The globalisation is a complex phenomenon with many advantageous and disadvantageous consequences. In this paper we investigate the linkage between globalised market economy and the happiness through the ethical implications of the greatest happiness principle in a system approach. We also...

The a priori power of the president of Poland, lower chamber of parliament (Sejm) and upper chamber of parliament (Senate) in the process of legislation are considered in this paper. The evaluation of power is made using the Johnston power index

The advent of optical scanning devices and decreases in the cost of computing power have made it possible to assemble databases with sales and marketing mix information in an accurate and timely manner. These databases enable the estimation of demand functions and pricing/promotion decisions in...

Bayesian methods have become widespread in marketing literature. We review the essence of the Bayesian approach and explain why it is particularly useful for marketing problems. While the appeal of the Bayesian approach has long been noted by researchers, recent developments in computational...

We introduce the idea of a massively categorical variable, a variable such as zip code that takes on too many values to treat in the standard manner. We show how to use a massively categorical variable directly as an explanatory variable. As an application of this concept, we explore several of...

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...

One of the most complex systems is the human brain whose formalized functioning is characterized by decision theory. We present a "Quantum Decision Theory" of decision-making, based on the mathematical theory of separable Hilbert spaces. This mathematical structure captures the effect of...

Morris (1996, 1997) introduced preference-based definitions of knowledge of belief in standard state-space structures. This paper extends this preference-based approach to unawareness structures (Heifetz, Meier, and Schipper, 2006, 2008). By defining unawareness and knowledge in terms of...

Using information on a large sample of retail investors and experimental data we find that risk aversion and risk ambiguity are correlated: individuals who dislike risk also dislike ambiguity. We show that what links these traits is the way people handle decisions. Intuitive thinkers are less...