Related papers: Decision making in Economics -- a behavioral appro…
Preferences often change -- even in short time intervals -- due to either the mere passage of time (present-biased preferences) or changes in environmental conditions (state-dependent preferences). On the basis of the empirical findings in…
Human decision-making underlies all economic behavior. For the past four decades, human decision-making under uncertainty has continued to be explained by theoretical models based on prospect theory, a framework that was awarded the Nobel…
In economics literature, it is accepted that all people are rational and they try to maximize their utilities as possible as they can. In addition, economic theories are formed with the assumptions not suitable to real life. For instance,…
Human decision making can be challenging to predict because decisions are affected by a number of complex factors. Adding to this complexity, decision-making processes can differ considerably between individuals, and methods aimed at…
This work lies in the fusion of experimental economics and data mining. It continues author's previous work on mining behaviour rules of human subjects from experimental data, where game-theoretic predictions partially fail to work.…
Successful design of human-in-the-loop control systems requires appropriate models for human decision makers. Whilst most paradigms adopted in the control systems literature hide the (limited) decision capability of humans, in behavioral…
Requirements engineers should strive to get a better insight into decision making processes. During elicitation of requirements, decision making influences how stakeholders communicate with engineers, thereby affecting the engineers'…
Understanding how biological organisms make decisions is of fundamental importance in understanding behavior. Such an understanding within evolutionary game theory so far has been sought by appealing to bounded rationality. Here, we present…
The rapid growth of e-commerce has made people accustomed to shopping online. Before making purchases on e-commerce websites, most consumers tend to rely on rating scores and review information to make purchase decisions. With this…
When users stand to gain from certain predictions, they are prone to act strategically to obtain favorable predictive outcomes. Whereas most works on strategic classification consider user actions that manifest as feature modifications, we…
A few considerations on the nature of Economics and its relationship to human communities through the prism of Self-Organizing-Systems.
Researchers in psychology characterize decision-making as a process of eliminating options. While statistical modelling typically focuses on the eventual choice, we analyze consideration sets describing, for each survey participant, all…
Understanding, predicting, and learning from other people's actions are fundamental human social-cognitive skills. Little is known about how and when we consider other's actions and outcomes when making our own decisions. We developed a…
Emotions play a crucial role in human life. The research community has proposed many theories on emotions without reaching much consensus. The situation is similar for emotions in cognitive architectures and autonomous agents. I propose in…
Extensive work has been conducted both in game theory and logic to model strategic interaction. An important question is whether we can use these theories to design agents for interacting with people? On the one hand, they provide a formal…
We are witnessing an increasing use of data-driven predictive models to inform decisions. As decisions have implications for individuals and society, there is increasing pressure on decision makers to be transparent about their decision…
By varying prompts to a large language model, we can elicit the full range of human behaviors in a variety of different scenarios in classic economic games. By analyzing which prompts elicit which behaviors, we can categorize and compare…
This paper is an original attempt to understand the foundations of economic reasoning. It endeavors to rigorously define the relationship between subjective interpretations and objective valuations of such interpretations in the context of…
To make effective decisions, it is important to have a thorough understanding of the causal relationships among actions, environments, and outcomes. This review aims to surface three crucial aspects of decision-making through a causal lens:…
Recent work on the logical structure of non-locality has constructed scenarios where observations of multi-partite systems cannot be adequately described by compositions of non-signaling subsystems. In this paper we apply these frameworks…