Rationality and the speed of decision-making (extended abstract)
نویسنده
چکیده
We consider agents who choose by proceeding through an ordered list of criteria and give the lower bound on the number of criteria that are needed for an agent to make decisions that obey a given set of preference rankings. Agents with rational preferences can always use lists with the lower-bound number of criteria while any agent with nonrational preferences must on some domains use strictly more criteria. We preview some of the results in Mandler (2009) and explain in more detail the order-theoretic link between rationality and rapid decision-making.
منابع مشابه
Effect of Cognitive Biases on Rationality of Economic Decision Making under Risk among Students of Shahid Beheshti University
The purpose of this study is to determine the quality of individual economic decision making under risk and uncertainty. The research method is a quasi-experiment with single group and a post-test. The total population of the students of Shahid Beheshti University in 97 was 8.700 and due to non-normal distribution, we should use non-parametric Wilcoxon test, with sample of 180. The tool used to...
متن کاملAn extended hesitant group decision-making technique based on the prospect theory for emergency situations
Throughout the present manuscript, we are going to introduce a novel group emergency decision-making technique in which the application of prospect theory explains the psychological behaviour of the decision maker who is affected by the hesitancy and uncertainty of cognition in decision making problems.\Instead of usual aggregation procedure, we implement here a new fusion technique that ...
متن کاملPathology of the Elite's Role in Decision Making from a Public Policy Perspective
If, according to Gaetano Mosca, the Italian social thinker, we define elites as individuals and groups, that, as a result of the power they gain, they plan idea and, as a result of that, make decisions that are effective in the community action; thus, at the macro and national levels, the elites and experts of each country are considered as the most important and valuable treasure of the countr...
متن کاملThe dilemma of Rationality or Providing Efficiency in Monetary Policy Making: An Application of Arrow’s
Financial frictions inducted in the model is a new contribution to monetary economics. Herein, an analytical tool arranges monetary policymaking in the form of two steps procedure. In the first step, an appropriate amount of money supply should be assessed; and in the second step, that appropriate amount should be allocated to several sectors. The Central Bank obligates the step of assessment a...
متن کاملUtilizing Decision Making Methods and Optimization Techniques to Develop a Model for International Facility Location Problem under Uncertainty
Abstract The purpose of this study is to consider an international facility location problem under uncertainty and present an integrated model for strategic and operational planning. The paper offers two methodologies for the location selection decision. First the extended VIKOR method for decision making problem with interval numbers is presented as a methodology for strategic evaluation of po...
متن کامل