In models of sequential decision making herd behaviour occurs if the signals smart(dumb) agents receive are (un …

We investigate whether two heuristics, the peak-end rule and herding, lead to cognitive biases in the index of consumer … herding consists in a too strong relationship from expectations about the future of respondents interviewed in a first round …

In this paper we study Markov Decision Process (MDP) problems with the restriction that at decision epochs only a … finite number of given Markovian decision rules may be applied. The elements of the finite set of allowed decision rules … should be mixed to improve the performance. The set of allowed Markovian decision rules could for example consist of some …

heterogeneity of committee members, this voting rule is suboptimal in terms of the quality of the interest rate decision, but …

. Behind the debate, it is argued, lies a fundamental different idea of how human decision-making is to be understood and …

This paper provides an overview of the work of Herbert Simon and his ideas about rational decision making. By his own …’s research is how human beings organize themselves in different structures of distributed decision making in order to achieve a … view on rational decision making in economics and other social sciences. …

explicit nature of the dynamics of the CBS we show that the introduction of herding modifies the random walk to an ARIMA($0 …