Escaping from Bad Decisions - 1st Edition - ISBN: 9780128160329

Escaping from Bad Decisions

1st Edition

A Behavioral Decision-Theoretic Perspective

Authors: Kazuhisa Takemura
Paperback ISBN: 9780128160329
Imprint: Academic Press
Published Date: 1st December 2019
Page Count: 352
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Table of Contents

Part I Theory of good decision and bad decision
1.What is best decision?
2. Decision theoretic concepts to make best decision
3. Non-cyclic preference relation and rational decision
4. Weak order and revealed preference
5. Difficulties of making best decision
6. Multi-attribute decision making
7. Difficulties of making best decision in multi-attribute situation: Re-interpretation of Arrow’s impossibility theorem
8. Pareto optimality in multi objective decision
9.Worst decision and decision theory

Part II Empirical illustrations and explanations of bad decision
10. Historical illustrations of bad decisions: A Japanese history of World War II and Business example of bad decisions
11. Social psychological explanations of bad decisions: Authority and conformity
12. Experimental analysis of bad decisions: Using eye-gaze movement equipment
13. Web survey of bad decisions: Psychological tendencies of those who make bad decisions
14. Experimental analysis of group bad decisions
15. Psychology of bad decisions and their decision theoretic models

Part III Prescriptions how to escape from bad decisions
16. Multi attribute decision and conjoint structure
17.Computer simulation of decision strategies
18. Easy decision strategies to reach better decisions based on computer simulation
19. Easy decision strategies to escape from worse decisions based on computer simulation
20. Mathematical descriptions of easy decision strategies and related theorem
21. Toward good decision making: Integration of theoretical and empirical findings


Description

Escaping from Bad Decisions: A Behavioral Decision-Theoretic Perspective presents a modern, conceptual and mathematical framework that explains how decision-making under certainty, risk and uncertainty can be better understood and theoretically explained. In addition, the book provides a critical examination of psychological models in multi-attribute decision-making and evaluates and defines the constitutive elements of "good decisions" and "bad decisions." By defining ordinal utility theory relating to multi-attribute decision-making, this book re-interprets the rationality of multi-attribute decision-making based on Arrow's general possibility theorem. This book will be ideal for graduate students and early career researchers in economics, decision theory and cognitive science.

Key Features

  • Provides a comprehensive background to the phenomena of bad decisions, considered in their economic, psychological and cognitive aspects
  • Reinterprets existing theories and phenomena and proposes a new overview of decision behaviors by integrating mathematical and psychological perspectives
  • Adapts model-based techniques, such as mathematical model based functional magnetic resonance imaging (fMRI) using mathematical models of the decision process

Readership

Graduate students and early career researchers in economics, decision theory, behavioral economics, experimental economics, psychology, cognitive sciences, and decision neurosciences


Details

No. of pages:
352
Language:
English
Copyright:
© Academic Press 2020
Published:
Imprint:
Academic Press
Paperback ISBN:
9780128160329

Ratings and Reviews


About the Authors

Kazuhisa Takemura Author

Kazuhisa Takemura is a professor of psychology and economics and the director of the Institute for Decision Research at Waseda University. His research focuses on human judgment and decision making, especially modeling of preferential judgment and choice. He received the Hayashi Award (Distinguished Scholar) from The Behaviormetric Society in 2002, Excellent Paper Award from Japan Society of Kansei Engineering in 2003, the Book Award from Japanese Society of Social Psychology in 2010, the Book Award from Behaviormetric Society in 2016, and the Fellow Award from International Association of Applied Psychology in 2018.

Affiliations and Expertise

Institute for Decision Research, Waseda University, Japan