Decision Making With Asymmetric Information

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Public Decision Making Processes And Asymmetry Of Information

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Author : Massimo Marrelli
language : en
Publisher: Springer Science & Business Media
Release Date : 2001

Public Decision Making Processes And Asymmetry Of Information written by Massimo Marrelli and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.

The issue of asymmetric information and public decision-making has been widely explored by economists. Most of the traditional analysis of public sector activities has been reviewed to take account of the different incentive problems arising from an asymmetric distribution of relevant information among the actors of the public decision-making process. A normative approach has been developed, mainly employing the principal agent paradigm to design incentive schemes which tackle adverse selection and moral hazard problems within public organizations. Still, this analysis is under way in many fields of public economics. However, a debate is ongoing on the theoretical limitations of this approach and on its relevance for the actual public sector activities. Public Decision-Making Processes and Asymmetry of Information encompasses different contributions to these issues, on both theoretical and practical areas. The innermost problem in the current discussion arises from the fact that this normative analysis is firmly rooted in the complete contracting framework, with the consequence that, despite the analytical complexities of most models, their results rely on very simplified assumptions. Most complexities of the organization of public sector, and more generally, of writing "contracts", are therefore swept away. Once the need for an incomplete contracting approach is recognized, the question becomes how to relax some of the assumptions characterizing the complete contracting framework, without getting ad hoc results. The Introduction to this book, written by Jean Jacques Laffont, sets the general grid to interpret the position of its papers in this debate. The four papers in Part 1 of the book are devoted to developing the analysis of some of the theoretical issues mentioned in the Introduction. Part 2 is devoted to discussing the applications of the theory to different public sector activities.

Hierarchies In Distributed Decision Making

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Author : Christoph Schneeweiss
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-04-17

Hierarchies In Distributed Decision Making written by Christoph Schneeweiss and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-17 with Business & Economics categories.

Distributed decision making is described in this book from a hierarchical perspective. A unified approach allows to treat such seemingly diverse fields as multi-level decision making, hierarchical production planning, principal agent theory, hierarchical negotiations, and dynamic games within the framework of a general pair of functional equations. In doing so, the book covers the range from a multi-level one-person decision problem to a multi-person antagonistic planning and leadership situation. These general ideas are illustrated with numerous examples and real-life planning situations. In addition, the treatise provides a theoretical foundation for important problem areas in business administration such as hierarchical production planning, the problems of design and implementation, modern concepts in managerial accounting, and supply chain management.

Distributed Decision Making

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Author : Christoph Schneeweiss
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-11-07

Distributed Decision Making written by Christoph Schneeweiss and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-07 with Business & Economics categories.

Distributed decision making (DDM) has become of increasing importance in quantitative decision analysis. In applications like supply chain management, service operations, or managerial accounting, DDM has led to a paradigm shift. The book provides a unified approach to such seemingly diverse fields as multi-level stochastic programming, hierarchical production planning, principal agent theory, negotiations or contract theory. Different settings like multi-level one-person decision problems, multi-person antagonistic planning, and leadership situations are covered. Numerous examples and real-life planning cases illustrate the concepts. The new edition has been considerably expanded by additional chapters on supply chain management, service operations and multi-agent systems.

Neuroeconomics And The Decision Making Process

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Author : Christiansen, Bryan
language : en
Publisher: IGI Global
Release Date : 2016-03-17

Neuroeconomics And The Decision Making Process written by Christiansen, Bryan and has been published by IGI Global this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-03-17 with Psychology categories.

Neuroeconomics has emerged as a field of study with the goal of understanding the human decision-making process and the mental consideration of multiple outcomes based on a selected action. In particular, neuroeconomics emphasizes how economic conditions can impact and influence the decision-making process and alternately, how human actions have the power to impact economic conditions. Neuroeconomics and the Decision-Making Process presents the latest research on the relationship between neuroscience, economics, and human decision-making, including theoretical foundations, real-world applications, and models for implementation. Taking a cross-disciplinary approach to neuroeconomic theory and study, this publication is an essential reference source for economists, psychologists, business professionals, and graduate-level students across disciplines.

Real World Decision Making

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Author : Morris Altman
language : en
Publisher: Bloomsbury Publishing USA
Release Date : 2015-06-23

Real World Decision Making written by Morris Altman and has been published by Bloomsbury Publishing USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-06-23 with Business & Economics categories.

The first and only encyclopedia to focus on the economic and financial behaviors of consumers, investors, and organizations, including an exploration of how people make good—and bad—economic decisions. Traditional economic theories speculate how and when people should spend money. But consumers don't always behave as expected and often adopt strategies that might appear unorthodox yet are, at times, more effective than the rule prescribed by conventional wisdom. This groundbreaking text examines the ways in which people make financial decisions, whether it is because they are smart but atypical in their choices ... or just irrational decision makers. A leading authority on behavioral economics, Morris Altman and more than 150 expert contributors delve into key concepts in behavioral economics, economic psychology, behavioral finance, neuroeconomics, experimental economics, and institutional economics to help inform economic models based on reality, not theory. Through 250 informative entries, the book explores various aspects of the subject including decision making, economic analysis, and public policy. In addition to introducing concepts to readers new to the subject, the book sheds light on more advanced financial topics in a manner that is objective, comprehensive, and accessible.

Solution Models Based On Symmetric And Asymmetric Information

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Author : Edmundas Kazimieras Zavadskas
language : en
Publisher: MDPI
Release Date : 2019-06-05

Solution Models Based On Symmetric And Asymmetric Information written by Edmundas Kazimieras Zavadskas and has been published by MDPI this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-05 with Technology & Engineering categories.

This Special Issue covers symmetry and asymmetry phenomena occurring in real-life problems. We invited authors to submit their theoretical or experimental research presenting engineering and economic problem solution models dealing with the symmetry or asymmetry of different types of information. The issue gained interest in the research community and received many submissions. After rigorous scientific evaluation by editors and reviewers, nine papers were accepted and published. The authors proposed different MADM and MODM solution models as integrated tools to find a balance between the components of sustainable global development, to find a symmetry axis concerning goals, risks, and constraints to cope with the complicated problems. Most approaches suggested decision models under uncertainty, combining the usual decision-making methods with interval-valued fuzzy or rough sets theory, also Z numbers. The application fields of the proposed models involved both problems of technological sciences and social sciences. The papers cover three essential areas: engineering, economy, and management. We hope that a summary of the Special Issue as provided here will encourage a detailed analysis of the papers included in the Printed Edition.

Fuzzy Decision Making Methods Based On Prospect Theory And Its Application In Venture Capital

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Author : Xiaoli Tian
language : en
Publisher: Springer Nature
Release Date : 2021-03-22

Fuzzy Decision Making Methods Based On Prospect Theory And Its Application In Venture Capital written by Xiaoli Tian and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-22 with Business & Economics categories.

This book gives a thorough and systematic introduction to the latest research results about fuzzy decision-making method based on prospect theory. It includes eight chapters: Introduction, Intuitionistic fuzzy MADM based on prospect theory, QUALIFLEX based on prospect theory with probabilistic linguistic information, Group PROMETHEE based on prospect theory with hesitant fuzzy linguistic information, Prospect consensus with probabilistic hesitant fuzzy preference information, Improved TODIM based on prospect theory and the improved TODIM with probabilistic hesitant fuzzy information, etc. This book is suitable for the researchers in the fields of fuzzy mathematics, operations research, behavioral science, management science and engineering, etc. It is also useful as a textbook for postgraduate and senior-year undergraduate students of the relevant professional institutions of higher learning.

Handbook Of Behavioural Economics And Smart Decision Making

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Author : Morris Altman
language : en
Publisher: Edward Elgar Publishing
Release Date : 2017-05-26

Handbook Of Behavioural Economics And Smart Decision Making written by Morris Altman and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-26 with Business & Economics categories.

This Handbook is a unique and original contribution of over thirty chapters on behavioural economics, examining and addressing an important stream of research where the starting assumption is that decision-makers are for the most part relatively smart or rational. This particular approach is in contrast to a theme running through much contemporary work where individuals’ behaviour is deemed irrational, biased, and error-prone, often due to how people are hardwired. In the smart people approach, where errors or biases occur and when social dilemmas arise, more often than not, improving the decision-making environment can repair these problems without hijacking or manipulating the preferences of decision-makers. This book covers a wide-range of themes from micro to macro, including various sub-disciplines within economics such as economic psychology, heuristics, fast and slow-thinking, neuroeconomics, experiments, the capabilities approach, institutional economics, methodology, nudging, ethics, and public policy.

Comparative Decision Making

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Author : Philip H. Crowley
language : en
Publisher: Oxford University Press
Release Date : 2013-01-30

Comparative Decision Making written by Philip H. Crowley and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-30 with Psychology categories.

Decision making cuts across most areas of intellectual enquiry and academic endeavor. The classical view of individual human thinkers choosing among options remains important and instructive, but the contributors to this volume broaden this perspective to characterize the decision making behavior of groups, non-human organisms and even non-living objects and mathematical constructs. A diverse array of methods is brought to bear-mathematical, computational, subjective, neurobiological, evolutionary, and cultural. We can often identify best or optimal decisions and decision making processes, but observed responses may deviate markedly from these, to a large extent because the environment in which decisions must be made is constantly changing. Moreover, decision making can be highly constrained by institutions, natural and social context, and capabilities. Studies of the mechanisms underlying decisions by humans and other organisms are just beginning to gain traction and shape our thinking. Though decision making has fundamental similarities across the diverse array of entities considered to be making them, there are large differences of degree (if not kind) that relate to the question of human uniqueness. From this survey of views and approaches, we converge on a tentative agenda for accelerating development of a new field that includes advancing the dialog between the sciences and the humanities, developing a defensible classification scheme for decision making and decision makers, addressing the role of morality and justice, and moving advances into applications-the rapidly developing field of decision support.

Judgment And Decision Making Research In Accounting And Auditing

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Author : Robert H. Ashton
language : en
Publisher: Cambridge University Press
Release Date : 1995-09-29

Judgment And Decision Making Research In Accounting And Auditing written by Robert H. Ashton and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995-09-29 with Business & Economics categories.

A timely and comprehensive study on behavioural decision-making within the field of accounting.