Understanding The Dynamics Of Decision Making And Choice
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Understanding The Dynamics Of Decision Making And Choice
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Author : Bryony Beresford
language : en
Publisher:
Release Date : 2008
Understanding The Dynamics Of Decision Making And Choice written by Bryony Beresford and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Consumer behavior categories.
Dynamics Of Decision Making From Evidence To Preference And Belief
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Author : Erica Yu
language : en
Publisher: Frontiers E-books
Release Date : 2014-10-24
Dynamics Of Decision Making From Evidence To Preference And Belief written by Erica Yu and has been published by Frontiers E-books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-10-24 with Decision making categories.
At the core of the many debates throughout cognitive science concerning how decisions are made are the processes governing the time course of preference formation and decision. From perceptual choices, such as whether the signal on a radar screen indicates an enemy missile or a spot on a CT scan indicates a tumor, to cognitive value-based decisions, such as selecting an agreeable flatmate or deciding the guilt of a defendant, significant and everyday decisions are dynamic over time. Phenomena such as decoy effects, preference reversals and order effects are still puzzling researchers. For example, in a legal context, jurors receive discrete pieces of evidence in sequence, and must integrate these pieces together to reach a singular verdict. From a standard Bayesian viewpoint the order in which people receive the evidence should not influence their final decision, and yet order effects seem a robust empirical phenomena in many decision contexts. Current research on how decisions unfold, especially in a dynamic environment, is advancing our theoretical understanding of decision making. This Research Topic aims to review and further explore the time course of a decision - from how prior beliefs are formed to how those beliefs are used and updated over time, towards the formation of preferences and choices and post-decision processes and effects. Research literatures encompassing varied approaches to the time-scale of decisions will be brought into scope: a) Speeded decisions (and post-decision processes) that require the accumulation of noisy and possibly non-stationary perceptual evidence (e.g., randomly moving dots stimuli), within a few seconds, with or without temporal uncertainty. b) Temporally-extended, value-based decisions that integrate feedback values (e.g., gambling machines) and internally-generated decision criteria (e.g., when one switches attention, selectively, between the various aspects of several choice alternatives). c) Temporally extended, belief-based decisions that build on the integration of evidence, which interacts with the decision maker's belief system, towards the updating of the beliefs and the formation of judgments and preferences (as in the legal context). Research that emphasizes theoretical concerns (including optimality analysis) and mechanisms underlying the decision process, both neural and cognitive, is presented, as well as research that combines experimental and computational levels of analysis.
Understanding The Dynamics Of Decision Making And Choice
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Author : Bryony Beresford
language : en
Publisher:
Release Date : 2008
Understanding The Dynamics Of Decision Making And Choice written by Bryony Beresford and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Consumer behavior categories.
Straight Choices
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Author : Ben R. Newell
language : en
Publisher: Psychology Press
Release Date : 2007-08-07
Straight Choices written by Ben R. Newell and has been published by Psychology Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-08-07 with Psychology categories.
We all face a perplexing array of decisions every day. Straight Choices provides an integrative account of the psychology of decision making, in which clear connections are made between empirical results and how these results can help us to understand our uncertain world. Throughout the text, there is an emphasis on the relationship between learning and decision making. The authors argue that the best way to understand how and why decisions are made is in the context of the learning and knowledge acquisition that precedes them and the feedback that follows them. The mechanisms of learning and the structure of environments in which decisions are made are carefully examined to explore the ways in which they act on our choices. From this, the authors go on to consider whether we are all constrained to fall prey to biases or whether with sufficient exposure can we find optimal decision strategies and improve our decision making. This novel approach integrates findings from the decision and learning literatures to provide a unique perspective on the psychology of decision making. It will be of interest to researchers and students in cognitive psychology, as well as researchers in economics and philosophy interested in the nature of decision making.
The Cognitive Dynamics Underlying Decision Making
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Author : Kanghoon Jung
language : en
Publisher:
Release Date : 2014
The Cognitive Dynamics Underlying Decision Making written by Kanghoon Jung and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
A fundamental question in decision neuroscience is how cognitive processes underlying decision-making give rise to efficient decisions, especially in complex situations with multiple choice options, and each option consisting of multiple attributes such as outcome, cost, and uncertainty. These cognitive processes include attention, learning, and memory. While much is known about each process individually, less is known about how they interact: that is, the underlying cognitive dynamics. The present thesis aims to provide an integrated framework for understanding the cognitive dynamics at the behavioral, computational, and neural levels. Behavioral studies presented in this thesis investigated the influences of attention, memory, and reward on decision-making by quantitatively characterizing dynamic modulations of two critical components of choice behavior: bias (i.e., the skew of the choice distribution across options) and persistence (i.e. repeated choices). These studies provide evidence that attentional and motivational control guide multi-attribute decisions by selecting attributes to maximize payoff or minimize effort, and by generating robust persistent actions. In addition, memory related to recollection and familiarity influences choice bias and persistence, respectively. A computational model that accounts for attentional and motivational control based on the multi-attribute choice context is then presented. The model captured behavioral data, and suggests that (a) choices are selectively biased toward more distinct attributes; and (b) persistence results from memory-dependent learning rates. Finally, using single-unit recordings, this thesis directly explored neuronal representations of subjective utility during decisions under uncertainty in the lateral prefrontal cortex, a high-level cognition area of the brain. This study provides evidence that lateral prefrontal neurons code expected value and uncertainty of choices. By combining approaches from psychology, economics, and computational and systems neuroscience, this thesis provides a significantly improved characterization of the cognitive dynamics that, when in harmony, contribute to better decisions.
Decision Making
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Author : Fausto Pedro García Márquez
language : en
Publisher: BoD – Books on Demand
Release Date : 2018-09-19
Decision Making written by Fausto Pedro García Márquez and has been published by BoD – Books on Demand this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-19 with Psychology categories.
Decision Making is a book where each chapter has been contributed to by a different author(s). The book synthesizes the analytical principles with business practice of Decision Making. Specifically, the book provides an interface between the main disciplines of engineering/technology and the organizational, administrative, and planning abilities of decision making. It is complementary to other sub-disciplines such as economics, finance, marketing, decision and risk analysis, etc. The chapters introduce and demonstrate decision making theory in practical case studies. It demonstrates key results for each sector with diverse real-world case studies. The theory is accompanied by relevant analysis techniques, with a progressional approach building from simple theory to complex and dynamic decisions with multiple data points, including big data, etc. Computational techniques, dynamic analysis, probabilistic methods, and mathematical optimization techniques are expertly blended to support analysis of multi-criteria decision-making problems with defined constraints and requirements.
The Paradox Of Choice
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Author : Barry Schwartz
language : en
Publisher: Harper Collins
Release Date : 2009-10-13
The Paradox Of Choice written by Barry Schwartz and has been published by Harper Collins this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-10-13 with Psychology categories.
Whether we're buying a pair of jeans, ordering a cup of coffee, selecting a long-distance carrier, applying to college, choosing a doctor, or setting up a 401(k), everyday decisions—both big and small—have become increasingly complex due to the overwhelming abundance of choice with which we are presented. As Americans, we assume that more choice means better options and greater satisfaction. But beware of excessive choice: choice overload can make you question the decisions you make before you even make them, it can set you up for unrealistically high expectations, and it can make you blame yourself for any and all failures. In the long run, this can lead to decision-making paralysis, anxiety, and perpetual stress. And, in a culture that tells us that there is no excuse for falling short of perfection when your options are limitless, too much choice can lead to clinical depression. In The Paradox of Choice, Barry Schwartz explains at what point choice—the hallmark of individual freedom and self-determination that we so cherish—becomes detrimental to our psychological and emotional well-being. In accessible, engaging, and anecdotal prose, Schwartz shows how the dramatic explosion in choice—from the mundane to the profound challenges of balancing career, family, and individual needs—has paradoxically become a problem instead of a solution. Schwartz also shows how our obsession with choice encourages us to seek that which makes us feel worse. By synthesizing current research in the social sciences, Schwartz makes the counter intuitive case that eliminating choices can greatly reduce the stress, anxiety, and busyness of our lives. He offers eleven practical steps on how to limit choices to a manageable number, have the discipline to focus on those that are important and ignore the rest, and ultimately derive greater satisfaction from the choices you have to make.
The Elements Of Choice
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Author : Eric J. Johnson
language : en
Publisher: Penguin
Release Date : 2021-10-12
The Elements Of Choice written by Eric J. Johnson and has been published by Penguin this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-10-12 with Business & Economics categories.
A leader in decision-making research reveals how choices are designed—and why it’s so important to understand their inner workings Every time we make a choice, our minds go through an elaborate process most of us never even notice. We’re influenced by subtle aspects of the way the choice is presented that often make the difference between a good decision and a bad one. How do we overcome the common faults in our decision-making and enable better choices in any situation? The answer lies in more conscious and intentional decision design. Going well beyond the familiar concepts of nudges and defaults, The Elements of Choice offers a comprehensive, systematic guide to creating effective choice architectures, the environments in which we make decisions. The designers of decisions need to consider all the elements involved in presenting a choice: how many options to offer, how to present those options, how to account for our natural cognitive shortcuts, and much more. These levers are unappreciated and we’re often unaware of just how much they influence our reasoning every day. Eric J. Johnson is the lead researcher behind some of the most well-known and cited research on decision-making. He draws on his original studies and extensive work in business and public policy and synthesizes the latest research in the field to reveal how the structure of choices affects outcomes. We are all choice architects, for ourselves and for others. Whether you’re helping students choose the right school, helping patients pick the best health insurance plan, or deciding how to invest for your own retirement, this book provides the tools you need to guide anyone to the decision that’s right for them.
Extendable Rationality
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Author : Davide Secchi
language : en
Publisher: Springer Science & Business Media
Release Date : 2010-10-20
Extendable Rationality written by Davide Secchi 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 2010-10-20 with Business & Economics categories.
“How do people make decisions in organizations?” is the question at the core of this book. Do people act rationally? Under what conditions can information and knowledge be shared to improve decision making? Davide Secchi applies concepts and theories from cognitive science, organizational behavior, and social psychology to explore the dynamics of decision making. In particular, he integrates “bounded rationality” (people are only partly rational; they have (a) limited computational capabilities and (b) limited access to information) and “distributed cognition” (knowledge is not confined to an individual, but is distributed across the members of a group) to build upon the pioneering work of Herbert Simon (1916-2001) on rational decision making and contribute fresh insights. This book is divided into two parts. The first part (Chapters 2 to 5) explores how recent studies on biases, prospect theory, heuristics, and emotions provide the so-called “map” of bounded rationality. The second part (Chapter 6 to 8) presents the idea of extendable rationality. In this section, Secchi identifies the limitations of bounded rationality and focuses more heavily on socially-based decision processes and the role of “docility” in teaching, managing, and executing decisions in organizations. The practical implications extend broadly to issues relating to change and innovation, as organizations adapt to evolving market conditions, implementing new systems, and effectively managing limited resources. The final chapter outlines an agenda for future research to help understand the decision making characteristics and capabilities of an organization.
Rational Choice In An Uncertain World
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Author : Reid Hastie
language : en
Publisher: SAGE
Release Date : 2001-04-13
Rational Choice In An Uncertain World written by Reid Hastie and has been published by SAGE this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-04-13 with Business & Economics categories.
First Edition, Winner of the prestigious William James Award from the American Psychological Association An understanding of the principles of rational decision making can help students improve the quality of their lives. Intended as an introductory textbook, the material in Rational Choice in an Uncertain World is not only of scholarly interest, but practical as well. Created specifically for courses on judgement and decision-making, this book makes research readily accessible to both undergraduate and graduate students. This Second Edition of the award-winning book, Rational Choice in an Uncertain World (1988) by Robyn M. Dawes, is sure to interest and enlighten students at all levels. This new edition features: · New student friendly chapter introductions as well as conclusions and cross-references between chapters. · Award-winning authors are respected professors with over 30 years of experience in the field. · Practical, everyday examples from such areas as finance, medicine, law, and engineering. · Comprehensive and up-to-date information keep this edition abreast of the changing ideas within the discipline · Additional discussion of the descriptive, psychological models of decision making to expand upon the original emphasis on normative, rational, `Expected Utility Theory′ models. Equipped with this knowledge and an understanding of the principles of rational decision making, both undergraduate and graduate students can help improve the quality of their choices and, thus, their life.