Related papers: Preferences Relations and Consumer Theory

Preferences play a key role in determining what goals/constraints to satisfy when not all constraints can be satisfied simultaneously. In this work, we study preference-based planning in a stochastic system modeled as a Markov decision…

Classical Decision Theory provides a normative framework for representing and reasoning about complex preferences. Straightforward application of this theory to automate decision making is difficult due to high elicitation cost. In response…

Estimating consumer preferences is central to many problems in economics and marketing. This paper develops a flexible framework for learning individual preferences from partial ranking information by interpreting observed rankings as…

Assortment optimization refers to the problem of designing a slate of products to offer potential customers, such as stocking the shelves in a convenience store. The price of each product is fixed in advance, and a probabilistic choice…

Most decision theories, including expected utility theory, rank dependent utility theory and cumulative prospect theory, assume that investors are only interested in the distribution of returns and not in the states of the economy in which…

Network economics is the study of a rich class of equilibrium problems that occur in the real world, from traffic management to supply chains and two-sided online marketplaces. In this paper we explore causal inference in network economics,…

The basics of set theory are usually copied, directly or indirectly, by computer scientists from introductions to mathematical texts. Often mathematicians are content with special cases when the general case is of no mathematical interest.…

The way that people make choices or exhibit preferences can be strongly affected by the set of available alternatives, often called the choice set. Furthermore, there are usually heterogeneous preferences, either at an individual level…

This paper shows that utilizing information on the extensive margin of financially constrained households can narrow down the set of admissible preferences in a large class of macroeconomic models. Estimates based on Spanish aggregate data…

This paper describes an approach to economics that is inspired by quantum computing, and is motivated by the need to develop a consistent quantum mathematical framework for economics. The traditional neoclassical approach assumes that…

Affordances, a foundational concept in human-computer interaction and design, have traditionally been explained by direct-perception theories, which assume that individuals perceive action possibilities directly from the environment.…

Discrete-choice models are used in economics, marketing and revenue management to predict customer purchase probabilities, say as a function of prices and other features of the offered assortment. While they have been shown to be…

Many applications, e.g., Web service composition, complex system design, team formation, etc., rely on methods for identifying collections of objects or entities satisfying some functional requirement. Among the collections that satisfy the…

In this chapter the complex systems are discussed in the context of economic and business policy and decision making. It will be showed and motivated that social systems are typically chaotic, non-linear and/or non-equilibrium and therefore…

This paper introduces product relation correlation, a measure of product relatedness that assesses the extent to which products may function as substitutes or complements through analysis of shared purchasing patterns. Product relation…

We present here a formal foundation for an iterative and incremental approach to constructing and evaluating preference queries. Our main focus is on query modification: a query transformation approach which works by revising the preference…

Control science is a core representative of the third industrial revolution and is so important to modern civilization. Control systems are the main subject of control science and may involve many aspects of consideration, such as hardware…

We discuss several aspects of creation of adequate mathematical models in other sciences. In particular, many difficulties stem from great complexity of the source systems and the presence of a variety of uncertain factors. We illustrate…

We consider methods for aggregating preferences that are based on the resolution of discrete optimization problems. The preferences are represented by arbitrary binary relations (possibly weighted) or incomplete paired comparison matrices.…

Basic principles of mathematical modeling are reviewed in this book, with the focus on physics and its practical applications, and examples of selected mathematical methods are presented. Most of the models have been imported from physics…