Related papers: Ordered Reference Dependent Choice
Dependencies have played a significant role in database design for many years. They have also been shown to be useful in query optimization. In this paper, we discuss dependencies between lexicographically ordered sets of tuples. We…
Predictive models are often introduced to decision-making tasks under the rationale that they improve performance over an existing decision-making policy. However, it is challenging to compare predictive performance against an existing…
Aggregating risks from multiple sources can be complex and demanding, and decision makers usually adopt heuristics to simplify the evaluation process. This paper axiomatizes two closed related and yet different heuristics, narrow bracketing…
We show that many bounded rationality patterns of choice can be alternatively represented as testable models of limited consideration, and we elicit the features of the associated unobserved consideration sets from the observed choice.…
We consider different choice procedures such as scoring rules, rules, using majority relation, value function and tournament matrix, which are used in social and multi-criteria choice problems. We focus on the study of the properties that…
Distributions over rankings are used to model data in various settings such as preference analysis and political elections. The factorial size of the space of rankings, however, typically forces one to make structural assumptions, such as…
We review economic research regarding the decision making processes of individuals in economics, with a particular focus on papers which tried analyzing factors that affect decision making with the evolution of the history of economic…
Nontransitive choices have long been an area of curiosity within economics. However, determining whether nontransitive choices represent an individual's preference is a difficult task since choice data is inherently stochastic. This paper…
In many real-life settings, agents must navigate dynamic environments while reasoning under incomplete information and acting on a corpus of unstable, context-dependent, and often conflicting norms. We introduce a general, non-modal,…
In this work we generalize standard Decision Theory by assuming that two outcomes can also be incomparable. Two motivating scenarios show how incomparability may be helpful to represent those situations where, due to lack of information,…
When it comes to structural estimation of risk preferences from data on choices, random utility models have long been one of the standard research tools in economics. A recent literature has challenged these models, pointing out some…
We develop a general operational framework that formalizes the concept of conditional uncertainty in a measure-independent fashion. Our formalism is built upon a mathematical relation which we call conditional majorization. We define…
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…
We study how macroscopic observational constraints restrict admissible microscopic explanatory structures when no intrinsic order or dynamics is assumed a priori. Starting from an unordered collection of measurement outcomes, we formulate…
We study properties related to relevance in non-monotonic consequence relations obtained by systems of structured argumentation. Relevance desiderata concern the robustness of a consequence relation under the addition of irrelevant…
This paper is dedicated to a cautious learning methodology for predicting preferences between alternatives characterized by binary attributes (formally, each alternative is seen as a subset of attributes). By "cautious", we mean that the…
A common practice in evidence-based decision-making uses estimates of conditional probabilities P(y|x) obtained from research studies to predict outcomes y on the basis of observed covariates x. Given this information, decisions are then…
In mainstream neoclassical economics, utility maximization is the only engine of individual action, and the other or the social, if it is modeled for decisions deemed fundamental, it is done as a tacit externality parameter affecting an…
The control function approach allows the researcher to identify various causal effects of interest. While powerful, it requires a strong invertibility assumption in the selection process, which limits its applicability. This paper expands…
Behavior of systems that are functions of anticipated behavior of other systems, whose own behavior is also anticipatory but homeostatic and determined by hierarchical ordering, which changes over time, of sets of possible environments that…