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Behavioral Decision Theory - Psychological and Mathematical Descriptions of Human Choice Behavior (Paperback, Softcover reprint of the original 1st ed. 2014)
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Behavioral Decision Theory - Psychological and Mathematical Descriptions of Human Choice Behavior (Paperback, Softcover reprint of the original 1st ed. 2014)
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This book provides an overview of behavioral decision theory and
related research findings. In brief, behavioral decision theory is
a general term for descriptive theories to explain the
psychological knowledge related to decision-making behavior. It is
called a theory, but actually it is a combination of various
psychological theories, for which no axiomatic systems, such as the
utility theory widely used in economics, have been established; it
is often limited to qualitative knowledge. However, as suggested in
the studies of H. A. Simon, who won the Nobel Prize for Economics
in 1978, and D. Kahneman, who won the prize in 2002, the
psychological methodology and knowledge of behavioral decision
theory have been applied widely in such fields as economics,
business administration, and engineering, and are expected to
become more useful in the future. This book explains various
behavioral decision theories related to decision-making processes.
Numerous models have been proposed to explain the psychological
processes related to such a selection of decision strategies, and
this book also introduces some new models that are useful to
explain decision-making processes. The book concludes with
speculation about the future of modern behavioral decision theories
while referring to their relation to fields associated with
neuroscience, such as neuroeconomics, that have been developed in
recent years. In addition, each chapter includes a bibliography
that can be referred to when studying more details related to
behavioral decision theory. Reading this book requires no advanced
expertise; nonetheless, an introductory knowledge of psychology,
business administration, and economics, and approximately a high
school graduate's level of mathematics should facilitate the
reader's comprehension of the content.
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