Smart Economic Decision-Making in a Complex World

Smart Economic Decision-Making in a Complex World
Author: Morris Altman
Publisher: Academic Press
Total Pages: 300
Release: 2020-05-26
Genre: Business & Economics
ISBN: 0128114614

Smart Economic Decision-Making in a Complex World is a fresh and reality-based perspective on decision-making with significant implications for analysis, self-understanding and policy. The book examines the conditions under which smart people generate outcomes that improve their place of work, their household and society. Within this work, the curious reader will find interesting open questions on many fascinating areas of current economic debate, including, the role of realistic assumptions robust model building, understanding how and when non-neoclassical behavior is best practice, why the assumption of smart decision-makers is best to understand and explain our economies and societies, and under what conditions individuals can make the best possible choices for themselves and society at large. Additional sections cover when and how efficiency is achieved, why inefficiencies can persist, when and how consumer welfare is maximized, and what benchmarks should be used to determine efficiency and rationality.

Smart Economic Decision-Making in a Complex World

Smart Economic Decision-Making in a Complex World
Author: Morris Altman
Publisher: Academic Press
Total Pages: 302
Release: 2020-05-22
Genre: Business & Economics
ISBN: 0128131780

Smart Economic Decision-Making in a Complex World is a fresh and reality-based perspective on decision-making with significant implications for analysis, self-understanding and policy. The book examines the conditions under which smart people generate outcomes that improve their place of work, their household and society. Within this work, the curious reader will find interesting open questions on many fascinating areas of current economic debate, including, the role of realistic assumptions robust model building, understanding how and when non-neoclassical behavior is best practice, why the assumption of smart decision-makers is best to understand and explain our economies and societies, and under what conditions individuals can make the best possible choices for themselves and society at large. Additional sections cover when and how efficiency is achieved, why inefficiencies can persist, when and how consumer welfare is maximized, and what benchmarks should be used to determine efficiency and rationality. - Makes the case for 'smart and rational' decision-making as a context-dependent rational process that is framed by socio-cultural environment and conditioned by institutional capacities - Explains how incorporation of the 'smart' decision-maker concept into economic thought improves our understanding of how, why and when people generate certain outcomes - Explores how economic efficiency can be achieved, individual preferences realized, and social welfare maximized through the use of 'smart and rational' approaches

Eyes Wide Open

Eyes Wide Open
Author: Noreena Hertz
Publisher: Harper Collins
Total Pages: 249
Release: 2013-09-24
Genre: Business & Economics
ISBN: 0062268635

Eyes Wide Open: How to Make Smart Decisions in a Confusing World is Noreena Hertz’s practical, cutting-edge guide to help you cut through the data deluge and make smarter and better choices, based on her highly popular TED talk. In this eye-opening handbook, the internationally noted speaker, economics expert, and bestselling author of IOU: The Debt Threat and Silent Takeover reveals the extent to which the biggest decisions in our lives are often made on the basis of flawed information, weak assumptions, corrupted data, insufficient scrutiny of others, and a lack of self-knowledge. To avert such disasters, Hertz persuasively argues, we need to become empowered decision-makers, capable of making high-stakes choices and holding accountable those who advise us. In Eyes Wide Open, she weaves together scientific research with real-world examples from Hollywood to Harry Potter, NASA to World War Two spies, to construct a path to more astute and empowered decision-making in ten clear steps. With a razor-sharp intellect and an instinct for popular storytelling, she offers counter-intuitive, actionable guidance for making better choices—whether you are a business-person, a professional, a patient, or a parent.

Optimal Living 360

Optimal Living 360
Author: Sanjay Jain
Publisher: Greenleaf Book Group
Total Pages: 246
Release: 2014-02-03
Genre: Philosophy
ISBN: 1608325830

A program for making the most out of the present and future. The biggest challenge is figuring out how to make decisions that improve your overall quality of life. Dr. Sanjay Jain introduces Integrative Decision Making, an approach that focuses on the big picture and teaches you how to make decisions to receive the highest return on investment in life.

The Paradox of Choice

The Paradox of Choice
Author: Barry Schwartz
Publisher: Harper Collins
Total Pages: 308
Release: 2009-10-13
Genre: Psychology
ISBN: 0061748994

Whether we're buying a pair of jeans, ordering a cup of coffee, selecting a long-distance carrier, applying to college, choosing a doctor, or setting up a 401(k), everyday decisions—both big and small—have become increasingly complex due to the overwhelming abundance of choice with which we are presented. As Americans, we assume that more choice means better options and greater satisfaction. But beware of excessive choice: choice overload can make you question the decisions you make before you even make them, it can set you up for unrealistically high expectations, and it can make you blame yourself for any and all failures. In the long run, this can lead to decision-making paralysis, anxiety, and perpetual stress. And, in a culture that tells us that there is no excuse for falling short of perfection when your options are limitless, too much choice can lead to clinical depression. In The Paradox of Choice, Barry Schwartz explains at what point choice—the hallmark of individual freedom and self-determination that we so cherish—becomes detrimental to our psychological and emotional well-being. In accessible, engaging, and anecdotal prose, Schwartz shows how the dramatic explosion in choice—from the mundane to the profound challenges of balancing career, family, and individual needs—has paradoxically become a problem instead of a solution. Schwartz also shows how our obsession with choice encourages us to seek that which makes us feel worse. By synthesizing current research in the social sciences, Schwartz makes the counter intuitive case that eliminating choices can greatly reduce the stress, anxiety, and busyness of our lives. He offers eleven practical steps on how to limit choices to a manageable number, have the discipline to focus on those that are important and ignore the rest, and ultimately derive greater satisfaction from the choices you have to make.

Give Yourself a Nudge

Give Yourself a Nudge
Author: Ralph L. Keeney
Publisher: Cambridge University Press
Total Pages: 279
Release: 2020-04-23
Genre: Psychology
ISBN: 1108803989

The best way to improve your quality of life is through the decisions you make. This book teaches several fundamental decision-making skills, provides numerous applications and examples, and ultimately nudges you toward smarter decisions. These nudges frame more desirable decisions for you to face by identifying the objectives for your decisions and generating superior alternatives to those initially considered. All of the nudges are based on psychology and behavioral economics research and are accessible to all readers. The new concept of a decision opportunity is introduced, which involves creating a decision that you desire to face. Solving a decision opportunity improves your life, whereas resolving a decision problem only restores the quality of your life to that before the decision problem occurred. We all can improve our decision-making and reap the better quality of life that results. This book shows you how.

Encyclopedia of Data Science and Machine Learning

Encyclopedia of Data Science and Machine Learning
Author: Wang, John
Publisher: IGI Global
Total Pages: 3296
Release: 2023-01-20
Genre: Computers
ISBN: 1799892212

Big data and machine learning are driving the Fourth Industrial Revolution. With the age of big data upon us, we risk drowning in a flood of digital data. Big data has now become a critical part of both the business world and daily life, as the synthesis and synergy of machine learning and big data has enormous potential. Big data and machine learning are projected to not only maximize citizen wealth, but also promote societal health. As big data continues to evolve and the demand for professionals in the field increases, access to the most current information about the concepts, issues, trends, and technologies in this interdisciplinary area is needed. The Encyclopedia of Data Science and Machine Learning examines current, state-of-the-art research in the areas of data science, machine learning, data mining, and more. It provides an international forum for experts within these fields to advance the knowledge and practice in all facets of big data and machine learning, emphasizing emerging theories, principals, models, processes, and applications to inspire and circulate innovative findings into research, business, and communities. Covering topics such as benefit management, recommendation system analysis, and global software development, this expansive reference provides a dynamic resource for data scientists, data analysts, computer scientists, technical managers, corporate executives, students and educators of higher education, government officials, researchers, and academicians.

Simple Heuristics that Make Us Smart

Simple Heuristics that Make Us Smart
Author: Gerd Gigerenzer
Publisher: Oxford University Press
Total Pages: 432
Release: 2000-10-12
Genre: Psychology
ISBN: 0190286768

Simple Heuristics That Make Us Smart invites readers to embark on a new journey into a land of rationality that differs from the familiar territory of cognitive science and economics. Traditional views of rationality tend to see decision makers as possessing superhuman powers of reason, limitless knowledge, and all of eternity in which to ponder choices. To understand decisions in the real world, we need a different, more psychologically plausible notion of rationality, and this book provides it. It is about fast and frugal heuristics--simple rules for making decisions when time is pressing and deep thought an unaffordable luxury. These heuristics can enable both living organisms and artificial systems to make smart choices, classifications, and predictions by employing bounded rationality. But when and how can such fast and frugal heuristics work? Can judgments based simply on one good reason be as accurate as those based on many reasons? Could less knowledge even lead to systematically better predictions than more knowledge? Simple Heuristics explores these questions, developing computational models of heuristics and testing them through experiments and analyses. It shows how fast and frugal heuristics can produce adaptive decisions in situations as varied as choosing a mate, dividing resources among offspring, predicting high school drop out rates, and playing the stock market. As an interdisciplinary work that is both useful and engaging, this book will appeal to a wide audience. It is ideal for researchers in cognitive psychology, evolutionary psychology, and cognitive science, as well as in economics and artificial intelligence. It will also inspire anyone interested in simply making good decisions.

Constructing a More Scientific Economics

Constructing a More Scientific Economics
Author: Morris Altman
Publisher: Springer Nature
Total Pages: 344
Release: 2022-05-17
Genre: Business & Economics
ISBN: 3030839281

John Tomer was a leading intellectual figure in behavioural economics, making distinct contributions to the theory of the firm, social economy, choice theory, and government policy. His underlying methodology as an economist was to incorporate different disciplinary approaches to the subject at hand, whilst maintaining an underlying respect and understanding of how and why humans behave the way they do. This book brings together a collection of scholars celebrating John Tomer’s contributions to the field of economics. Covering key areas of his research, contributing authors discuss the latest research in behavioral economics, the human firm, climate change policy, sustainability, well-being, human capital, and human development. This volume, extending John Tomer’s more scientific perspective rooted in behavioural and institutional economics, should find an audience among both scholars and policy advocates. It can also enrich course delivery, providing students with alternative perspectives and approach to economic and socio-economic analysis.