Human Preferences And Risky Choices

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Human preferences and risky choices

Author : Petko Kusev
Publisher : Frontiers E-books
ISBN 13 : 2889190560
Total Pages : 69 pages
Book Rating : 4.8/5 (891 download)

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Book Synopsis Human preferences and risky choices by : Petko Kusev

Download or read book Human preferences and risky choices written by Petko Kusev and published by Frontiers E-books. This book was released on 2012 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: "There are different views on what preferences for risks are and whether they are indicators of stable, underlying generic cognitive systems. Preferences could be conceived as an attitude towards a set of properties of context, memory and affect - a gauge of how much uncertainty one is willing to tolerate. This Research Topic aims to initiate a discussion on the stability of preferences for risks - as research has shown that different decision domains, response modes, and framing facilitate preference reversals. A consistent claim from behavioural decision researchers is that, contrary to the assumptions of classical economics, preferences are not stable and inherent constructs in individuals but are modified by levels of accessibility in memory, context, decision complexity, and type of psychological processing (e.g., sampling or computational "trade-offs" in processing). For example, in a sampling-based decision-making paradigm it is argued that preferences are not essential for making risky decisions. The existing theoretical and empirical evidence reveals that human preferences are relative and unstable, undermining the predictions of normative theory. Recent theoretical accounts in psychology have expanded the debate further by offering evolutionary models of decision-making under risk. While most of the researcher has explored optimisation goals (traditionally assumed in economics), evolutionary psychology has promoted adaptation-driven processes for risky choices. Moreover, we have witnessed a renaissance of preferences as affect rather than as a construct with psycho-economical properties. Although behavioural decision research is still engaged in challenging the foundation of economic theory, at present, opinions seem less unified as to whether preferences reflect common psychological constructs. The Research Topic will focus on human preferences and risky choices. Topics include: Normative, descriptive and experience-based decision making, Preference reversals, Accessibility in memory, Context dependence, Psychological processing (including i) probabilities, utilities, computations and 'trade-offs', and ii) sampling), Affect, and Evolutionary accounts." -- Provided by publisher.

Behavioural Economics: A Very Short Introduction

Author : Michelle Baddeley
Publisher : Oxford University Press
ISBN 13 : 019107117X
Total Pages : 169 pages
Book Rating : 4.1/5 (91 download)

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Book Synopsis Behavioural Economics: A Very Short Introduction by : Michelle Baddeley

Download or read book Behavioural Economics: A Very Short Introduction written by Michelle Baddeley and published by Oxford University Press. This book was released on 2017-01-19 with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally economists have based their economic predictions on the assumption that humans are super-rational creatures, using the information we are given efficiently and generally making selfish decisions that work well for us as individuals. Economists also assume that we're doing the very best we can possibly do - not only for today, but over our whole lifetimes too. But increasingly the study of behavioural economics is revealing that our lives are not that simple. Instead, our decisions are complicated by our own psychology. Each of us makes mistakes every day. We don't always know what's best for us and, even if we do, we might not have the self-control to deliver on our best intentions. We struggle to stay on diets, to get enough exercise and to manage our money. We misjudge risky situations. We are prone to herding: sometimes peer pressure leads us blindly to copy others around us; other times copying others helps us to learn quickly about new, unfamiliar situations. This Very Short Introduction explores the reasons why we make irrational decisions; how we decide quickly; why we make mistakes in risky situations; our tendency to procrastination; and how we are affected by social influences, personality, mood and emotions. The implications of understanding the rationale for our own financial behaviour are huge. Behavioural economics could help policy-makers to understand the people behind their policies, enabling them to design more effective policies, while at the same time we could find ourselves assaulted by increasingly savvy marketing. Michelle Baddeley concludes by looking forward, to see what the future of behavioural economics holds for us. ABOUT THE SERIES: The Very Short Introductions series from Oxford University Press contains hundreds of titles in almost every subject area. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, and enthusiasm to make interesting and challenging topics highly readable.

Risk and Decision Making

Author :
Publisher :
ISBN 13 :
Total Pages : 80 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Risk and Decision Making by :

Download or read book Risk and Decision Making written by and published by . This book was released on 2000 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Paradox of Choice

Author : Barry Schwartz
Publisher : Harper Collins
ISBN 13 : 0061748994
Total Pages : 308 pages
Book Rating : 4.0/5 (617 download)

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Book Synopsis The Paradox of Choice by : Barry Schwartz

Download or read book The Paradox of Choice written by Barry Schwartz and published by Harper Collins. This book was released on 2009-10-13 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whether we're buying a pair of jeans, ordering a cup of coffee, selecting a long-distance carrier, applying to college, choosing a doctor, or setting up a 401(k), everyday decisions—both big and small—have become increasingly complex due to the overwhelming abundance of choice with which we are presented. As Americans, we assume that more choice means better options and greater satisfaction. But beware of excessive choice: choice overload can make you question the decisions you make before you even make them, it can set you up for unrealistically high expectations, and it can make you blame yourself for any and all failures. In the long run, this can lead to decision-making paralysis, anxiety, and perpetual stress. And, in a culture that tells us that there is no excuse for falling short of perfection when your options are limitless, too much choice can lead to clinical depression. In The Paradox of Choice, Barry Schwartz explains at what point choice—the hallmark of individual freedom and self-determination that we so cherish—becomes detrimental to our psychological and emotional well-being. In accessible, engaging, and anecdotal prose, Schwartz shows how the dramatic explosion in choice—from the mundane to the profound challenges of balancing career, family, and individual needs—has paradoxically become a problem instead of a solution. Schwartz also shows how our obsession with choice encourages us to seek that which makes us feel worse. By synthesizing current research in the social sciences, Schwartz makes the counter intuitive case that eliminating choices can greatly reduce the stress, anxiety, and busyness of our lives. He offers eleven practical steps on how to limit choices to a manageable number, have the discipline to focus on those that are important and ignore the rest, and ultimately derive greater satisfaction from the choices you have to make.

Risk, Choice, and Uncertainty

Author : George G. Szpiro
Publisher : Columbia University Press
ISBN 13 : 0231550979
Total Pages : 413 pages
Book Rating : 4.2/5 (315 download)

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Book Synopsis Risk, Choice, and Uncertainty by : George G. Szpiro

Download or read book Risk, Choice, and Uncertainty written by George G. Szpiro and published by Columbia University Press. This book was released on 2020-01-07 with total page 413 pages. Available in PDF, EPUB and Kindle. Book excerpt: At its core, economics is about making decisions. In the history of economic thought, great intellectual prowess has been exerted toward devising exquisite theories of optimal decision making in situations of constraint, risk, and scarcity. Yet not all of our choices are purely logical, and so there is a longstanding tension between those emphasizing the rational and irrational sides of human behavior. One strand develops formal models of rational utility maximizing while the other draws on what behavioral science has shown about our tendency to act irrationally. In Risk, Choice, and Uncertainty, George G. Szpiro offers a new narrative of the three-century history of the study of decision making, tracing how crucial ideas have evolved and telling the stories of the thinkers who shaped the field. Szpiro examines economics from the early days of theories spun from anecdotal evidence to the rise of a discipline built around elegant mathematics through the past half century’s interest in describing how people actually behave. Considering the work of Locke, Bentham, Jevons, Walras, Friedman, Tversky and Kahneman, Thaler, and a range of other thinkers, he sheds light on the vast scope of discovery since Bernoulli first proposed a solution to the St. Petersburg Paradox. Presenting fundamental mathematical theories in easy-to-understand language, Risk, Choice, and Uncertainty is a revelatory history for readers seeking to grasp the grand sweep of economic thought.

Modeling Human and Organizational Behavior

Author : Panel on Modeling Human Behavior and Command Decision Making: Representations for Military Simulations
Publisher : National Academies Press
ISBN 13 : 0309523893
Total Pages : 433 pages
Book Rating : 4.3/5 (95 download)

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Book Synopsis Modeling Human and Organizational Behavior by : Panel on Modeling Human Behavior and Command Decision Making: Representations for Military Simulations

Download or read book Modeling Human and Organizational Behavior written by Panel on Modeling Human Behavior and Command Decision Making: Representations for Military Simulations and published by National Academies Press. This book was released on 1998-08-14 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: Simulations are widely used in the military for training personnel, analyzing proposed equipment, and rehearsing missions, and these simulations need realistic models of human behavior. This book draws together a wide variety of theoretical and applied research in human behavior modeling that can be considered for use in those simulations. It covers behavior at the individual, unit, and command level. At the individual soldier level, the topics covered include attention, learning, memory, decisionmaking, perception, situation awareness, and planning. At the unit level, the focus is on command and control. The book provides short-, medium-, and long-term goals for research and development of more realistic models of human behavior.

Behavioral Decision Making

Author : George Wright
Publisher : Springer Science & Business Media
ISBN 13 : 1461323916
Total Pages : 570 pages
Book Rating : 4.4/5 (613 download)

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Book Synopsis Behavioral Decision Making by : George Wright

Download or read book Behavioral Decision Making written by George Wright and published by Springer Science & Business Media. This book was released on 2013-03-11 with total page 570 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Neuroscience of Preference and Choice

Author : Raymond J. Dolan
Publisher : Academic Press
ISBN 13 : 0123814316
Total Pages : 357 pages
Book Rating : 4.1/5 (238 download)

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Book Synopsis Neuroscience of Preference and Choice by : Raymond J. Dolan

Download or read book Neuroscience of Preference and Choice written by Raymond J. Dolan and published by Academic Press. This book was released on 2012 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the most pressing questions in neuroscience, psychology and economics today is how does the brain generate preferences and make choices? With a unique interdisciplinary approach, this volume is among the first to explore the cognitive and neural mechanisms mediating the generation of the preferences that guide choice. From preferences determining mundane purchases, to social preferences influencing mating choice, through to moral decisions, the authors adopt diverse approaches to answer the question. Chapters explore the instability of preferences and the common neural processes that occur across preferences. Edited by one of the world's most renowned cognitive neuroscientists, each chapter is authored by an expert in the field, with a host of international contributors. Emphasis on common process underlying preference generation makes material applicable to a variety of disciplines - neuroscience, psychology, economics, law, philosophy, etc. Offers specific focus on how preferences are generated to guide decision making, carefully examining one aspect of the broad field of neuroeconomics and complementing existing volumes Features outstanding, international scholarship, with chapters written by an expert in the topic area

Risk Analysis in Theory and Practice

Author : Jean-Paul Chavas
Publisher : Elsevier
ISBN 13 : 0080516335
Total Pages : 257 pages
Book Rating : 4.0/5 (85 download)

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Book Synopsis Risk Analysis in Theory and Practice by : Jean-Paul Chavas

Download or read book Risk Analysis in Theory and Practice written by Jean-Paul Chavas and published by Elsevier. This book was released on 2004-07-01 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of Risk Analysis in Theory and Practice is to present this analytical framework and to illustrate how it can be used in the investigation of economic decisions under risk. In a sense, the economics of risk is a difficult subject: it involves understanding human decisions in the absence of perfect information. How do we make decisions when we do not know some of events affecting us? The complexities of our uncertain world and of how humans obtain and process information make this difficult. In spite of these difficulties, much progress has been made. First, probability theory is the corner stone of risk assessment. This allows us to measure risk in a fashion that can be communicated among decision makers or researchers. Second, risk preferences are now better understood. This provides useful insights into the economic rationality of decision making under uncertainty. Third, over the last decades, good insights have been developed about the value of information. This helps better understand the role of information in human decision making and this book provides a systematic treatment of these issues in the context of both private and public decisions under uncertainty. - Balanced treatment of conceptual models and applied analysis - Considers both private and public decisions under uncertainty - Website presents application exercises in Excel

Prospect Theory

Author : Daniel Kahneman
Publisher :
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.:/5 (53 download)

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Book Synopsis Prospect Theory by : Daniel Kahneman

Download or read book Prospect Theory written by Daniel Kahneman and published by . This book was released on 1979 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Mathematics of Preference, Choice and Order

Author : Steven Brams
Publisher : Springer Science & Business Media
ISBN 13 : 3540791280
Total Pages : 412 pages
Book Rating : 4.5/5 (47 download)

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Book Synopsis The Mathematics of Preference, Choice and Order by : Steven Brams

Download or read book The Mathematics of Preference, Choice and Order written by Steven Brams and published by Springer Science & Business Media. This book was released on 2009-02-11 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt: Peter Fishburn has had a splendidly productive career that led to path-breaking c- tributions in a remarkable variety of areas of research. His contributions have been published in a vast literature, ranging through journals of social choice and welfare, decision theory, operations research, economic theory, political science, mathema- cal psychology, and discrete mathematics. This work was done both on an individual basis and with a very long list of coauthors. The contributions that Fishburn made can roughly be divided into three major topical areas, and contributions to each of these areas are identi?ed by sections of this monograph. Section 1 deals with topics that are included in the general areas of utility, preference, individual choice, subjective probability, and measurement t- ory. Section 2 covers social choice theory, voting models, and social welfare. S- tion 3 deals with more purely mathematical topics that are related to combinatorics, graph theory, and ordered sets. The common theme of Fishburn’s contributions to all of these areas is his ability to bring rigorous mathematical analysis to bear on a wide range of dif?cult problems.

Measurement, Judgment, and Decision Making

Author : Michael H. Birnbaum
Publisher : Elsevier
ISBN 13 : 008053600X
Total Pages : 387 pages
Book Rating : 4.0/5 (85 download)

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Book Synopsis Measurement, Judgment, and Decision Making by : Michael H. Birnbaum

Download or read book Measurement, Judgment, and Decision Making written by Michael H. Birnbaum and published by Elsevier. This book was released on 1997-11-27 with total page 387 pages. Available in PDF, EPUB and Kindle. Book excerpt: Measurement, Judgment, and Decision Making provides an excellent introduction to measurement, which is one of the most basic issues of the science of psychology and the key to science. Written by leading researchers, the book covers measurement, psychophysical scaling, multidimensional scaling, stimulus categorization, and behavioral decision making. Each chapter provides a useful handbook summary and unlocks the door for a scholar who desires entry to that field. Any psychologist who manipulates an independent variable that affects a psychological construct or who uses a numerical dependent variable to measure a psychological construct will want to study this book. - Written by leading researchers in fields of measurement, psychophysical scaling, multidimensional scaling, stimulus categorization, and behavioral decision making - Provides basic definitions and summaries of theories - Presents summaries and citations to relevant literature - Contains new developments, current controversies, and open questions - Explains relationships among fields and historical links

Pleasures of the Brain

Author : Morten L. Kringelbach
Publisher : Oxford University Press, USA
ISBN 13 : 0195331028
Total Pages : 352 pages
Book Rating : 4.1/5 (953 download)

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Book Synopsis Pleasures of the Brain by : Morten L. Kringelbach

Download or read book Pleasures of the Brain written by Morten L. Kringelbach and published by Oxford University Press, USA. This book was released on 2010 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pleasure is fundamental to well-being and the quality of life, but until recently, was barely explored by science. Current research on pleasure has brought about ground-breaking developments on several fronts, and new data on pleasure and the brain have begun to converge from many disparate fields. The time is ripe to present these important findings in a single volume, and so Morten Kringelbach and Kent Berridge have brought together the leading researchers to provides a comprehensive review of our current scientific understanding of pleasure. The authors present their latest neuroscientific research into pleasure, describing studies on the brain's role in pleasure and reward in animals and humans, including brain mechanisms, neuroimaging data, and psychological analyses, as well as how their findings have been applied to clinical problems, such as depression and other disorders of hedonic well-being. To clarify the differences between their views, the researchers also provide short answers to a set of fundamental questions about pleasure and its relation to the brain. This book is intended to serve as both a starting point for readers new to the field, and as a reference for more experienced graduate students and scientists from fields such as neuroscience, psychology, psychiatry, neurology, and neurosurgery.

Handbook of Human Factors and Ergonomics

Author : Gavriel Salvendy
Publisher : John Wiley & Sons
ISBN 13 : 1118129083
Total Pages : 1754 pages
Book Rating : 4.1/5 (181 download)

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Book Synopsis Handbook of Human Factors and Ergonomics by : Gavriel Salvendy

Download or read book Handbook of Human Factors and Ergonomics written by Gavriel Salvendy and published by John Wiley & Sons. This book was released on 2012-05-24 with total page 1754 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fourth edition of the Handbook of Human Factors and Ergonomics has been completely revised and updated. This includes all existing third edition chapters plus new chapters written to cover new areas. These include the following subjects: Managing low-back disorder risk in the workplace Online interactivity Neuroergonomics Office ergonomics Social networking HF&E in motor vehicle transportation User requirements Human factors and ergonomics in aviation Human factors in ambient intelligent environments As with the earlier editions, the main purpose of this handbook is to serve the needs of the human factors and ergonomics researchers, practitioners, and graduate students. Each chapter has a strong theory and scientific base, but is heavily focused on real world applications. As such, a significant number of case studies, examples, figures, and tables are included to aid in the understanding and application of the material covered.

Decision Making from a Cognitive Perspective

Author :
Publisher : Academic Press
ISBN 13 : 0080863833
Total Pages : 445 pages
Book Rating : 4.0/5 (88 download)

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Book Synopsis Decision Making from a Cognitive Perspective by :

Download or read book Decision Making from a Cognitive Perspective written by and published by Academic Press. This book was released on 1995-10-20 with total page 445 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Psychology of Learning and Motivation publishes empirical and theoretical contributions in cognitive and experimental psychology, ranging from classical and instrumental conditioning to complex learning and problem solving. This guest-edited special issue is devoted to research and discussion on decision making from a cognitive perspective. Topics include judgment and decision making with respect to memory processes and techniques, domain-specificity, and confirmation bias.Key Features* Synthesis of decision and cognitive research* New theoretical treatments of critical phenomena* New findings and systematic reviews of past work* Coverage of preference, inference, prediction, and hypothesis-testing* Written by the new leading generation of researchers

Investor Behavior

Author : H. Kent Baker
Publisher : John Wiley & Sons
ISBN 13 : 1118727029
Total Pages : 645 pages
Book Rating : 4.1/5 (187 download)

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Book Synopsis Investor Behavior by : H. Kent Baker

Download or read book Investor Behavior written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2014-02-06 with total page 645 pages. Available in PDF, EPUB and Kindle. Book excerpt: WINNER, Business: Personal Finance/Investing, 2015 USA Best Book Awards FINALIST, Business: Reference, 2015 USA Best Book Awards Investor Behavior provides readers with a comprehensive understanding and the latest research in the area of behavioral finance and investor decision making. Blending contributions from noted academics and experienced practitioners, this 30-chapter book will provide investment professionals with insights on how to understand and manage client behavior; a framework for interpreting financial market activity; and an in-depth understanding of this important new field of investment research. The book should also be of interest to academics, investors, and students. The book will cover the major principles of investor psychology, including heuristics, bounded rationality, regret theory, mental accounting, framing, prospect theory, and loss aversion. Specific sections of the book will delve into the role of personality traits, financial therapy, retirement planning, financial coaching, and emotions in investment decisions. Other topics covered include risk perception and tolerance, asset allocation decisions under inertia and inattention bias; evidenced based financial planning, motivation and satisfaction, behavioral investment management, and neurofinance. Contributions will delve into the behavioral underpinnings of various trading and investment topics including trader psychology, stock momentum, earnings surprises, and anomalies. The final chapters of the book examine new research on socially responsible investing, mutual funds, and real estate investing from a behavioral perspective. Empirical evidence and current literature about each type of investment issue are featured. Cited research studies are presented in a straightforward manner focusing on the comprehension of study findings, rather than on the details of mathematical frameworks.

Neuroeconomics

Author : Laurie R. Santos
Publisher : Elsevier Inc. Chapters
ISBN 13 : 0128073144
Total Pages : 36 pages
Book Rating : 4.1/5 (28 download)

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Book Synopsis Neuroeconomics by : Laurie R. Santos

Download or read book Neuroeconomics written by Laurie R. Santos and published by Elsevier Inc. Chapters. This book was released on 2013-08-13 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this chapter we discuss why behavioral studies of irrational biases in non-human primates are important for the field of neuroeconomics. We begin with a review of how behavioral work on choice biases in monkeys is important for understanding the nature of human choice errors. We then provide an introduction to the primate cognition approach, including a short overview of the organization of the primate order. We then briefly review the ecology and cognition of two primate species standardly used as models of human irrational decision making — brown capuchins and rhesus macaques. We next discuss empirical studies demonstrating that monkeys show human-like irrational errors in three of the classic situations in which human participants fall prey to biases: monkeys exhibit framing effects in risky decisions, they show endowment effects, and they are averse to ambiguous outcomes. We conclude our chapter with a discussion of how future work in neuroeconomics can capitalize on these new behavioral findings in monkeys.