Related papers: Decision making in Economics -- a behavioral appro…

Observation of other people's choices can provide useful information in many circumstances. However, individuals may not utilize this information efficiently, i.e., they may make decision-making errors in social interactions. In this paper,…

Technological systems increasingly mediate human information exchange, spanning interactions among humans as well as between humans and artificial agents. The unprecedented scale and reliance on information disseminated through these…

Identifying factors that affect human decision making and quantifying their influence remain essential and challenging tasks for the design and implementation of social and technological communication systems. We report results of a…

Financial markets are influenced by human behavior that deviates from rationality due to cognitive biases. Traditional reinforcement learning (RL) models for financial decision-making assume rational agents, potentially overlooking the…

We present a computational and theoretical model of the neural mechanisms underlying human decision-making. We propose a detailed model of the interaction between brain regions, under a proposer-predictor-actor-critic framework.…

This paper explores various socioeconomic factors that contribute to individual financial success using machine learning algorithms and approaches. Financial success, a critical aspect of all individual's well-being, is a complex concept…

This paper introduces the Dual-System Thinking (DST) model, a decision-theoretic framework that integrates psychological dual-process theories into economic modeling. A single cognitive weight parameter governs the relative influence of the…

We expect that democracy enables us to utilize collective intelligence such that our collective decisions build and enhance social welfare, and such that we accept their distributive and normative consequences. Collective decisions are…

Do generative AI models, particularly large language models (LLMs), exhibit systematic behavioral biases in economic and financial decisions? If so, how can these biases be mitigated? Drawing on the cognitive psychology and experimental…

Every human action begins with decision-making. Stress is a significant source of biases that can influence human decision-making. In order to understand the relationship between stress and decision-making, stress quantification is…

As one of the crucial human aspects, individual decision-making behavior that may affect the quality of a software project is adaptive to the environment in which the individual is. However, no comprehensive reference framework of the…

We develop a qualitative model of decision making with two aims: to describe how people make simple decisions and to enable computer programs to do the same. Current approaches based on Planning or Decisions Theory either ignore uncertainty…

This paper critically analyses the "attention economy" within the framework of cognitive science and techno-political economics, as applied to both human and machine interactions. We explore how current business models, particularly in…

This paper presents a novel approach to analyze human decision-making that involves comparing the behavior of professional chess players relative to a computational benchmark of cognitively bounded rationality. This benchmark is constructed…

Quantifying uncertainties in collective human behavior and decision making is crucial for ensuring public health and safety, enabling effective disaster response, informing the design of transportation and communication networks, and…

Many economic activities are embedded in networks: sets of agents and the (often) rivalrous relationships connecting them to one another. Input sourcing by firms, interbank lending, scientific research, and job search are four examples,…

The processes of ecological interactions, dispersal and mutations shape the dynamics of biological communities, and analogous eco-evolutionary processes acting upon economic entities have been proposed to explain economic change. This…

The analysis of decision making under uncertainty is closely related to the analysis of probabilistic inference. Indeed, much of the research into efficient methods for probabilistic inference in expert systems has been motivated by the…

People rationalize their past choices, even those that were mistakes in hindsight. We propose a formal theory of this behavior. The theory predicts that sunk costs affect later choices. Its model primitives are identified by choice behavior…

Most research questions in agricultural and applied economics are of a causal nature, i.e., how one or more variables (e.g., policies, prices, the weather) affect one or more other variables (e.g., income, crop yields, pollution). Only some…