Decision Making in Star Networks with Incorrect Beliefs

Incentives in Group Decision-Making With Uncertainty and Subjective Beliefs

We address the problem of decision-making in group settings where there is uncertainty and disagreement about the utility that actions will yield. Each individual brings his own private information and subjective beliefs, and a decision-maker aims to arrive at a choice that sensibly aggregates all relevant information to maximize expected social welfare. Agents and the decision-maker revise bel...

Computational modeling of dynamic decision making using connectionist networks

In this research connectionist modeling of decision making has been presented. Important areas for decision making in the brain are thalamus, prefrontal cortex and Amygdala. Connectionist modeling with 3 parts representative for these 3 areas is made based the result of Iowa Gambling Task. In many researches Iowa Gambling Task is used to study emotional decision making. In these kind of decisio...

Decision-Making in the Context of Imprecise Probabilistic Beliefs

Coherent imprecise probabilistic beliefs are modelled as incomplete comparative likelihood relations admitting a multiple-prior representation. Under a structural assumption of Equidivisibility, we provide an axiomatization of such relations and show uniqueness of the representation. In the second part of the paper, we formulate a behaviorally general axiom relating preferences and probabilisti...

Decision making in forest management with consideration of stochastic prices

  The optimal harvesting policy is calculated as a function of the entering stock, the price state, the harvesting cost, and the rate of interest in the capital market. In order to determine the optimal harvest schedule, the growth function and stumpage price process are estimated for the Swedish mixed species forests. The stumpage price is assumed to follow a stochastic Markov process. A stoch...

An AHP-Delphi Multi-Criteria Decision Making Model with Application to Environmental Decision-Making