Open AccessDOI
The intertemporal choice behavior: the role of emotions in a multiagent decision problem
Viviana Ventre
- Vol. 27, Iss: 1, pp 91-110
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In this article, decision neuroscience stresses a lack of rationality, i.e., inconsistency, in some intertemporal choice behaviors, and deals with both models are dealt with in the framework of some relevant decision problems.Abstract:
Traditional Discounted Utility Model assumes an exponential delay discount function, with a constant discount rate: this implies dynamic consistency and stationary intertemporal preferences. Contrary to the normative setting, decision neuroscience stresses a lack of rationality, i.e., inconsistency, in some intertemporal choice behaviors. We deal with both models are dealt with in the framework of some relevant decision problems.read more
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Journal ArticleDOI
Quasi-rational Economics
Terri Gullickson,Pamela Ramser +1 more
TL;DR: The Quasi-Rational Economics by Richard H. Thaler as discussed by the authors proposes a variety of research on topics that investigate consumer choice and financial markets, and he proposes some alternate models of economic theory to suggest ways of incorporating quasi-rational thinking into the economic forecast.
Book ChapterDOI
On Consistency and Incoherence in Analytical Hierarchy Process and Intertemporal Choices Models
TL;DR: It is shown that sometimes it is preferable to weaken or reinforce coherence conditions according to the specific context, highlighting the consistency conditions usually adopted in decision-making processes.
Book ChapterDOI
The Role of the Communication and Information in Decision-Making Problems
TL;DR: In this article, the authors point out the importance of the level of information of each problem solver in causing inconsistent preferences in a decision process both in cooperative decision problems and in non-cooperative ones, and demonstrate that only in particular cases the optimum and rational decision matches with the real one influenced by different kind of emotions.
References
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Journal ArticleDOI
Golden Eggs and Hyperbolic Discounting
TL;DR: The authors analyzes the decisions of a hyperbolic consumer who has access to an imperfect commitment technology: an illiquid asset whose sale must be initiated one period before the sale proceeds are received.
Journal ArticleDOI
Descartes' Error: Emotion, Reason and the Human Brain
TL;DR: Brain books are similarly popular: humans are considered from a pathological/laboratory perspective and computer metaphors abound (your mind is your software!) and there are boxes and arrows in profusion.
Book ChapterDOI
Myopia and Inconsistency in Dynamic Utility Maximization
TL;DR: In this article, the authors present a problem which has not heretofore been analysed and provide a theory to explain, under different circumstances, three related phenomena: (1) spendthriftiness; (2) the deliberate regimenting of one's future economic behaviour, even at a cost; and (3) thrift.
Journal ArticleDOI
Deciding Advantageously Before Knowing the Advantageous Strategy
TL;DR: The results suggest that, in normal individuals, nonconscious biases guide behavior before conscious knowledge does, and without the help of such biases, overt knowledge may be insufficient to ensure advantageous behavior.