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Author: Sanjit Dhami
Publisher: MIT Press
ISBN: 0262369656
Category : Business & Economics
Languages : en
Pages : 553
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Book Description
Two leaders in the field explore the foundations of bounded rationality and its effects on choices by individuals, firms, and the government. Bounded rationality recognizes that human behavior departs from the perfect rationality assumed by neoclassical economics. In this book, Sanjit Dhami and Cass R. Sunstein explore the foundations of bounded rationality and consider the implications of this approach for public policy and law, in particular for questions about choice, welfare, and freedom. The authors, both recognized as experts in the field, cover a wide range of empirical findings and assess theoretical work that attempts to explain those findings. Their presentation is comprehensive, coherent, and lucid, with even the most technical material explained accessibly. They not only offer observations and commentary on the existing literature but also explore new insights, ideas, and connections. After examining the traditional neoclassical framework, which they refer to as the Bayesian rationality approach (BRA), and its empirical issues, Dhami and Sunstein offer a detailed account of bounded rationality and how it can be incorporated into the social and behavioral sciences. They also discuss a set of models of heuristics-based choice and the philosophical foundations of behavioral economics. Finally, they examine libertarian paternalism and its strategies of “nudges.”
Author: Sanjit Dhami
Publisher: MIT Press
ISBN: 0262369656
Category : Business & Economics
Languages : en
Pages : 553
Get Book
Book Description
Two leaders in the field explore the foundations of bounded rationality and its effects on choices by individuals, firms, and the government. Bounded rationality recognizes that human behavior departs from the perfect rationality assumed by neoclassical economics. In this book, Sanjit Dhami and Cass R. Sunstein explore the foundations of bounded rationality and consider the implications of this approach for public policy and law, in particular for questions about choice, welfare, and freedom. The authors, both recognized as experts in the field, cover a wide range of empirical findings and assess theoretical work that attempts to explain those findings. Their presentation is comprehensive, coherent, and lucid, with even the most technical material explained accessibly. They not only offer observations and commentary on the existing literature but also explore new insights, ideas, and connections. After examining the traditional neoclassical framework, which they refer to as the Bayesian rationality approach (BRA), and its empirical issues, Dhami and Sunstein offer a detailed account of bounded rationality and how it can be incorporated into the social and behavioral sciences. They also discuss a set of models of heuristics-based choice and the philosophical foundations of behavioral economics. Finally, they examine libertarian paternalism and its strategies of “nudges.”
Author: Pere Mir-Artigues
Publisher: Edward Elgar Publishing
ISBN: 1035315270
Category : Business & Economics
Languages : en
Pages : 293
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Book Description
This enlightening book comprehensively maps the current state of economic psychology and behavioural economics. Exploring key concepts, topics and models in the field, it is also a launching pad for future research and provides useful insights on how good personal and professional decisions can be made, advancing microeconomic discourse.
Author: Robert S. Wyer
Publisher: Psychology Press
ISBN: 9780805810585
Category : Psychology
Languages : en
Pages : 534
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Book Description
This edition of the Handbook follows the first edition by 10 years. The earlier edition was a promissory note, presaging the directions in which the then-emerging field of social cognition was likely to move. The field was then in its infancy and the areas of research and theory that came to dominate the field during the next decade were only beginning to surface. The concepts and methods used had frequently been borrowed from cognitive psychology and had been applied to phenomena in a very limited number of areas. Nevertheless, social cognition promised to develop rapidly into an important area of psychological inquiry that would ultimately have an impact on not only several areas of psychology but other fields as well. The promises made by the earlier edition have generally been fulfilled. Since its publication, social cognition has become one of the most active areas of research in the entire field of psychology; its influence has extended to health and clinical psychology, and personality, as well as to political science, organizational behavior, and marketing and consumer behavior. The impact of social cognition theory and research within a very short period of time is incontrovertible. The present volumes provide a comprehensive and detailed review of the theoretical and empirical work that has been performed during these years, and of its implications for information processing in a wide variety of domains. The handbook is divided into two volumes. The first provides an overview of basic research and theory in social information processing, covering the automatic and controlled processing of information and its implications for how information is encoded and stored in memory, the mental representation of persons -- including oneself -- and events, the role of procedural knowledge in information processing, inference processes, and response processes. Special attention is given to the cognitive determinants and consequences of affect and emotion. The second book provides detailed discussions of the role of information processing in specific areas such as stereotyping; communication and persuasion; political judgment; close relationships; organizational, clinical and health psychology; and consumer behavior. The contributors are theorists and researchers who have themselves carried out important studies in the areas to which their chapters pertain. In combination, the contents of this two-volume set provide a sophisticated and in-depth treatment of both theory and research in this major area of psychological inquiry and the directions in which it is likely to proceed in the future.
Author: PERE. MIR-ARTIGUES
Publisher:
ISBN: 9781035347452
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
This enlightening book comprehensively maps the current state of economic psychology and behavioural economics. Exploring key concepts, topics and models in the field, it is also a launching pad for future research, providing useful insights on how to make good personal and professional decisions, advancing microeconomic discourse. The book lays out how economic decisions are made by answering key questions in the bordering field between economics and psychology. Close to the ecological rationality research program, it presents the main factors that determine economic choices, before exploring the most common algorithms used to concretize economic decisions and the main strategies for altering preferences. Chapters focus on the general issues surrounding economic choices, such as preferences, beliefs, emotions, and restrictions, and on the heuristic algorithms, including outstanding social ones, applied by people in decision-making processes. Drawing these elements together, the author presents a seminal model combining preferences and heuristics to explain choices in the consumption of goods and services. This book will be an invaluable resource for academic and professional economists seeking to deepen their understanding of the psychological dimension of economic decisions. It will also be a useful guide for students of economics, management and the wider social sciences curious about decision-making procedures.
Author: Markus Raab
Publisher: Academic Press
ISBN: 0128235608
Category : Psychology
Languages : en
Pages : 174
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Book Description
Judgment, Decision-Making, and Embodied Choices introduces a new concept of embodied choices which take sensorimotor experiences into account when limited time and resources forces a person to make a quick decision. This book combines areas of cognitive psychology and movement science, presenting an integrative approach to understanding human functioning in everyday scenarios. This is the first book focusing on the role of the gut as a second brain, introducing the link to risky behavior. The book's author engages readers by providing real-life experiences and scenarios connecting theory to practice. Discusses the role of gut feelings and the brain-gut behavior connection Demonstrates that behavior influences decision and other people’s perceptions about mood or character Includes research on medical decisions and shopping decisions Illustrates how to train embodied choices
Author: Gerd Gigerenzer
Publisher: Oxford University Press
ISBN: 0190286768
Category : Psychology
Languages : en
Pages : 432
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Book Description
Simple Heuristics That Make Us Smart invites readers to embark on a new journey into a land of rationality that differs from the familiar territory of cognitive science and economics. Traditional views of rationality tend to see decision makers as possessing superhuman powers of reason, limitless knowledge, and all of eternity in which to ponder choices. To understand decisions in the real world, we need a different, more psychologically plausible notion of rationality, and this book provides it. It is about fast and frugal heuristics--simple rules for making decisions when time is pressing and deep thought an unaffordable luxury. These heuristics can enable both living organisms and artificial systems to make smart choices, classifications, and predictions by employing bounded rationality. But when and how can such fast and frugal heuristics work? Can judgments based simply on one good reason be as accurate as those based on many reasons? Could less knowledge even lead to systematically better predictions than more knowledge? Simple Heuristics explores these questions, developing computational models of heuristics and testing them through experiments and analyses. It shows how fast and frugal heuristics can produce adaptive decisions in situations as varied as choosing a mate, dividing resources among offspring, predicting high school drop out rates, and playing the stock market. As an interdisciplinary work that is both useful and engaging, this book will appeal to a wide audience. It is ideal for researchers in cognitive psychology, evolutionary psychology, and cognitive science, as well as in economics and artificial intelligence. It will also inspire anyone interested in simply making good decisions.
Author: Gerd Gigerenzer
Publisher: MIT Press
ISBN: 9780262571647
Category : Business & Economics
Languages : en
Pages : 404
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Book Description
In a complex and uncertain world, humans and animals make decisions under the constraints of limited knowledge, resources, and time. Yet models of rational decision making in economics, cognitive science, biology, and other fields largely ignore these real constraints and instead assume agents with perfect information and unlimited time. About forty years ago, Herbert Simon challenged this view with his notion of "bounded rationality." Today, bounded rationality has become a fashionable term used for disparate views of reasoning. This book promotes bounded rationality as the key to understanding how real people make decisions. Using the concept of an "adaptive toolbox," a repertoire of fast and frugal rules for decision making under uncertainty, it attempts to impose more order and coherence on the idea of bounded rationality. The contributors view bounded rationality neither as optimization under constraints nor as the study of people's reasoning fallacies. The strategies in the adaptive toolbox dispense with optimization and, for the most part, with calculations of probabilities and utilities. The book extends the concept of bounded rationality from cognitive tools to emotions; it analyzes social norms, imitation, and other cultural tools as rational strategies; and it shows how smart heuristics can exploit the structure of environments.
Author: Barry Schwartz
Publisher: Harper Collins
ISBN: 0061748994
Category : Psychology
Languages : en
Pages : 308
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Book Description
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.
Author: Daniel Kahneman
Publisher: Farrar, Straus and Giroux
ISBN: 1429969350
Category : Psychology
Languages : en
Pages : 511
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Book Description
Major New York Times bestseller Winner of the National Academy of Sciences Best Book Award in 2012 Selected by the New York Times Book Review as one of the ten best books of 2011 A Globe and Mail Best Books of the Year 2011 Title One of The Economist's 2011 Books of the Year One of The Wall Street Journal's Best Nonfiction Books of the Year 2011 2013 Presidential Medal of Freedom Recipient Kahneman's work with Amos Tversky is the subject of Michael Lewis's The Undoing Project: A Friendship That Changed Our Minds In his mega bestseller, Thinking, Fast and Slow, Daniel Kahneman, the renowned psychologist and winner of the Nobel Prize in Economics, takes us on a groundbreaking tour of the mind and explains the two systems that drive the way we think. System 1 is fast, intuitive, and emotional; System 2 is slower, more deliberative, and more logical. The impact of overconfidence on corporate strategies, the difficulties of predicting what will make us happy in the future, the profound effect of cognitive biases on everything from playing the stock market to planning our next vacation—each of these can be understood only by knowing how the two systems shape our judgments and decisions. Engaging the reader in a lively conversation about how we think, Kahneman reveals where we can and cannot trust our intuitions and how we can tap into the benefits of slow thinking. He offers practical and enlightening insights into how choices are made in both our business and our personal lives—and how we can use different techniques to guard against the mental glitches that often get us into trouble. Winner of the National Academy of Sciences Best Book Award and the Los Angeles Times Book Prize and selected by The New York Times Book Review as one of the ten best books of 2011, Thinking, Fast and Slow is destined to be a classic.
Author: Kathleen M. Galotti
Publisher: Psychology Press
ISBN: 1135664889
Category : Business & Economics
Languages : en
Pages : 184
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Book Description
The goal of this book is to describe ongoing research that examines real people making real decsions, and compares it with theoretical predications to provide readers with "food for thought" when it comes to their own decision making & to point out quest
