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Author :
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (837 download)
Download or read book Heuristics for Deciding Collectively Rational Consumption Behavior written by and published by . This book was released on 2008 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Sanjit Dhami
Publisher : MIT Press
ISBN 13 : 0262369656
Total Pages : 553 pages
Book Rating : 4.2/5 (623 download)
Download or read book Bounded Rationality written by Sanjit Dhami and published by MIT Press. This book was released on 2022-07-12 with total page 553 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two leaders in the field explore the foundations of bounded rationality and its effects on choices by individuals, firms, and the government. Bounded rationality recognizes that human behavior departs from the perfect rationality assumed by neoclassical economics. In this book, Sanjit Dhami and Cass R. Sunstein explore the foundations of bounded rationality and consider the implications of this approach for public policy and law, in particular for questions about choice, welfare, and freedom. The authors, both recognized as experts in the field, cover a wide range of empirical findings and assess theoretical work that attempts to explain those findings. Their presentation is comprehensive, coherent, and lucid, with even the most technical material explained accessibly. They not only offer observations and commentary on the existing literature but also explore new insights, ideas, and connections. After examining the traditional neoclassical framework, which they refer to as the Bayesian rationality approach (BRA), and its empirical issues, Dhami and Sunstein offer a detailed account of bounded rationality and how it can be incorporated into the social and behavioral sciences. They also discuss a set of models of heuristics-based choice and the philosophical foundations of behavioral economics. Finally, they examine libertarian paternalism and its strategies of “nudges.”
Download or read book Revealed Preference Tests of Collectively Rational Consumption Behavior written by and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gerd Gigerenzer
Publisher : MIT Press
ISBN 13 : 9780262571647
Total Pages : 404 pages
Book Rating : 4.5/5 (716 download)
Download or read book Bounded Rationality written by Gerd Gigerenzer and published by MIT Press. This book was released on 2002-07-26 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a complex and uncertain world, humans and animals make decisions under the constraints of limited knowledge, resources, and time. Yet models of rational decision making in economics, cognitive science, biology, and other fields largely ignore these real constraints and instead assume agents with perfect information and unlimited time. About forty years ago, Herbert Simon challenged this view with his notion of "bounded rationality." Today, bounded rationality has become a fashionable term used for disparate views of reasoning. This book promotes bounded rationality as the key to understanding how real people make decisions. Using the concept of an "adaptive toolbox," a repertoire of fast and frugal rules for decision making under uncertainty, it attempts to impose more order and coherence on the idea of bounded rationality. The contributors view bounded rationality neither as optimization under constraints nor as the study of people's reasoning fallacies. The strategies in the adaptive toolbox dispense with optimization and, for the most part, with calculations of probabilities and utilities. The book extends the concept of bounded rationality from cognitive tools to emotions; it analyzes social norms, imitation, and other cultural tools as rational strategies; and it shows how smart heuristics can exploit the structure of environments.
Author : Gerd Gigerenzer
Publisher : Oxford University Press
ISBN 13 : 0199390096
Total Pages : 352 pages
Book Rating : 4.1/5 (993 download)
Download or read book Simply Rational written by Gerd Gigerenzer and published by Oxford University Press. This book was released on 2015-03-03 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Statistical illiteracy can have an enormously negative impact on decision making. This volume of collected papers brings together applied and theoretical research on risks and decision making across the fields of medicine, psychology, and economics. Collectively, the essays demonstrate why the frame in which statistics are communicated is essential for broader understanding and sound decision making, and that understanding risks and uncertainty has wide-reaching implications for daily life. Gerd Gigerenzer provides a lucid review and catalog of concrete instances of heuristics, or rules of thumb, that people and animals rely on to make decisions under uncertainty, explaining why these are very often more rational than probability models. After a critical look at behavioral theories that do not model actual psychological processes, the book concludes with a call for a "heuristic revolution" that will enable us to understand the ecological rationality of both statistics and heuristics, and bring a dose of sanity to the study of rationality.
Author : Fouad Sabry
Publisher : One Billion Knowledgeable
ISBN 13 :
Total Pages : 359 pages
Book Rating : 4.:/5 (661 download)
Download or read book Rational Choice Theory written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2024-02-12 with total page 359 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Rational Choice Theory Rational choice theory refers to a set of guidelines that help understand economic and social behaviour. The theory originated in the eighteenth century and can be traced back to the political economist and philosopher Adam Smith. The theory postulates that an individual will perform a cost-benefit analysis to determine whether an option is right for them. It also suggests that an individual's self-driven rational actions will help better the overall economy. Rational choice theory looks at three concepts: rational actors, self interest and the invisible hand. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Rational choice theory Chapter 2: Microeconomics Chapter 3: Neoclassical economics Chapter 4: Utility Chapter 5: Public choice Chapter 6: Bounded rationality Chapter 7: Homo economicus Chapter 8: Arrow's impossibility theorem Chapter 9: Behavioral economics Chapter 10: Prospect theory Chapter 11: Consumer choice Chapter 12: Decision theory Chapter 13: Structure and agency Chapter 14: Expected utility hypothesis Chapter 15: Ellsberg paradox Chapter 16: Robert Sugden (economist) Chapter 17: Preference (economics) Chapter 18: Preference Chapter 19: Rational choice institutionalism Chapter 20: Altruism theory of voting Chapter 21: Formalist-substantivist debate (II) Answering the public top questions about rational choice theory. (III) Real world examples for the usage of rational choice theory in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Rational Choice Theory.
Author : William David Anthony Bryant
Publisher : World Scientific
ISBN 13 : 9811254729
Total Pages : 779 pages
Book Rating : 4.8/5 (112 download)
Download or read book Lectures In The Microeconomics Of Choice: Foundations, Consumers, And Producers written by William David Anthony Bryant and published by World Scientific. This book was released on 2023-02-17 with total page 779 pages. Available in PDF, EPUB and Kindle. Book excerpt: People pursue their own interests, whatever those interests might be. Some people have interests that are narrow and selfish, while others have interests that are broad and altruistic. The idea that people are self-interested underpins all of economic analysis and raises two fundamental questions: 1. How do people choose the actions they think will further their own interests? 2. Can the potentially conflicting interests of different people be made to 'mesh' in some sort of socio-economic equilibrium? This book is devoted to a detailed study of the first question. Its Companion Volume (Economy-Wide Microeconomics: Equilibrium, Optimality, Applications and Tests) makes a detailed study of the second question.Following some foundational remarks, this book studies the Arrow-Debreu theory of consumer choice. That theory supposes people choose so as to maximize a complete, continuous, transitive, and reflexive binary preference relation over a non-empty and compact choice set. The book then studies numerous refinements, generalizations and extensions of each of these restrictions — up to and including recent work on Behavioral theories of choice and choice behaviour when preferences are intransitive/incomplete/discontinuous. Also considered is choice behaviour in environments that are not necessarily compact. A study is also made of intertemporal choice and choice under uncertainty. The study of Arrow-Debreu choice theory and its extensions are presented from the Primal, Dual, and Revealed Preference points of view.Consumers are not the only agents in the economy, as Producers are present as well. Beginning with a study of the Arrow-Debreu idea that producers choose from a convex production set so as to maximize profit, the book considers extensions and generalizations of this framework, particularly to non-convex environments. The study is presented from the Primal and Dual points of view.The final chapter in the book provides a link to its Companion Volume. The Chapter indicates how the theories of consumer and producer choice studied here help inform answers of the second question posed above.Resources are available to instructors who adopt this book. More details at www.worldscientific.com/worldscibooks/10.1142/12789-sm
Author : Bo Chen
Publisher : Springer
ISBN 13 : 3642143555
Total Pages : 345 pages
Book Rating : 4.6/5 (421 download)
Download or read book Algorithmic Aspects in Information and Management written by Bo Chen and published by Springer. This book was released on 2010-06-26 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: While the areas of information management and management science are full of algorithmic challenges, the proliferation of data has called for the design of e?cient and e?ective algorithms and data structures for their management and processing. The International Conference on Algorithmic Aspects in Information and Management(AAIM) is intended for originalalgorithmicresearchon immediate applications and/or fundamental problems pertinent to information mana- ment and management science to be broadly construed. The conference aims at bringing together researchers in computer science, operations research, applied mathematics, economics, and related disciplines. This volume contains papers presented at AAIM 2010: the 6th International Conference on Algorithmic Aspects in Information and Management, which was held during July 19-21, 2010, in Weihai, China. We received a total of 50 s- missions.Eachsubmissionwasreviewedbythreemembersof the ProgramC- mittee or their deputies on the quality, originality, soundness, and signi?cance of its contribution. The committee decided to accept 31 papers. The program also included two invited keynote talks. The success of the conference resulted from the input of many people. We would like ?rst of all to thank all the members of the Program Committee for their expert evaluation of the submissions. The local organizers in the School of Computer Science and Technology, Shandong University, did an extraordinary job, for which we are very grateful. We thank the National Natural Science Foundation of China, Montana State University (USA), University of Warwick (UK), and Shandong University (China) for their sponsorship.
Author : Ralph Hertwig
Publisher : Oxford University Press
ISBN 13 : 0190623594
Total Pages : 672 pages
Book Rating : 4.1/5 (96 download)
Download or read book Simple Heuristics in a Social World written by Ralph Hertwig and published by Oxford University Press. This book was released on 2012-11-29 with total page 672 pages. Available in PDF, EPUB and Kindle. Book excerpt: Simple Heuristics in a Social World invites readers to discover the simple heuristics that people use to navigate the complexities and surprises of environments populated with others. The social world is a terrain where humans and other animals compete with conspecifics for myriad resources, including food, mates, and status, and where rivals grant the decision maker little time for deep thought, protracted information search, or complex calculations. Yet, the social world also encompasses domains where social animals such as humans can learn from one another and can forge alliances with one another to boost their chances of success. According to the book's thesis, the undeniable complexity of the social world does not dictate cognitive complexity as many scholars of rationality argue. Rather, it entails circumstances that render optimization impossible or computationally arduous: intractability, the existence of incommensurable considerations, and competing goals. With optimization beyond reach, less can be more. That is, heuristics--simple strategies for making decisions when time is pressing and careful deliberation an unaffordable luxury--become indispensible mental tools. As accurate as or even more accurate than complex methods when used in the appropriate social environments, these heuristics are good descriptive models of how people make many decisions and inferences, but their impressive performance also poses a normative challenge for optimization models. In short, the Homo socialis may prove to be a Homo heuristicus whose intelligence reflects ecological rather than logical rationality.
Author : Estelle Zanga
Publisher :
ISBN 13 : 9783346133199
Total Pages : 80 pages
Book Rating : 4.1/5 (331 download)
Download or read book Good by Default. Using Heuristic-triggering Nudges to Promote Prosocial Behaviour in Economic Decision-making written by Estelle Zanga and published by . This book was released on 2020-02-28 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2017 in the subject Business economics - General, grade: 1.3, Leipzig Graduate School of Management, language: English, abstract: Humans are generally perceived as intuitively selfish, particularly in their economic decision-making. Under the Dual-Process Framework (DPF), this view entails that prosocial behaviour requires reflective control over those natural inclinations towards self-interest. However, new lines of research explore the heuristic basis of prosocial actions and their potential use for policy-making. The goal of this thesis is to enquire into intuitive mechanisms which foster prosocial behaviour in economic decision-making and how to use them to promote altruism and cooperation through heuristic-triggering ("pure") nudges. We found that while in some contexts prosocial choices can be economically rational, heuristic mechanisms also drive them and for some individuals, they do so to a higher extend than deliberative processes. Our literature review identified three main classes of heuristics that significantly drive prosocial behaviour: kin recognition, social and affect heuristics. Based on Intuitive Design principles, we developed a toolkit for heuristic-triggering nudges enabling choice architects to structure and describe choice options, as well as to address implementation issues, with the goal to make prosocial actions the most attractive alternative. One interesting highlight of our analysis is the differentiation of three master frames for evaluating prosocial nudges: increase in prosocial actions, ex-post satisfaction of decision-maker and social welfare outcome. Finally, we derived practical implications of our findings in social and environmental policy interventions.
Author :
Publisher : ScholarlyEditions
ISBN 13 : 1464990727
Total Pages : 2231 pages
Book Rating : 4.4/5 (649 download)
Download or read book Economics—Advances in Research and Application: 2012 Edition written by and published by ScholarlyEditions. This book was released on 2012-12-26 with total page 2231 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economics—Advances in Research and Application: 2012 Edition is a ScholarlyEditions™ eBook that delivers timely, authoritative, and comprehensive information about Economics. The editors have built Economics—Advances in Research and Application: 2012 Edition on the vast information databases of ScholarlyNews.™ You can expect the information about Economics in this eBook to be deeper than what you can access anywhere else, as well as consistently reliable, authoritative, informed, and relevant. The content of Economics—Advances in Research and Application: 2012 Edition has been produced by the world’s leading scientists, engineers, analysts, research institutions, and companies. All of the content is from peer-reviewed sources, and all of it is written, assembled, and edited by the editors at ScholarlyEditions™ and available exclusively from us. You now have a source you can cite with authority, confidence, and credibility. More information is available at http://www.ScholarlyEditions.com/.
Author : Gerd Gigerenzer
Publisher : Oxford University Press
ISBN 13 : 0190286768
Total Pages : 432 pages
Book Rating : 4.1/5 (92 download)
Download or read book Simple Heuristics that Make Us Smart written by Gerd Gigerenzer and published by Oxford University Press. This book was released on 2000-10-12 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: Simple Heuristics That Make Us Smart invites readers to embark on a new journey into a land of rationality that differs from the familiar territory of cognitive science and economics. Traditional views of rationality tend to see decision makers as possessing superhuman powers of reason, limitless knowledge, and all of eternity in which to ponder choices. To understand decisions in the real world, we need a different, more psychologically plausible notion of rationality, and this book provides it. It is about fast and frugal heuristics--simple rules for making decisions when time is pressing and deep thought an unaffordable luxury. These heuristics can enable both living organisms and artificial systems to make smart choices, classifications, and predictions by employing bounded rationality. But when and how can such fast and frugal heuristics work? Can judgments based simply on one good reason be as accurate as those based on many reasons? Could less knowledge even lead to systematically better predictions than more knowledge? Simple Heuristics explores these questions, developing computational models of heuristics and testing them through experiments and analyses. It shows how fast and frugal heuristics can produce adaptive decisions in situations as varied as choosing a mate, dividing resources among offspring, predicting high school drop out rates, and playing the stock market. As an interdisciplinary work that is both useful and engaging, this book will appeal to a wide audience. It is ideal for researchers in cognitive psychology, evolutionary psychology, and cognitive science, as well as in economics and artificial intelligence. It will also inspire anyone interested in simply making good decisions.
Author : Chkoniya, Valentina
Publisher : IGI Global
ISBN 13 : 1799831175
Total Pages : 546 pages
Book Rating : 4.7/5 (998 download)
Download or read book Anthropological Approaches to Understanding Consumption Patterns and Consumer Behavior written by Chkoniya, Valentina and published by IGI Global. This book was released on 2020-04-03 with total page 546 pages. Available in PDF, EPUB and Kindle. Book excerpt: Anthropology is a science specialized in the study of the past and present of societies, especially the study of humans and human behavior. The disciplines of anthropology and consumer research have long been separated; however, it is now believed that joining them will lead to a more profound knowledge and understanding of consumer behaviors and will lead to further understanding and predictions for the future. Anthropological Approaches to Understanding Consumption Patterns and Consumer Behavior is a cutting-edge research publication that examines an anthropological approach to the study of the consumer and as a key role to the development of societies. The book also provides a range of marketing possibilities that can be developed from this approach such as understanding the evolution of consumer behavior, delivering truly personalized customer experiences, and potentially creating new products, brands, and services. Featuring a wide range of topics such as artificial intelligence, food consumption, and neuromarketing, this book is ideal for marketers, advertisers, brand managers, consumer behavior analysts, managing directors, consumer psychologists, academicians, social anthropologists, entrepreneurs, researchers, and students.
Author : Gerd Gigerenzer
Publisher : MIT Press
ISBN 13 : 0262072750
Total Pages : 502 pages
Book Rating : 4.2/5 (62 download)
Download or read book Heuristics and the Law written by Gerd Gigerenzer and published by MIT Press. This book was released on 2006-08-11 with total page 502 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experts in law, psychology, and economics explore the power of "fast and frugal" heuristics in the creation and implementation of law In recent decades, the economists' concept of rational choice has dominated legal reasoning. And yet, in practical terms, neither the lawbreakers the law addresses nor officers of the law behave as the hyperrational beings postulated by rational choice. Critics of rational choice and believers in "fast and frugal heuristics" propose another approach: using certain formulations or general principles (heuristics) to help navigate in an environment that is not a well-ordered setting with an occasional disturbance, as described in the language of rational choice, but instead is fundamentally uncertain or characterized by an unmanageable degree of complexity. This is the intuition behind behavioral law and economics. In Heuristics and the Law, experts in law, psychology, and economics explore the conceptual and practical power of the heuristics approach in law. They discuss legal theory; modeling and predicting the problems the law purports to solve; the process of making law, in the legislature or in the courtroom; the application of existing law in the courts, particularly regarding the law of evidence; and implementation of the law and the impact of law on behavior. Contributors Ronald J. Allen, Hal R. Arkes, Peter Ayton, Susanne Baer, Martin Beckenkamp, Robert Cooter, Leda Cosmides, Mandeep K. Dhami, Robert C. Ellickson, Christoph Engel, Richard A. Epstein, Wolfgang Fikentscher, Axel Flessner, Robert H. Frank, Bruno S. Frey, Gerd Gigerenzer, Paul W. Glimcher, Daniel G. Goldstein, Chris Guthrie, Jonathan Haidt, Reid Hastie, Ralph Hertwig, Eric J. Johnson, Jonathan J. Koehler, Russell Korobkin, Stephanie Kurzenhäuser, Douglas A. Kysar, Donald C. Langevoort, Richard Lempert, Stefan Magen, Callia Piperides, Jeffrey J. Rachlinski, Clara Sattler de Sousa e Brito, Joachim Schulz, Victoria A. Shaffer, Indra Spiecker genannt Döhmann, John Tooby, Gerhard Wagner, Elke U. Weber, Bernd Wittenbrink
Author : Karen Donohue
Publisher : John Wiley & Sons
ISBN 13 : 1119138310
Total Pages : 688 pages
Book Rating : 4.1/5 (191 download)
Download or read book The Handbook of Behavioral Operations written by Karen Donohue and published by John Wiley & Sons. This book was released on 2018-10-16 with total page 688 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive review of behavioral operations management that puts the focus on new and trending research in the field The Handbook of Behavioral Operations offers a comprehensive resource that fills the gap in the behavioral operations management literature. This vital text highlights best practices in behavioral operations research and identifies the most current research directions and their applications. A volume in the Wiley Series in Operations Research and Management Science, this book contains contributions from an international panel of scholars from a wide variety of backgrounds who are conducting behavioral research. The handbook provides succinct tutorials on common methods used to conduct behavioral research, serves as a resource for current topics in behavioral operations research, and as a guide to the use of new research methods. The authors review the fundamental theories and offer frameworks from a psychological, systems dynamics, and behavioral economic standpoint. They provide a crucial grounding for behavioral operations as well as an entry point for new areas of behavioral research. The handbook also presents a variety of behavioral operations applications that focus on specific areas of study and includes a survey of current and future research needs. This important resource: Contains a summary of the methodological foundations and in-depth treatment of research best practices in behavioral research. Provides a comprehensive review of the research conducted over the past two decades in behavioral operations, including such classic topics as inventory management, supply chain contracting, forecasting, and competitive sourcing. Covers a wide-range of current topics and applications including supply chain risk, responsible and sustainable supply chain, health care operations, culture and trust. Connects existing bodies of behavioral operations literature with related fields, including psychology and economics. Provides a vision for future behavioral research in operations. Written for academicians within the operations management community as well as for behavioral researchers, The Handbook of Behavioral Operations offers a comprehensive resource for the study of how individuals make decisions in an operational context with contributions from experts in the field.
Author : Gerd Gigerenzer
Publisher : Oxford University Press
ISBN 13 : 9780195153729
Total Pages : 370 pages
Book Rating : 4.1/5 (537 download)
Download or read book Adaptive Thinking written by Gerd Gigerenzer and published by Oxford University Press. This book was released on 2002-03-07 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt: Where do new ideas come from? What is social intelligence? Why do social scientists perform mindless statistical rituals? This vital book is about rethinking rationality as adaptive thinking: to understand how minds cope with their environments, both ecological and social.Gerd Gigerenzer proposes and illustrates a bold new research program that investigates the psychology of rationality, introducing the concepts of ecological, bounded, and social rationality. His path-breaking collection takes research on thinking, social intelligence, creativity, and decision-making out of an ethereal world where the laws of logic and probability reign, and places it into our real world of human behavior and interaction. Adaptive Thinking is accessibly written for general readers with an interest in psychology, cognitive science, economics, sociology, philosophy, artificial intelligence, and animal behavior. It also teaches a practical audience, such as physicians, AIDS counselors, and experts in criminal law, how to understand and communicate uncertainties and risks.
Author : Alan Kirman
Publisher : Routledge
ISBN 13 : 1136941673
Total Pages : 366 pages
Book Rating : 4.1/5 (369 download)
Download or read book Complex Economics written by Alan Kirman and published by Routledge. This book was released on 2010-09-13 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic crisis is also a crisis for economic theory. Most analyses of the evolution of the crisis invoke three themes, contagion, networks and trust, yet none of these play a major role in standard macroeconomic models. What is needed is a theory in which these aspects are central. The direct interaction between individuals, firms and banks does not simply produce imperfections in the functioning of the economy but is the very basis of the functioning of a modern economy. This book suggests a way of analysing the economy which takes this point of view. The economy should be considered as a complex adaptive system in which the agents constantly react to, influence and are influenced by, the other individuals in the economy. In such systems which are familiar from statistical physics and biology for example, the behaviour of the aggregate cannot be deduced from the behaviour of the average, or "representative" individual. Just as the organised activity of an ants’ nest cannot be understood from the behaviour of a "representative ant" so macroeconomic phenomena should not be assimilated to those associated with the "representative agent". This book provides examples where this can clearly be seen. The examples range from Schelling’s model of segregation, to contributions to public goods, the evolution of buyer seller relations in fish markets, to financial models based on the foraging behaviour of ants. The message of the book is that coordination rather than efficiency is the central problem in economics. How do the myriads of individual choices and decisions come to be coordinated? How does the economy or a market, "self organise" and how does this sometimes result in major upheavals, or to use the phrase from physics, "phase transitions"? The sort of system described in this book is not in equilibrium in the standard sense, it is constantly changing and moving from state to state and its very structure is always being modified. The economy is not a ship sailing on a well-defined trajectory which occasionally gets knocked off course. It is more like the slime described in the book "emergence", constantly reorganising itself so as to slide collectively in directions which are neither understood nor necessarily desired by its components.
