Related papers: Decision making in Economics -- a behavioral appro…
Preferences of individuals are distributions of elements generated by generalized functions. Models of economic decision-making derived from such distributions are consistent with results of physiological experiments, and explain any…
As scientists we like to think that modern societies and their members base their views, opinions and behaviour on scientific facts. This is not necessarily the case, even though we are all (over-) exposed to information flow through…
The ability to reason under uncertainty and with incomplete information is a fundamental requirement of decision support technology. In this paper we argue that the concentration on theoretical techniques for the evaluation and selection of…
We develop a novel framework of bounded rationality under cognitive frictions that studies learning over optimal behavior through both deliberative reasoning and accumulated experiences. Using both types of information, agents engage in…
We review some approaches and philosophies of causal inference coming from sociology, economics, computer science, cognitive science, and statistics
Opinion formation and persuasion in argumentation are affected by three major factors: the argument itself, the source of the argument, and the properties of the audience. Understanding the role of each and the interplay between them is…
Decisions in organizations are about evaluating alternatives and choosing the one that would best serve organizational goals. To the extent that the evaluation of alternatives could be formulated as a predictive task with appropriate…
We present an overview of the decision-theoretic framework of statistical causality, which is well-suited for formulating and solving problems of determining the effects of applied causes. The approach is described in detail, and is related…
Automated decision systems (ADS) are broadly deployed to inform and support human decision-making across a wide range of consequential settings. However, various context-specific details complicate the goal of establishing meaningful…
Unaided human decision making appears to systematically violate consistency constraints imposed by normative theories; these biases in turn appear to justify the application of formal decision-analytic models. It is argued that both claims…
This paper studies a risk-sensitive decision-making problem under uncertainty. It considers a decision-making process that unfolds over a fixed number of stages, in which a decision-maker chooses among multiple alternatives, some of which…
The dynamics of many social, technological and economic phenomena are driven by individual human actions, turning the quantitative understanding of human behavior into a central question of modern science. Current models of human dynamics,…
Most research on adaptive decision-making takes a strategy-first approach, proposing a method of solving a problem and then examining whether it can be implemented in the brain and in what environments it succeeds. We present a method for…
The Internet and Social Media change our way of decision-making. We are no longer the independent decision makers we used to be. Instead, we have become networked minds, social decision-makers, more than ever before. This has several…
The paper is devoted to a generalization of static and dynamic mathematical models of behavior with explicitly stated reflexive models of agents' decision-making. Reflexion is considered as agent's beliefs about nature, opponents' beliefs…
Algorithmic decision-making systems are increasingly used throughout the public and private sectors to make important decisions or assist humans in making these decisions with real social consequences. While there has been substantial…
Cognitive biases have been studied in psychology, sociology, and behavioral economics for decades. Traditionally, they have been considered a negative human trait that leads to inferior decision-making, reinforcement of stereotypes, or can…
Despite strong evidence for peer effects, little is known about how individuals balance intrinsic preferences and social learning in different choice environments. Using a combination of experiments and discrete choice modeling, we show…
Here we focus on the description of the mechanisms behind the process of information aggregation and decision making, a basic step to understand emergent phenomena in society, such as trends, information spreading or the wisdom of crowds.…
Machine behavior that is based on learning algorithms can be significantly influenced by the exposure to data of different qualities. Up to now, those qualities are solely measured in technical terms, but not in ethical ones, despite the…