Optimal Decision in Industry Choices

Integrated Decision Making – The Choices

Decision structuring in important real-life choices.

Results from five studies of real-life decision making are compared. In these studies, participants consistently constrained the amount of information they considered to relatively few options and to a somewhat larger set of criteria. Over time, the number of options considered shrank, but the number of criteria used did not. People's intuitive "calibration" with the predictions of normative li...

Quantum Decision Theory in Simple Risky Choices

Quantum decision theory (QDT) is a recently developed theory of decision making based on the mathematics of Hilbert spaces, a framework known in physics for its application to quantum mechanics. This framework formalizes the concept of uncertainty and other effects that are particularly manifest in cognitive processes, which makes it well suited for the study of decision making. QDT describes a...

Optimal Number of Choices in Rating Contexts

In many settings people must give numerical scores to entities from a small discrete set. For instance, rating physical attractiveness from 1–5 on dating sites, or papers from 1–10 for conference reviewing. We study the problem of understanding when using a different number of options is optimal. For concreteness we assume the true underlying scores are integers from 1–100. We consider the case...

Data mining for decision making in engineering optimal design

Often in modeling the engineering optimization design problems, the value of objective function(s) is not clearly defined in terms of design variables. Instead it is obtained by some numerical analysis such as FE structural analysis, fluid mechanic analysis, and thermodynamic analysis, etc. Yet, the numerical analyses are considerably time consuming to obtain the final value of objective functi...