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. Provides a comprehensive background to the phenomena of bad decisions, considered in their economic, psychological, and cognitive aspects; Reinterprets existing theories and phenomenon as well as proposing 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. 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.

Book Information
ISBN 9780128160329
Author Kazuhisa Takemura
Format Paperback
Page Count 352
Imprint Academic Press Inc
Publisher Elsevier Science Publishing Co Inc