Maximizing Satisficing And Their Impacts On Decision Making Behaviors

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Maximizing, Satisficing and Their Impacts on Decision-making Behaviors

Author : Hye Bin Rim
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (828 download)

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Book Synopsis Maximizing, Satisficing and Their Impacts on Decision-making Behaviors by : Hye Bin Rim

Download or read book Maximizing, Satisficing and Their Impacts on Decision-making Behaviors written by Hye Bin Rim and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: When making a decision, some individuals have a strong desire towards maximizing decisional outcomes (i.e., maximizing tendency), while others tend to aim for satisfactory outcomes that meet acceptability thresholds (i.e., satisficing tendency). This study is designed to extend the research on individual differences in maximizing and satisficing tendencies. In particular, the purpose of this research is twofold, which includes assessing the construct validity of the Maximization Inventory (MI) and exploring the impact of maximizing versus satisficing tendencies on one's decision-making behaviors, in particular information acquisition and processing. To evaluate the construct validity of the MI scores empirically, the MI scores were examined with respect to their ability to predict the amount of effort participants exerted during decision-making (Study 1) and their degree of confidence in decision outcomes (Study 1 and 2). Additionally, the relationships between maximizing, satisficing, and decision-making behaviors were investigated in an experience-based gambling task (Study 1), a binary choice task (Study 2), and decision-making competence task (Study 3). Study results provide empirical evidence that the MI scores possess satisfactory construct validity. Additionally, findings from Study 1 and 2 indicate that maximizers tend to search for a large amount of information and to interpret the information conservatively. Maximizers' information processing style, in turn, moderates the size of the decision-experience gap (Study 1) and the degree of information distortion present during the choice process (Study 2). The results from Study 3 suggest that neither maximizing nor satisficing are significantly related to one's decision-making competence, defined as the ability to follow normative standards of optimal decision-making processes. Findings from the present research suggest that individual differences in the tendencies to maximize and satisfice significantly impact one's decision-making behavior. Implications of the research results and unanswered questions for future research are discussed.

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.

Handbook of the Uncertain Self

Author : Robert M. Arkin
Publisher : Psychology Press
ISBN 13 : 1136950575
Total Pages : 497 pages
Book Rating : 4.1/5 (369 download)

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Book Synopsis Handbook of the Uncertain Self by : Robert M. Arkin

Download or read book Handbook of the Uncertain Self written by Robert M. Arkin and published by Psychology Press. This book was released on 2013-05-13 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Handbook explores the cognitive, motivational, interpersonal, clinical, and applied aspects of personal uncertainty. It showcases both the diversity and the unity that defines contemporary perspectives on uncertainty in self within social and personality psychology. The contributions to the volume are all written by distinguished scholars in personality, social psychology, and clinical psychology united by their common focus on the causes and consequences of self-uncertainty. Chapters explore the similarities and differences between personal uncertainty and other psychological experiences in terms of their nature and relationship with human thought, emotion, motivation, and behavior. Specific challenges posed by personal uncertainty and the coping strategies people develop in their daily life are identified. There is an assessment of the potential negative and positive repercussions of coping with the specific experience of self-uncertainty, including academic, health, and relationship outcomes. Throughout, strategies specifically designed to assist others in confronting the unique challenges posed by self-uncertainty in ways that emphasize healthy psychological functioning and growth are promoted. In addition, the contributions to the Handbook touch on the psychological, social, and cultural context of the new millennium, including concepts such as Friedman’s "flat world," confidence, the absence of doubt in world leaders, the threat of terrorism since 9/11, the arts, doubt and religious belief, and views of doubt as the universal condition of humankind. The Handbook is an invaluable resource for researchers, practitioners, and senior undergraduate and graduate students in social and personality psychology, clinical and counseling psychology, educational psychology, and developmental psychology.

Simple Heuristics that Make Us Smart

Author : Gerd Gigerenzer
Publisher : Oxford University Press
ISBN 13 : 0190286768
Total Pages : 432 pages
Book Rating : 4.1/5 (92 download)

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Book Synopsis Simple Heuristics that Make Us Smart by : Gerd Gigerenzer

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.

Consumer Decision-making and the Consumption of Information

Author : Erica Ermann
Publisher :
ISBN 13 :
Total Pages : 31 pages
Book Rating : 4.:/5 (234 download)

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Book Synopsis Consumer Decision-making and the Consumption of Information by : Erica Ermann

Download or read book Consumer Decision-making and the Consumption of Information written by Erica Ermann and published by . This book was released on 2008 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Herbert Simon (1955, 1956, 1957) suggested that, due to cognitive limitations and the ever-growing complexity of the human environment, some people develop a decision-making method called "satisficing" that simplifies choice situations. Schwartz et al. (2002) explained that satisficers seek that which is simply "good enough," so any extraneous options are not relevant once the satisficer's needs have been met. Maximizers, on the other hand, feel compelled to always make the best possible decision and are driven to meticulously evaluate each alternative in order to ensure that the optimal choice is made. While satisficers are comfortable making decisions based partly on internal information and what "feels" right to them, maximizers necessitate abundant, concrete facts to make the optimal choice (Schwartz, 2004). This experiment explored the differences in how maximizers and satisficers use, interpret, and remember consumer information. In addition, using Nygren's Decision-Making Style Inventory (DMI), I analyzed the relationship between analytical/intuitive/regret-based decision-making styles (Nygren, 2000), and maximizing/satisficing decision-making styles. One hundred and seventy introductory psychology students completed Schwartz's Maximization Scale, Regret Scale (Schwartz, 2002), DMI, and Generalized Self Efficacy Scale (Bosscher and Smit, 1998). Then, using an interactive computer program that measured information consumption, participants viewed fictional advertisements for ordinary consumer products. Information was provided concerning product characteristics like usability, materials, aesthetics, and technical specifications. The program recorded how much information participants viewed and the duration of time spent viewing the information. Participants also answered questions regarding what information they remembered, the confidence level regarding their product decisions, the likelihood of post-decision regret, and various other decision-making details. Results indicated that the maximization and analytical decision-making styles were significantly correlated. Maximizing was significantly correlated with the expressed need for gathering information and effort expended in evaluating products. The analytical style was correlated with the time participants viewed information, the number of items viewed, the expressed need for gathering information, the effort expended in evaluating products, and the amount of information remembered. These findings suggest that for this type of decision situation, the DMI was a more effective measurement tool than the Maximization Scale. Also, analytical decision-makers evaluated product information and made decisions using a significantly more complex, exacting approach. The findings of this experiment contribute to the understanding of how decision-making styles affect information consumption. These results have implications for advertising, consumer behavior, and future judgment and decision-making research.

The Handbook of Behavioral Operations

Author : Karen Donohue
Publisher : John Wiley & Sons
ISBN 13 : 1119138302
Total Pages : 688 pages
Book Rating : 4.1/5 (191 download)

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Book Synopsis The Handbook of Behavioral Operations by : Karen Donohue

Download or read book The Handbook of Behavioral Operations written by Karen Donohue and published by John Wiley & Sons. This book was released on 2018-11-06 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.

Ecological Rationality

Author : Peter M. Todd
Publisher : Oxford University Press
ISBN 13 : 019971794X
Total Pages : 609 pages
Book Rating : 4.1/5 (997 download)

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Book Synopsis Ecological Rationality by : Peter M. Todd

Download or read book Ecological Rationality written by Peter M. Todd and published by Oxford University Press. This book was released on 2012-04-10 with total page 609 pages. Available in PDF, EPUB and Kindle. Book excerpt: "More information is always better, and full information is best. More computation is always better, and optimization is best." More-is-better ideals such as these have long shaped our vision of rationality. Yet humans and other animals typically rely on simple heuristics to solve adaptive problems, focusing on one or a few important cues and ignoring the rest, and shortcutting computation rather than striving for as much as possible. In this book, we argue that in an uncertain world, more information and computation are not always better, and we ask when, and why, less can be more. The answers to these questions constitute the idea of ecological rationality: how we are able to achieve intelligence in the world by using simple heuristics matched to the environments we face, exploiting the structures inherent in our physical, biological, social, and cultural surroundings.

Judgment and Decision Making

Author : Baruch Fischhoff
Publisher : Routledge
ISBN 13 : 1136497331
Total Pages : 405 pages
Book Rating : 4.1/5 (364 download)

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Book Synopsis Judgment and Decision Making by : Baruch Fischhoff

Download or read book Judgment and Decision Making written by Baruch Fischhoff and published by Routledge. This book was released on 2013-06-17 with total page 405 pages. Available in PDF, EPUB and Kindle. Book excerpt: Behavioral decision research offers a distinctive approach to understanding and improving decision making. It combines theory and method from multiple disciples (psychology, economics, statistics, decision theory, management science). It employs both empirical methods, to study how decisions are actually made, and analytical ones, to study how decisions should be made and how consequential imperfections are. This book brings together key publications, selected to represent the major topics and approaches used in the field. Put in one place, with integrating commentary, it shows the common elements in a research program that represents the scope of the field, while offering depth in each. Together, they provide a vision for what has become a burgeoning field.

The Battle for Human Nature: Science, Morality and Modern Life

Author : Barry Schwartz
Publisher : W. W. Norton & Company
ISBN 13 : 0393609286
Total Pages : 326 pages
Book Rating : 4.3/5 (936 download)

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Book Synopsis The Battle for Human Nature: Science, Morality and Modern Life by : Barry Schwartz

Download or read book The Battle for Human Nature: Science, Morality and Modern Life written by Barry Schwartz and published by W. W. Norton & Company. This book was released on 1987-08-17 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: “Provocative and richly textured. . . .Schwartz’s analyses of the inadequacies of contemporary scientific views of human nature are compelling, but the consequences are even more worthy of note.” —Los Angeles Times Out of the investigations and speculations of contemporary science, a challenging view of human behavior and society has emerged and gained strength. It is a view that equates “human nature” utterly and unalterably with the pursuit of self-interest. Influenced by this view, people increasingly appeal to natural imperatives, instead of moral ones, to explain and justify their actions and those of others.

Bounded Rationality

Author : Gerd Gigerenzer
Publisher : MIT Press
ISBN 13 : 9780262571647
Total Pages : 404 pages
Book Rating : 4.5/5 (716 download)

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Book Synopsis Bounded Rationality by : Gerd Gigerenzer

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.

Investor Behavior

Author : H. Kent Baker
Publisher : John Wiley & Sons
ISBN 13 : 1118492986
Total Pages : 645 pages
Book Rating : 4.1/5 (184 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 2014-02-10 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.

Decision Making in Action

Author : Gary A. Klein
Publisher : Ablex Publishing Corporation
ISBN 13 : 9780893919436
Total Pages : 480 pages
Book Rating : 4.9/5 (194 download)

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Book Synopsis Decision Making in Action by : Gary A. Klein

Download or read book Decision Making in Action written by Gary A. Klein and published by Ablex Publishing Corporation. This book was released on 1992-08-01 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes the new perspective of naturalistic decision making. The point of departure is how people make decisions in complex, time-pressured, ambiguous, and changing environments. The purpose of this book is to present and elaborate on past models developed to explain this type of decision making. The central philosophy of the book is that classical decision theory has been unproductive since it is so heavily grounded in economics and mathematics. The contributors believe there is little to be learned from laboratory studies about how people actually handle difficult and interesting tasks; therefore, the book presents a critique of classical decision theory. The models of naturalistic decision making described by the contributors were derived to explain the behavior of firefighters, business people, jurors, nuclear power plant operators, and command-and-control officers. The models are unique in that they address the way people use experience to frame situations and adopt courses of action. The models explain the strengths of skilled decision makers. Naturalistic decision research requires the examination of field settings, and a section of the book covers methods for conducting meaningful research outside the laboratory. In addition, since his approach has applied value, the book covers issues of training and decision support systems.

Behavioral Decision Theory

Author : Kazuhisa Takemura
Publisher : Springer Nature
ISBN 13 : 9811654530
Total Pages : 389 pages
Book Rating : 4.8/5 (116 download)

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Book Synopsis Behavioral Decision Theory by : Kazuhisa Takemura

Download or read book Behavioral Decision Theory written by Kazuhisa Takemura and published by Springer Nature. This book was released on 2021-09-29 with total page 389 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the second edition of Behavioral Decision Theory, published in 2014. The main approach and structure of this book have been retained in the new edition. However, this second edition provides a fresh overview of the idea of behavioral decision theory and related research findings such as theoretical and empirical discoveries of preference formation, time discounting, social interaction, and social decision making. The book covers a wide range from classical to relatively recent major studies concerning behavioral decision theory, which, in brief, is a general term for descriptive theories to explain the psychological knowledge related to people’s decision-making behavior. It is called a theory but is actually a combination of various psychological theories, for which no axiomatic systems—such as those associated with the utility theory widely used in economics—have been established. The utility theory is often limited to qualitative knowledge; however, as the studies of Nobel laureates H. A. Simon, D. Kahneman, and R. Thaler have suggested, the psychological methodology and knowledge of behavioral decision theory have been applied widely in such fields as economics, business administration, and engineering and are expected to become even more useful in the future. Research into people’s decision making represents an important part in those fields, various aspects of which overlap with the scope of behavioral decision theory. This theory is closely related to behavioral economics and behavioral finance, which have come into greater use in recent years. This book will appeal especially to graduate students, advanced undergraduate students, and researchers who are interested in decision-making phenomena.

A Behavioral Theory of the Firm

Author : Richard Michael 1921- Cyert
Publisher : Hassell Street Press
ISBN 13 : 9781015087965
Total Pages : 360 pages
Book Rating : 4.0/5 (879 download)

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Book Synopsis A Behavioral Theory of the Firm by : Richard Michael 1921- Cyert

Download or read book A Behavioral Theory of the Firm written by Richard Michael 1921- Cyert and published by Hassell Street Press. This book was released on 2021-09-10 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. To ensure a quality reading experience, this work has been proofread and republished using a format that seamlessly blends the original graphical elements with text in an easy-to-read typeface. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

Obstacles to Ethical Decision-Making

Author : Patricia H. Werhane
Publisher : Cambridge University Press
ISBN 13 : 1107310687
Total Pages : 259 pages
Book Rating : 4.1/5 (73 download)

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Book Synopsis Obstacles to Ethical Decision-Making by : Patricia H. Werhane

Download or read book Obstacles to Ethical Decision-Making written by Patricia H. Werhane and published by Cambridge University Press. This book was released on 2013-02-14 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: In commerce, many moral failures are due to narrow mindsets that preclude taking into account the moral dimensions of a decision or action. In turn, sometimes these mindsets are caused by failing to question managerial decisions from a moral point of view, because of a perceived authority of management. In the 1960s, Stanley Milgram conducted controversial experiments to investigate just how far obedience to an authority figure could subvert his subjects' moral beliefs. In this thought-provoking work, the authors examine the prevalence of narrow mental models and the phenomenon of obedience to an authority to analyse and understand the challenges which business professionals encounter in making ethical decisions. Obstacles to Ethical Decision-Making proposes processes - including collaborative input and critique - by which individuals may reduce or overcome these challenges. It provides decision-makers at all levels in an organisation with the means to place ethical considerations at the heart of managerial decision-making.

The Adaptive Decision Maker

Author : John W. Payne
Publisher : Cambridge University Press
ISBN 13 : 9780521425261
Total Pages : 352 pages
Book Rating : 4.4/5 (252 download)

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Book Synopsis The Adaptive Decision Maker by : John W. Payne

Download or read book The Adaptive Decision Maker written by John W. Payne and published by Cambridge University Press. This book was released on 1993-05-28 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Adaptive Decision Maker argues that people use a variety of strategies to make judgments and choices. The authors introduce a model that shows how decision makers balance effort and accuracy considerations and predicts which strategy a person will use in a given situation. A series of experiments testing the model are presented, and the authors analyse how the model can lead to improved decisions and opportunities for further research.

Bounded Rationality

Author : Sanjit Dhami
Publisher : MIT Press
ISBN 13 : 0262369656
Total Pages : 553 pages
Book Rating : 4.2/5 (623 download)

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Book Synopsis Bounded Rationality by : Sanjit Dhami

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.”