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This book provides an overview of the concept of economic
psychology from behavioral and mathematical perspectives and
related theoretical and empirical findings. Economic psychology is
defined briefly as a general term for descriptive theories to
explain the psychological processes of microeconomic behaviors and
macroeconomic phenomena. However, the psychological methodology and
knowledge of economic psychology have also been applied widely in
such fields as economics, business administration, and engineering,
and they are expected to become increasingly useful in the future-a
trend suggested in several eminent scholars' studies. The book
explains the numerous behavioral and mathematical models of
economic psychology related to micro- and macroeconomic phenomena
that have been proposed in the past, and introduces new models that
are useful to explain human economic behaviors. It concludes with
speculations about the future of modern economic psychology,
referring to its connection with fields related to neuroscience,
such as neuroeconomics, which have been developed in recent years.
Readers require no advanced expertise; nonetheless, an introductory
understanding of psychology, business administration, and
economics, and a high- school-graduate level of mathematics are
useful. To aid readers, each chapter includes a bibliography, which
can be referred for more details related to economic psychology.
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.
This book is the second edition of Behavioral Decision Theory,
published in 2014. The main approach and structure of this book
have been retained in the new edition. However, this second edition
provides a fresh overview of the idea of behavioral decision theory
and related research findings such as theoretical and empirical
discoveries of preference formation, time discounting, social
interaction, and social decision making. The book covers a wide
range from classical to relatively recent major studies concerning
behavioral decision theory, which, in brief, is a general term for
descriptive theories to explain the psychological knowledge related
to people's decision-making behavior. It is called a theory but is
actually a combination of various psychological theories, for which
no axiomatic systems-such as those associated with the utility
theory widely used in economics-have been established. The utility
theory is often limited to qualitative knowledge; however, as the
studies of Nobel laureates H. A. Simon, D. Kahneman, and R. Thaler
have suggested, 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 even more useful in the future. Research into
people's decision making represents an important part in those
fields, various aspects of which overlap with the scope of
behavioral decision theory. This theory is closely related to
behavioral economics and behavioral finance, which have come into
greater use in recent years. This book will appeal especially to
graduate students, advanced undergraduate students, and researchers
who are interested in decision-making phenomena.
This book is the second edition of Behavioral Decision Theory,
published in 2014. The main approach and structure of this book
have been retained in the new edition. However, this second edition
provides a fresh overview of the idea of behavioral decision theory
and related research findings such as theoretical and empirical
discoveries of preference formation, time discounting, social
interaction, and social decision making. The book covers a wide
range from classical to relatively recent major studies concerning
behavioral decision theory, which, in brief, is a general term for
descriptive theories to explain the psychological knowledge related
to people's decision-making behavior. It is called a theory but is
actually a combination of various psychological theories, for which
no axiomatic systems-such as those associated with the utility
theory widely used in economics-have been established. The utility
theory is often limited to qualitative knowledge; however, as the
studies of Nobel laureates H. A. Simon, D. Kahneman, and R. Thaler
have suggested, 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 even more useful in the future. Research into
people's decision making represents an important part in those
fields, various aspects of which overlap with the scope of
behavioral decision theory. This theory is closely related to
behavioral economics and behavioral finance, which have come into
greater use in recent years. This book will appeal especially to
graduate students, advanced undergraduate students, and researchers
who are interested in decision-making phenomena.
This book provides an overview of the concept of economic
psychology from behavioral and mathematical perspectives and
related theoretical and empirical findings. Economic psychology is
defined briefly as a general term for descriptive theories to
explain the psychological processes of microeconomic behaviors and
macroeconomic phenomena. However, the psychological methodology and
knowledge of economic psychology have also been applied widely in
such fields as economics, business administration, and engineering,
and they are expected to become increasingly useful in the future-a
trend suggested in several eminent scholars' studies. The book
explains the numerous behavioral and mathematical models of
economic psychology related to micro- and macroeconomic phenomena
that have been proposed in the past, and introduces new models that
are useful to explain human economic behaviors. It concludes with
speculations about the future of modern economic psychology,
referring to its connection with fields related to neuroscience,
such as neuroeconomics, which have been developed in recent years.
Readers require no advanced expertise; nonetheless, an introductory
understanding of psychology, business administration, and
economics, and a high- school-graduate level of mathematics are
useful. To aid readers, each chapter includes a bibliography, which
can be referred for more details related to economic psychology.
Escaping from Bad Decisions presents a modern conceptual and
mathematical framework of the decision-making process. By
interpreting ordinal utility theory as normative analysis examined
in view of rationality, it shows how decision-making under
certainty, risk, and uncertainty can be better understood. It
provides a critical examination of psychological models in
multi-attribute decision-making, and evaluates the constitutive
elements of "good" and "bad" decisions. Multi-attribute
decision-making is analysed descriptively, based on the
psychological model of decision-making and computer simulations of
decision strategies. Finally, prescriptive examinations of
multi-attribute decision-making are performed, supporting the
argument that decision-making from a pluralistic perspective
creates results that can help "escape" from bad decisions. This
book will be of particular interest to graduate students and early
career researchers in economics, decision-theory, behavioral
economics, experimental economics, psychology, cognitive sciences,
and decision neurosciences.
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