Showing 1 - 10 of 39
Lately, so-called 'quantum models' based on parts of the mathematics of quantum mechanics, have been developed in decision theory and cognitive sciences to account for seemingly irrational or paradoxical human judgments. In this paper, we limit ourselves to such quantum-like models that address...
Persistent link: https://www.econbiz.de/10011124511
In this paper, we propose an interpretation of the Hilbert space method used in quantum theory in the context of decision making under uncertainty. For a clear comparison we will stay as close as possible to the framework of SEU suggested by Savage (1954). We will use the Ellsberg (1961) paradox...
Persistent link: https://www.econbiz.de/10011853162
Using basic decision-theory, we construct a theory of agnosticism, where agnosticism is defined as choosing not to choose a religion. The theory indicates agnosticism can be supported as a rational choice if (a) adopting agnosticism provides in-life benefits relative to any religion, (b) the...
Persistent link: https://www.econbiz.de/10008671467
Arrow-Debreu state preference approach to derivatives pricing is embedded into decision theoretical framework. Derivatives prices are considered as decision variables. Axiomatic decision theory, concerned with the attitude toward uncertainty and existence of closed in *-weak topology sets of...
Persistent link: https://www.econbiz.de/10010691595
In an experts-assisted decision making paradigm, the information collection design becomes a strategic variable under a weak assumption that the final decision is dependent on the design used to collect information as well. As a result, the same information of the experts and the decision maker...
Persistent link: https://www.econbiz.de/10014049931
When making decisions, agents tend to make use of decisions others have made in similar situations. Ignoring this behavior in empirical models can be interpreted as a problem of omitted variables. We suggest a possibility of integrating such outside influences into models of discrete choice by...
Persistent link: https://www.econbiz.de/10014123400
Problem Definition: Among the most vexing issues in the U.S. healthcare ecosystem is inappropriate usage of percutaneous coronary intervention (PCI) procedures, also known as “overstenting.” A key driver of overstenting is physician subjectivity in “eyeballing” a coronary angiogram....
Persistent link: https://www.econbiz.de/10013250922
The paper offers a non-probabilistic framework for representation of uncertainty in the context of a simple linear-quadratic model of fiscal adjustment. Instead of treating model disturbances as random variables with known probability distributions, it is only assumed that they belong to some...
Persistent link: https://www.econbiz.de/10012982445
When forecasts of the future value of some variable, or the probability of some event, are used for purposes of ex ante planning or decision making, then the preferences, opportunities and constraints of the decision maker will all enter into the ex post evaluation of a forecast, and the ex post...
Persistent link: https://www.econbiz.de/10014023704
Interactive decision aids (IDAs) typically use concrete product feature-based approaches to interact with consumers. Recently however, interaction designs that focus on communicating abstract consumer needs have been suggested as a promising alternative. This article investigates how temporal...
Persistent link: https://www.econbiz.de/10013136781