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Behavioral decision making in normative and descriptive views : a critical review of literature
Chai, Junyi; Weng, Zhiquan; Liu, Wenbin - In: Journal of risk and financial management : JRFM 14 (2021) 10, pp. 1-14
Recent studies on decision analytics frequently refer to the topic of behavioral decision making (BDM), which focuses on behavioral components of decision analytics. This paper provides a critical review of literature for re-examining the relations between BDM and classical decision theories in...
Persistent link: https://www.econbiz.de/10012792414
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Do recommender systems manipulate consumer preferences? : a study of anchoring effects
Adomavicius, Gediminas; Bockstedt, Jesse C.; Curley, … - In: Information systems research : ISR 24 (2013) 4, pp. 956-975
Persistent link: https://www.econbiz.de/10010228985
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A Note on the Risk Behavior and Death of Homo Economicus
Johansson-Stenman, Olof - 2006
Recent papers by Cox and Sadiraj (2006) and Rubinstein (2006) have pointed out that expected utility theory is more general than has sometimes been acknowledged, and can hence not be refuted as easily by means of experiments. While acknowledging this fact, this note nevertheless demonstrates...
Persistent link: https://www.econbiz.de/10014055918
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Updating ambiguity averse preferences
Hanany, Eran (contributor); Klibanoff, Peter (contributor) - 2008
general preferences. In this paper, we characterize dynamically consistent update rules for preference models satisfying … characterize dynamically consistent updating for two important models of ambiguity averse preferences: the ambiguity averse smooth … ambiguity preferences (KlibanoÞ, Marinacci and Mukerji [Econometrica 73 2005, pp. 1849-1892]) and the variational preferences …
Persistent link: https://www.econbiz.de/10003782136
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Critical Decisions in Crisis Management : Rational Strategies of Decision Making
Coccia, Mario - 2020
Turbulent environment can create crises that management has to soles in a limited time with critical decisions. Critical decisions are an attempt to apply efficient modes of cognition and action to enable the organization to cope with consequential environmental threats or take advantage of...
Persistent link: https://www.econbiz.de/10012828333
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Updating preferences with multiple priors
Hanany, Eran; Klibanoff, Peter - In: Theoretical economics : TE ; an open access journal in … 2 (2007) 3, pp. 261-298
. These rules apply to the preferences with multiple priors of Gilboa and Schmeidler (1989), and are the first, for any model … of preferences over acts, to be able to reconcile typical behavior in the face of ambiguity (as exemplified by Ellsberg … set of priors, where the specific subset depends on the preferences, the conditioning event, and the choice problem (i …
Persistent link: https://www.econbiz.de/10011702323
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Option Exercise With Temptation
Miao, Jianjun - 2013
This paper adopts the Gul and Pensendorfer self-control utility model to analyze an agent's option exercise decision under uncertainty over an infinite horizon. The agent decides whether and when to do an irreversible activity. He is tempted by immediate gratification and suffers from...
Persistent link: https://www.econbiz.de/10014026316
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Strategic information selection
Preker, Jurek; Karos, Dominik - 2024
choice is made. We show that a Markovian agent with Gilboa-Schmeidler preferences learns and updates after confirming …
Persistent link: https://www.econbiz.de/10014511689
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Are decision errors explaining hyperbolic discounting and nonlinear probability weighting?
Holden, Stein Terje; Tione, Sarah; Tilahun, Mesfin; … - 2024
We study risky inter-temporal choice in a large random student sample (n=721) and a large rural sample (n=835) in Malawi. All respondents were exposed to the same 20 Multiple Choice Lists with a rapid elicitation method that facilitated the identification of near-future Certainty Equivalents of...
Persistent link: https://www.econbiz.de/10014581476
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From the editor: 2020 inaugural Clemen-Kleinmuntz Decision Analysis best paper award
Bier, Vicki M. - In: Decision analysis : a journal of the Institute for … 18 (2021) 4, pp. 245-246
Persistent link: https://www.econbiz.de/10012814109