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Escaping from Bad Decisions

A Behavioral Decision-Theoretic Perspective

1st Edition - July 27, 2021

Author: Kazuhisa Takemura

Language: English
Paperback ISBN:
9 7 8 - 0 - 1 2 - 8 1 6 0 3 2 - 9
eBook ISBN:
9 7 8 - 0 - 1 2 - 8 1 6 0 3 3 - 6

Escaping from Bad Decisions presents a modern conceptual and mathematical framework of the decision-making process. By interpreting ordinal utility theory as normative analysis… Read more

Escaping from Bad Decisions

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Escaping from Bad Decisions presents a modern conceptual and mathematical framework of the decision-making process. By interpreting ordinal utility theory as normative analysis examined in view of rationality, it shows how decision-making under certainty, risk, and uncertainty can be better understood. It provides a critical examination of psychological models in multi-attribute decision-making, and evaluates the constitutive elements of "good" and "bad" decisions. Multi-attribute decision-making is analysed descriptively, based on the psychological model of decision-making and computer simulations of decision strategies. Finally, prescriptive examinations of multi-attribute decision-making are performed, supporting the argument that decision-making from a pluralistic perspective creates results that can help "escape" from bad decisions.

This book will be of particular interest to graduate students and early career researchers in economics, decision-theory, behavioral economics, experimental economics, psychology, cognitive sciences, and decision neurosciences.