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Articles 1 - 9 of 9
Full-Text Articles in Behavioral Economics
Economics Of Reciprocity And Temptation, Laxman Bokati, Olga Kosheleva, Vladik Kreinovich, Nguyen Ngoc Thach
Economics Of Reciprocity And Temptation, Laxman Bokati, Olga Kosheleva, Vladik Kreinovich, Nguyen Ngoc Thach
Departmental Technical Reports (CS)
Behavioral economics has shown that in many situations, people's behavior differs from what is predicted by simple traditional utility-maximization economic models. It is therefore desirable to be able to accurately describe people's actual behavior. In some cases, the difference from the traditional models is caused by bounded rationality -- our limited ability to process information and to come up with a truly optimal solutions. In such cases, predicting people's behavior is difficult. In other cases, however, people actually optimize -- but the actual expression for utility is more complicated than in the traditional models. In such case, it is, in …
Mechanisms Of Value-Biased Prioritization In Fast Sensorimotor Decision Making, Kivilcim Afacan-Seref
Mechanisms Of Value-Biased Prioritization In Fast Sensorimotor Decision Making, Kivilcim Afacan-Seref
Dissertations and Theses
In dynamic environments, split-second sensorimotor decisions must be prioritized according to potential payoffs to maximize overall rewards. The impact of relative value on deliberative perceptual judgments has been examined extensively, but relatively little is known about value-biasing mechanisms in the common situation where physical evidence is strong but the time to act is severely limited. This research examines the behavioral and electrophysiological indices of how value biases split-second perceptual decisions and the possible mechanisms underlying the process. In prominent decision models, a noisy but statistically stationary representation of sensory evidence is integrated over time to an action-triggering bound, and value-biases …
Development Of Utility Theory And Utility Paradoxes, Timothy E. Dahlstrom
Development Of Utility Theory And Utility Paradoxes, Timothy E. Dahlstrom
Lawrence University Honors Projects
Since the pioneering work of von Neumann and Morgenstern in 1944 there have been many developments in Expected Utility theory. In order to explain decision making behavior economists have created increasingly broad and complex models of utility theory. This paper seeks to describe various utility models, how they model choices among ambiguous and lottery type situations, and how they respond to the Ellsberg and Allais paradoxes. This paper also attempts to communicate the historical development of utility models and provide a fresh perspective on the development of utility models.
Mechanisms For Social Influence, Jeremy David Auerbach
Mechanisms For Social Influence, Jeremy David Auerbach
Masters Theses
Throughout the thesis, I study mathematical models that can help explain the dependency of social phenomena in animals and humans on individual traits. The first chapter investigates consensus building in human groups through communication of individual preferences for a course of action. Individuals share and modify these preferences through speaker listener interactions. Personality traits, reputations, and social networks structures effect these modifications and eventually the group will reach a consensus. If there is variation in personality traits, the time to reach consensus is delayed. Reputation models are introduced and explored, finding that those who can best estimate the average initial …
Experimental Evidence For Heterogeneous Expectations In A Simple New Keynesian Framework, Atticus David Holm Graven
Experimental Evidence For Heterogeneous Expectations In A Simple New Keynesian Framework, Atticus David Holm Graven
Business and Economics Honors Papers
This paper is a two-dimensional analysis of agent behavior in a standard New Keynesian (NK) Macroeconomic model. On the dimension of pure mathematics, we analyze the parameters of the NK model and of possible prediction rules. On the other dimension we continue a practice of empirical study of heterogeneous expectations with an experiment. The experiment will ask participants to make predictions of future output and inflation. Their responses will create a data-set upon which analysis will be performed to illuminate and corroborate current theories of economic decision making. The literature has shown that most agents' forecasting rules can be modeled …
Purchasing Nonprescription Contraceptives: The Underlying Structure Of A Multi-Item Scale, Chris Manolis, Robert Winsor, Sheb True
Purchasing Nonprescription Contraceptives: The Underlying Structure Of A Multi-Item Scale, Chris Manolis, Robert Winsor, Sheb True
Robert D. Winsor
The authors develop a multi-item scale measuring attitudes associated with purchasing nonprescription contraceptives. Although contraceptives represent a common as well as consequential purchase for many people, published research has not addressed measures of attitudes associated with this purchase decision. A scale development method is presented measuring both male and female consumer attitudes toward purchasing contraceptives. Ultimately, a multi-item scale demonstrating a high degree of invariance across 2 samples (men and women) is developed.
New Operations Over Interval Valued Intuitionistic Hesitant Fuzzy Set, Florentin Smarandache, Said Broumi
New Operations Over Interval Valued Intuitionistic Hesitant Fuzzy Set, Florentin Smarandache, Said Broumi
Branch Mathematics and Statistics Faculty and Staff Publications
Hesitancy is the most common problem in decision making, for which hesitant fuzzy set can be considered as a useful tool allowing several possible degrees of membership of an element to a set. Recently, another suitable means were defined by Zhiming Zhang [1], called interval valued intuitionistic hesitant fuzzy sets, dealing with uncertainty and vagueness, and which is more powerful than the hesitant fuzzy sets. In this paper, four new operations are introduced on interval-valued intuitionistic hesitant fuzzy sets and several important properties are also studied.
Convex Combinations Of Quadrant Dependent Copulas, Martin Egozcue, Luis Fuentes García, Wing Wong, Ricardas Zitikis
Convex Combinations Of Quadrant Dependent Copulas, Martin Egozcue, Luis Fuentes García, Wing Wong, Ricardas Zitikis
Martin Egozcue
It is well known that quadrant dependent (QD) random variables are also quadrant dependent in expectation (QDE). Recent literature has offered examples rigorously establishing the fact that there are QDE random variables which are not QD. The examples are based on convex combinations of specially chosen QD copulas: one negatively QD and another positively QD. In this paper we establish general results that determine when convex combinations of arbitrary QD copulas give rise to negatively or positively QD/QDE copulas. In addition to being an interesting mathematical exercise, the established results are helpful when modeling insurance and financial portfolios.
Dynamic Decision Making And Race Games, Shipra De
Dynamic Decision Making And Race Games, Shipra De
Calvert Undergraduate Research Awards
Frequent criticism in dynamic decision making research pertains to the overly complex nature of the decision tasks used in experimentation. To address such concerns we study dynamic decision making with respect to the simple race game Hog, which has a computable optimal decision strategy. In the two-player game of Hog, individuals compete to be the first to reach a designated threshold of points. Players alternate rolling a desired quantity of dice. If the number one appears on any of the dice, the player receives no points for his turn; otherwise, the sum of the numbers appearing on the dice is …