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In this paper, I seek to establish a framework in which solutions to imperfect recall decision problems can be suitably examined. I introduce a strategy concept which is an extension of the standard concept employed since von Neumann and Morgenstern, and show how it may provide optimal solutions...
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biases - overconfidence, optimism, and anchoring effect - in managers of the Portuguese port sector, as well as also seeking … contributing to the mitigation of the effects of these and other biases, and, in this way, to the improvement of the decisions of …
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disadvantages are dispersed over numerous periods. We provide novel experimental evidence for "concentration bias", the tendency to … days in exchange for a bonus that is concentrated in time: concentration bias increases subjects' willingness to work by 22 … monetary payments, we study the mechanisms behind concentration bias and demonstrate the robustness of our findings. …
Persistent link: https://www.econbiz.de/10012500576
If we reassess the rationality question under the assumption that the uncertainty of the natural world is largely unquantifiable, where do we end up? In this article the author argues that we arrive at a statistical, normative, and cognitive theory of ecological rationality. The main casualty of...
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