Theories Of Decision Making In Economic And Behavioral Science
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| Author | : Kazuhisa Takemura |
| Publisher | : Springer Nature |
| Total Pages | : 389 |
| Release | : 2021-09-29 |
| Genre | : Business & Economics |
| ISBN | : 9811654530 |
This book is the second edition of Behavioral Decision Theory, published in 2014. The main approach and structure of this book have been retained in the new edition. However, this second edition provides a fresh overview of the idea of behavioral decision theory and related research findings such as theoretical and empirical discoveries of preference formation, time discounting, social interaction, and social decision making. The book covers a wide range from classical to relatively recent major studies concerning behavioral decision theory, which, in brief, is a general term for descriptive theories to explain the psychological knowledge related to people’s decision-making behavior. It is called a theory but is actually a combination of various psychological theories, for which no axiomatic systems—such as those associated with the utility theory widely used in economics—have been established. The utility theory is often limited to qualitative knowledge; however, as the studies of Nobel laureates H. A. Simon, D. Kahneman, and R. Thaler have suggested, the psychological methodology and knowledge of behavioral decision theory have been applied widely in such fields as economics, business administration, and engineering and are expected to become even more useful in the future. Research into people’s decision making represents an important part in those fields, various aspects of which overlap with the scope of behavioral decision theory. This theory is closely related to behavioral economics and behavioral finance, which have come into greater use in recent years. This book will appeal especially to graduate students, advanced undergraduate students, and researchers who are interested in decision-making phenomena.
| Author | : Stefan Grundmann |
| Publisher | : Oxford University Press, USA |
| Total Pages | : 353 |
| Release | : 2021 |
| Genre | : Business & Economics |
| ISBN | : 0198863179 |
This book provides an in-depth discussion of the promises and perils of specific types of theories of choice. It shows how the selection of a specific theory of choice can make a difference for concrete legal questions, in particular in the regulation of the digital economy or in choosing between market, firm, or network.
| 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.
| Author | : NA NA |
| Publisher | : Springer |
| Total Pages | : 217 |
| Release | : 1965-06-18 |
| Genre | : Business & Economics |
| ISBN | : 1349002100 |
| Author | : Uri Gneezy |
| Publisher | : PublicAffairs |
| Total Pages | : 290 |
| Release | : 2013-10-08 |
| Genre | : Business & Economics |
| ISBN | : 1610393120 |
Can economics be passionate? Can it center on people and what really matters to them day-in and day-out. And help us understand their hidden motives for why they do what they do in everyday life? Uri Gneezy and John List are revolutionaries. Their ideas and methods for revealing what really works in addressing big social, business, and economic problems gives us new understanding of the motives underlying human behavior. We can then structure incentives that can get people to move mountains, change their behavior -- or at least get a better deal. But finding the right incentive can be like looking for a needle in a haystack. Gneezy and List's pioneering approach is to embed themselves in the factories, schools, communities, and offices where people work, live, and play. Then, through large-scale field experiments conducted "in the wild," Gneezy and List observe people in their natural environments without them being aware that they are observed. Their randomized experiments have revealed ways to close the gap between rich and poor students; to stop the violence plaguing inner-city schools; to decipher whether women are really less competitive than men; to correctly price products and services; and to discover the real reasons why people discriminate. To get the answers, Gneezy and List boarded planes, helicopters, trains, and automobiles to embark on journeys from the foothills of Kilimanjaro to California wineries; from sultry northern India to the chilly streets of Chicago; from the playgrounds of schools in Israel to the boardrooms of some of the world's largest corporations. In The Why Axis, they take us along for the ride, and through engaging and colorful stories, present lessons with big payoffs. Their revelatory, startling, and urgent discoveries about how incentives really work are both revolutionary and immensely practical. This research will change both the way we think about and take action on big and little problems. Instead of relying on assumptions, we can find out, through evidence, what really works. Anyone working in business, politics, education, or philanthropy can use the approach Gneezy and List describe in The Why Axis to reach a deeper, nuanced understanding of human behavior, and a better understanding of what motivates people and why.
| Author | : Christiansen, Bryan |
| Publisher | : IGI Global |
| Total Pages | : 377 |
| Release | : 2016-03-17 |
| Genre | : Psychology |
| ISBN | : 1466699906 |
Neuroeconomics has emerged as a field of study with the goal of understanding the human decision-making process and the mental consideration of multiple outcomes based on a selected action. In particular, neuroeconomics emphasizes how economic conditions can impact and influence the decision-making process and alternately, how human actions have the power to impact economic conditions. Neuroeconomics and the Decision-Making Process presents the latest research on the relationship between neuroscience, economics, and human decision-making, including theoretical foundations, real-world applications, and models for implementation. Taking a cross-disciplinary approach to neuroeconomic theory and study, this publication is an essential reference source for economists, psychologists, business professionals, and graduate-level students across disciplines.
| Author | : Kelly Monahan |
| Publisher | : Academic Press |
| Total Pages | : 279 |
| Release | : 2018-07-20 |
| Genre | : Business & Economics |
| ISBN | : 0128135689 |
How Behavioral Economics Influences Management Decision-Making: A New Paradigm critically reexamines the management function in 21st century workplaces. The book seeks to examine and explain the real-world behaviors of employees and acknowledge the human nature that binds us all together and how to appeal to these characteristics in order to help organizations prosper. It explores well-observed but rarely understood features of employee cognition and irrationality, challenging the dominant discourse and offering an alternative to gain greater competitive advantage in today's complex markets. It also provides an effective new framework on the best ways to develop relevant management skills as they pertain to hiring, performance management, change management, employee engagement, and goal setting. As the knowledge economy continues to grow, the social bonds within companies will prove to be a key differentiation to deliver on the next big idea. Developing productive decisions with staff in the talent-driven global economy increasingly requires the development of "intrinsic" meaning in work, a human-centered work-place culture, and human-focused working practices. This book tackles these topics in comprehensive and efficient detail. - Provides a framework to simply and effectively apply behavioral principles in organizations of any size - Focuses on agent motivations and behavior and how they directly impact talent management in the knowledge economy - Highlights empirical studies, detailing the impact of heuristics on hiring, performance management, change management, employee engagement, and goal-setting decisions
| Author | : Richard H. Thaler |
| Publisher | : Simon and Schuster |
| Total Pages | : 291 |
| Release | : 2012-06-26 |
| Genre | : Business & Economics |
| ISBN | : 1451697872 |
Winner of the Nobel Memorial Prize in Economic Sciences Richard Thaler challenges the received economic wisdom by revealing many of the paradoxes that abound even in the most painstakingly constructed transactions. He presents literate, challenging, and often funny examples of such anomalies as why the winners at auctions are often the real losers—they pay too much and suffer the "winner's curse"—why gamblers bet on long shots at the end of a losing day, why shoppers will save on one appliance only to pass up the identical savings on another, and why sports fans who wouldn't pay more than $200 for a Super Bowl ticket wouldn't sell one they own for less than $400. He also demonstrates that markets do not always operate with the traplike efficiency we impute to them.
| Author | : Paul W. Glimcher |
| Publisher | : Academic Press |
| Total Pages | : 606 |
| Release | : 2013-08-13 |
| Genre | : Psychology |
| ISBN | : 0123914698 |
In the years since it first published, Neuroeconomics: Decision Making and the Brain has become the standard reference and textbook in the burgeoning field of neuroeconomics. The second edition, a nearly complete revision of this landmark book, will set a new standard. This new edition features five sections designed to serve as both classroom-friendly introductions to each of the major subareas in neuroeconomics, and as advanced synopses of all that has been accomplished in the last two decades in this rapidly expanding academic discipline. The first of these sections provides useful introductions to the disciplines of microeconomics, the psychology of judgment and decision, computational neuroscience, and anthropology for scholars and students seeking interdisciplinary breadth. The second section provides an overview of how human and animal preferences are represented in the mammalian nervous systems. Chapters on risk, time preferences, social preferences, emotion, pharmacology, and common neural currencies—each written by leading experts—lay out the foundations of neuroeconomic thought. The third section contains both overview and in-depth chapters on the fundamentals of reinforcement learning, value learning, and value representation. The fourth section, "The Neural Mechanisms for Choice, integrates what is known about the decision-making architecture into state-of-the-art models of how we make choices. The final section embeds these mechanisms in a larger social context, showing how these mechanisms function during social decision-making in both humans and animals. The book provides a historically rich exposition in each of its chapters and emphasizes both the accomplishments and the controversies in the field. A clear explanatory style and a single expository voice characterize all chapters, making core issues in economics, psychology, and neuroscience accessible to scholars from all disciplines. The volume is essential reading for anyone interested in neuroeconomics in particular or decision making in general. - Editors and contributing authors are among the acknowledged experts and founders in the field, making this the authoritative reference for neuroeconomics - Suitable as an advanced undergraduate or graduate textbook as well as a thorough reference for active researchers - Introductory chapters on economics, psychology, neuroscience, and anthropology provide students and scholars from any discipline with the keys to understanding this interdisciplinary field - Detailed chapters on subjects that include reinforcement learning, risk, inter-temporal choice, drift-diffusion models, game theory, and prospect theory make this an invaluable reference - Published in association with the Society for Neuroeconomics—www.neuroeconomics.org - Full-color presentation throughout with numerous carefully selected illustrations to highlight key concepts
| Author | : Kai Ruggeri |
| Publisher | : Routledge |
| Total Pages | : 388 |
| Release | : 2018-09-03 |
| Genre | : Psychology |
| ISBN | : 1351052527 |
The first decades of the twenty-first century have offered a remarkable shift in how policies are made as well as who designs them. Until this period, local, regional, and national policy advisors largely comprised economists, lawyers, and financial experts. But in an era when behavioral scientists are increasingly being asked to demonstrate the impact of their research, many are playing a much greater role in policy making across a range of sectors as a result. Written by a team of authors working across both academia and government, Behavioral Insights for Public Policy is the first textbook to fully examine how psychology can be applied to a range of public policy areas. It addresses a wide variety of topics from the origins of policy as well as major findings from behavioral economics and nudge theory, to large-scale applications of behavioral insights. The compilation is the first of its kind to broadly cover the underlying theory, history, major empirical examples, and practical applications to policy of nudges (or behavioral insights) for teaching and study in higher education. Featuring over 100 empirical examples of how behavioral insights are being used to address some of the most critical challenges faced globally, the book also includes a unique chapter from an organization actively implementing behavioral insights in policies along with various government institutions. Also featuring case studies looking at key policy issues, learning outcomes, a glossary of key terms, and an accompanying website, this important book will be essential reading for any student of applied psychology. It has also been produced for others interested in the topic from social, political, and economic sciences, as well as those in government looking for an overview of the key issues.
