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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Decision Theory and Choices: A Complexity Approach

Decision Theory and Choices: A Complexity Approach

Vinci, Concetto Paolo
Faggini, Marisa

Paperback

Series: New Economic Windows

EconomicsGeneral MathematicsGeneral Science

ISBN10: 8847058171
ISBN13: 9788847058170
Publisher: Springer Nature
Published: Aug 23 2016
Pages: 251
Weight: 0.84
Height: 0.57 Width: 6.14 Depth: 9.21
Language: English
In economics agents are assumed to choose on the basis of rational calculations aimed at the maximization of their pleasure or profit. Formally, agents are said to manifest transitive and consistent preferences in attempting to maximize their utility in the presence of several constraints. They operate according to the choice imperative: given a set of alternatives, choose the best. This imperative works well in a static and simplistic framework, but it may fail or vary when 'the best' is changing continuously. This approach has been questioned by a descriptive approach that springing from the complexity theory tries to give a scientific basis to the way in which individuals really choose, showing that those models of human nature is routinely falsified by experiments since people are neither selfish nor rational. Thus inductive rules of thumb are usually implemented in order to make decisions in the presence of incomplete and heterogeneous information sets.

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