myself as a certain type of person, it might affect how I think others view me, and how I view others who are…
We explored decision-making dynamics in social systems, referencing the 'herd behavior' from prior studies where individuals follow preceding choices without understanding the underlying reasons. While previous research highlighted a…
Recently, social phenomena have received a lot of attention not only from social scientists, but also from physicists, mathematicians and computer scientists, in the emerging interdisciplinary field of complex system science. Opinion…
We model the behavioral biases of human decision-making in securing interdependent systems and show that such behavioral decision-making leads to a suboptimal pattern of resource allocation compared to non-behavioral (rational)…
Intertemporal choice has drawn attention in behavioral economics, econophysics, and neuroeconomics. Recent studies in mainstream economics have mainly focused on inconsistency in intertemporal choice (dynamic inconsistency); while…
As we know, there is a controversy about the decision making under risk between economists and psychologists. We discuss to build a unified theory of risky choice, which would explain both of compensatory and non-compensatory theories. For…
Economies are complex man-made systems where organisms and markets interact according to motivations and principles not entirely understood yet. The increasing dissatisfaction with the postulates of traditional economics i.e. perfectly…
Behavioural economics provides labels for patterns in human economic behaviour. Probability weighting is one such label. It expresses a mismatch between probabilities used in a formal model of a decision (i.e. model parameters) and…
Much of economic theory is built on observations of aggregate, rather than individual, behavior. Here, we present novel findings on human shopping patterns at the resolution of a single purchase. Our results suggest that much of our…
Economists often estimate economic models on data and use the point estimates as a stand-in for the truth when studying the model's implications for optimal decision-making. This practice ignores model ambiguity, exposes the decision…
We discuss social network analysis from the perspective of economics. We organize the presentaion around the theme of externalities: the effects that one's behavior has on others' well-being. Externalities underlie the interdependencies…
Our research is concerned with studying behavioural changes within a dynamic system, i.e. health care, and their effects on the decision-making process. Evolutionary Game theory is applied to investigate the most probable strategy(ies)…
Many biological, psychological and economic experiments have been designed where an organism or individual must choose between two options that have the same expected reward but differ in the variance of reward received. In this way,…