Quantification, Rationality, And Management Decisions
نویسندگان
چکیده
منابع مشابه
Intentions, Decisions and Rationality
Rational agents, as conceived in decision and game theory (see e.g. [Myerson, 1991] and [Osborne and Rubinstein, 1994]), are agents who choose the actions they believe to be the best means to achieve their preferred ends. But human beings are also planning agents. That is, we have the capacity to ‘settle in advance on more or less complex plans concerning the future, and then [let] these plans ...
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The Net Present Value maximizing model has a respectable ancestry and is considered by most scholars a theoretically sound decision model. In real-life applications, decision makers use the NPV rule, but apply a subjectively determined hurdle rate, as opposed to the “correct” opportunity cost of capital. According to a heuristics-and-biases-program approach, this implies that the hurdle-rate ru...
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Most investigations into how people make risky choices have employed a simple drosophila: monetary gambles involving stated outcomes and probabilities. People are asked to make decisions from description. When people decide whether to back up their computer hard drive, cross a busy street, or go out on a date, however, they do not enjoy the convenience of stated outcomes and probabilities. Peop...
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We report a laboratory experiment that enables us to study systematically the substantive and procedural rationality of decision making under uncertainty. By using novel graphical representations of budget sets over bundles of state-contingent commodities, we generate a very rich data set well-suited to studying behavior at the level of the individual subject. We test the data for consistency w...
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Bounded rationality is an especially appropriate framework for organic dairy adoption decisions as it recognizes internal and external constraints which are critical in understanding complex farm decision making. Farmers use of, and access to, information is examined using interview data gathered from organic, conventional, managed graziers, and Amish dairy farmers in Southwestern Wisconsin at ...
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ژورنال
عنوان ژورنال: Journal of Business & Economics Research (JBER)
سال: 2010
ISSN: 2157-8893,1542-4448
DOI: 10.19030/jber.v8i5.719