Archivio per aprile 2012



29
Apr
12

Modeling Bounded Rationality : Ariel Rubinstein : Free Download & Streaming : Internet Archive

See on Scoop.itBounded Rationality and Beyond

A text book on models of bounded rationality. The series of lectures that constitute the chapters in this book concerns modeling bounded rationality. The choice of the title “modeling bounded rationality” rather than “models of bounded rationality” or “economic models of bounded rationality” emphasizes that the focus is not on substantive conclusions derived from the models but on the tools themselves. As to the term bounded rationality, putting fences around a field is often viewed as a picky activity. Nonetheless, it is important in this case in that the term has been used in many ways, sometimes just to say that we deal with incomplete (or bad) models. Lying within the domain of this investigation are models in which elements of the process of choice are embedded explicitly. Usually, economic models do not spell out the procedures by which decisions of the economic units are made; here, we are interested in models in which procedural aspects of decision making are explicitly included.

See on archive.org

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29
Apr
12

A memory based model of bounded rationality : Mullainathan, Sendhil : Free Download & Streaming : Internet Archive

See on Scoop.itBounded Rationality and Beyond

How do memory limitations affect economic behavior? I develop a model of memory grounded in psychology and biology research to investigate this question. Using this model, I study the case where people apply Bayes rule to the history they recall as if it were the true history. The resulting beliefs exhibit over-reaction on average. They also exhibit under-reaction with the model providing enough structure to allow predictions about which effect dominates when. I then apply this general framework to an otherwise standard model of consumption. It predicts the broad structure of consumption predictability as well as differences in marginal propensity to consume across different income streams. Most important, because it ties the extent of bias to a measurable aspect of the stochastic process being forecasted, the model makes novel, testable empirical predictions. Keywords: psychology, biology, Bayes rule, personal economic history, consumption

See on archive.org

26
Apr
12

Predicting Moral Judgments of Corporate Responsibility with Formal Decision Heuristics

See on Scoop.itBounded Rationality and Beyond

We address the questions (1) how moral decision-making can
be formally modeled using established decision models and
(2) which of these models are the most accurate in predicting
moral judgments. We conducted an experiment with a
comparison task in which people had to decide which of two
companies behaved more fairly in dealing with the
consequences of the current financial crisis. We modeled
these judgments of fairness (i) using a compensatory
weighted additive model (WADD), (ii) a unit weight linear
heuristic (UWL), and (iii) a noncompensatory decision rule
(LEX). All strategies could predict people’s actual decisions
above chance level for a majority of the subjects. This lends
support to the modeling approach to moral decision-making

See on csjarchive.cogsci.rpi.edu

26
Apr
12

The Sustainability Review » Blog Archive » Behavioral Economics and Corporate Sustainability

See on Scoop.itBounded Rationality and Beyond

By John Byrd, PhD and Kent Hickman, PhD
The likelihood of meaningful legislation supporting a shift towards more sustainable practices by business and individuals seems miniscule.

See on www.thesustainabilityreview.org

26
Apr
12

Dan Ariely – Extrinsic vs. Intrinsic Rewards at Work

See on Scoop.itBounded Rationality and Beyond

http://reapingprofessionalsuccess.com/blog April 2010 Teleseminar clip of Dan Ariely reveals the failures of extrinsic motivation techniques when compared to…

See on www.youtube.com

26
Apr
12

Good judgments do not require complex cognition – Julian N. Marewski • Wolfgang Gaissmaier • Gerd Gigerenzer

See on Scoop.itBounded Rationality and Beyond

What cognitive capabilities allow Homo sapiens to successfully bet on the stock market, to catch balls in baseball games, to accurately predict the outcomes of political elections, or to correctly decide whether a patient needs to be allocated to the coronary care unit? It is a widespread belief in psychology and beyond that complex judgment tasks require complex solutions. Countering this common intuition, in this article, we argue that in an uncertain world actually the opposite is true: Humans do not need complex cognitive strategies to make good inferences, estimations, and other judgments; rather, it is the very simplicity and robustness of our cognitive repertoire that makes Homo sapiens a capable decision maker 

See on www.springerlink.com

26
Apr
12

Music and the Brain: The World in Six Songs: How the Musical

See on Scoop.itBounded Rationality and Beyond

Director of McGill University’s Laboratory for Musical Perception, Cognition and Expertise and best-selling author of “This is Your Brain on Music,” Daniel L…

See on www.youtube.com




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