Related papers: Decision making in Economics -- a behavioral appro…
Over the past decades, cognitive neuroscientists and behavioral economists have recognized the value of describing the process of decision making in detail and modeling the emergence of decisions over time. For example, the time it takes to…
In this paper the theory of flexibly-bounded rationality which is an extension to the theory of bounded rationality is revisited. Rational decision making involves using information which is almost always imperfect and incomplete together…
This paper surveys the literature on theories of discrimination, focusing mainly on new contributions. Recent theories expand on the traditional taste-based and statistical discrimination frameworks by considering specific features of…
Decision-makers abhor uncertainty, and it is certainly true that the less there is of it the better. However, recognizing that uncertainty is part of the equation, particularly for deciding on environmental policy, is a prerequisite for…
There is a clear desire to model and comprehend human behavior. Trends in research covering this topic show a clear assumption that many view human reasoning as the presupposed standard in artificial reasoning. As such, topics such as game…
AI has revolutionised decision-making across various fields. Yet human judgement remains paramount for high-stakes decision-making. This has fueled explorations of collaborative decision-making between humans and AI systems, aiming to…
Accurately modeling human decision-making in security is critical to thinking about when, why, and how to recommend that users adopt certain secure behaviors. In this work, we conduct behavioral economics experiments to model the…
Despite all our great advances in science, technology and financial innovations, many societies today are struggling with a financial, economic and public spending crisis, over-regulation, and mass unemployment, as well as lack of…
If Economics is understood as the study of the interactions among intentional agents, being rationality the main source of intentional behavior, the mathematical tools that it requires must be extended to capture systemic effects. Here we…
The idea is advanced that self-organization in complex systems can be treated as decision making (as it is performed by humans) and, vice versa, decision making is nothing but a kind of self-organization in the decision maker nervous…
This paper explores key theoretical frameworks instrumental in understanding the relationship between sustainability and institutional investment decisions. The study identifies and analyzes various theories, including Behavioral Finance…
When human cognition is modeled in Philosophy and Cognitive Science, there is a pervasive idea that humans employ mental representations in order to navigate the world and make predictions about outcomes of future actions. By understanding…
Humans currently use arguments for explaining choices which are already made, or for evaluating potential choices. Each potential choice has usually pros and cons of various strengths. In spite of the usefulness of arguments in a decision…
This position paper discusses emerging behavioral, social, and economic dynamics related to the COVID-19 pandemic and puts particular emphasis on two emerging issues: First, delayed effects (or second strikes) of pandemics caused by dread…
To account for privacy perceptions and preferences in user models and develop personalized privacy systems, we need to understand how users make privacy decisions in various contexts. Existing studies of privacy perceptions and behavior…
This paper offers a step towards research infrastructure, which makes data from experimental economics efficiently usable for analysis of web data. We believe that regularities of human behavior found in experimental data also emerge in…
We study group decision making with changing preferences as a Markov Decision Process. We are motivated by the increasing prevalence of automated decision-making systems when making choices for groups of people over time. Our main…
Humans are not homo economicus (i.e., rational economic beings). As humans, we exhibit systematic behavioral biases such as loss aversion, anchoring, framing, etc., which lead us to make suboptimal economic decisions. Insofar as such biases…
We review two strands of conceptual approaches to the formal representation of a decision maker's non-knowledge at the initial stage of a static one-person, one-shot decision problem in economic theory. One focuses on representations of…
Individual choices often depend on the order in which the decisions are made. In this paper, we expose a general theory of measurable systems (an example of which is an individual's preferences) allowing for incompatible (non-commuting)…