TY - GEN
T1 - New approach to decision making (DM) -evaluation of DM by not choice but preference of alternatives
AU - Murata, Atsuo
N1 - Publisher Copyright:
© Springer International Publishing AG 2018.
Copyright:
Copyright 2017 Elsevier B.V., All rights reserved.
PY - 2018
Y1 - 2018
N2 - Traditionally, the DM process under uncertainty was explored using the DM paradigm to choose one from two or more alternatives, and human’s irrational DM was modeled using a variety of cognitive biases such as certainty effect or common ratio effect. However, until now, no attempt has been made to generalize such a DM process. Moreover, there are many cases where it is difficult to choose one of the two alternatives. When the preference of each alternative is nearly equal, it is difficult to make decision on which alternative to take. This forces us to loose important information that is necessary for investigating more detailed characteristics of DM process. In such a case, it is recommended that the preference for each alternative should be expressed numerically. Such an evaluation of alternatives has not been tried until now. This study attempted to propose a new approach to decision making process to get more into the insight of the DM process.
AB - Traditionally, the DM process under uncertainty was explored using the DM paradigm to choose one from two or more alternatives, and human’s irrational DM was modeled using a variety of cognitive biases such as certainty effect or common ratio effect. However, until now, no attempt has been made to generalize such a DM process. Moreover, there are many cases where it is difficult to choose one of the two alternatives. When the preference of each alternative is nearly equal, it is difficult to make decision on which alternative to take. This forces us to loose important information that is necessary for investigating more detailed characteristics of DM process. In such a case, it is recommended that the preference for each alternative should be expressed numerically. Such an evaluation of alternatives has not been tried until now. This study attempted to propose a new approach to decision making process to get more into the insight of the DM process.
KW - Behavioral economics
KW - Choice of alternative
KW - Decision making (DM)
KW - Detailed process of DM
KW - Preference of alternative
UR - http://www.scopus.com/inward/record.url?scp=85021713757&partnerID=8YFLogxK
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U2 - 10.1007/978-3-319-60747-4_6
DO - 10.1007/978-3-319-60747-4_6
M3 - Conference contribution
AN - SCOPUS:85021713757
SN - 9783319607467
T3 - Advances in Intelligent Systems and Computing
SP - 54
EP - 63
BT - Advances in Cross-Cultural Decision Making - Proceedings of the AHFE 2017 International Conference on Cross-Cultural Decision Making, 2017
A2 - Hoffman, Mark
PB - Springer Verlag
T2 - AHFE 2017 International Conference on Cross-Cultural Decision Making, 2017
Y2 - 17 July 2017 through 21 July 2017
ER -