scholarly journals Neuroeconomics

2004 ◽  
Vol 359 (1451) ◽  
pp. 1737-1748 ◽  
Author(s):  
S. Zeki ◽  
O. R. Goodenough ◽  
Paul J. Zak
Keyword(s):  
Public Policy ◽  
Decision Making ◽  
Brain Activity ◽  
Measurement Techniques ◽  
Delay Of Gratification ◽  
Strategic Decisions ◽  
Social Decisions ◽  
New Directions

This paper introduces an emerging transdisciplinary field known as neuroeconomics. Neuroeconomics uses neuroscientific measurement techniques to investigate how decisions are made. First, I present a basic overview of neuroanatomy and explain how brain activity is measured. I then survey findings from the neuroeconomics literature on acquiring rewards and avoiding losses, learning, choice under risk and ambiguity, delay of gratification, the role of emotions in decision-making, strategic decisions and social decisions. I conclude by identifying new directions that neuroeconomics is taking, including applications to public policy and law.

scholarly journals Consciousness, decision making, and volition: freedom beyond chance and necessity

2021 ◽  
Author(s):  
Hans Liljenström
Keyword(s):  
Decision Making ◽  
Free Will ◽  
Brain Activity ◽  
Brain Structures ◽  
Complex Process ◽  
Neural Information ◽  
Neural Information Processing ◽  
Stochastic Population Model ◽  
The Brain

AbstractWhat is the role of consciousness in volition and decision-making? Are our actions fully determined by brain activity preceding our decisions to act, or can consciousness instead affect the brain activity leading to action? This has been much debated in philosophy, but also in science since the famous experiments by Libet in the 1980s, where the current most common interpretation is that conscious free will is an illusion. It seems that the brain knows, up to several seconds in advance what “you” decide to do. These studies have, however, been criticized, and alternative interpretations of the experiments can be given, some of which are discussed in this paper. In an attempt to elucidate the processes involved in decision-making (DM), as an essential part of volition, we have developed a computational model of relevant brain structures and their neurodynamics. While DM is a complex process, we have particularly focused on the amygdala and orbitofrontal cortex (OFC) for its emotional, and the lateral prefrontal cortex (LPFC) for its cognitive aspects. In this paper, we present a stochastic population model representing the neural information processing of DM. Simulation results seem to confirm the notion that if decisions have to be made fast, emotional processes and aspects dominate, while rational processes are more time consuming and may result in a delayed decision. Finally, some limitations of current science and computational modeling will be discussed, hinting at a future development of science, where consciousness and free will may add to chance and necessity as explanation for what happens in the world.

scholarly journals The Rights of Science and the Rights of Politics: Lessons from the Long-form Census Controversy

2012 ◽  
Vol 37 (3) ◽  
pp. 295-318 ◽  
Author(s):  
Michael Yeo
Keyword(s):  
Public Policy ◽  
Decision Making ◽  
Policy Decisions ◽  
Long Form ◽  
Science And Politics ◽  
The Relationship ◽  
Normative Account ◽  
Made In ◽  
Conceptual Resources

One of the main issues in the long-form census controversy concerned the relationship between science and politics. Through analysis of the arguments and underlying assumptions of four influential and exemplary interventions that were made in the name of science, this paper outlines a normative account of this relationship. The paper nuances the science-protective ideals that critics invoked and argues that such conceptual resources are needed if science is to be protected from undue political encroachment. However, in their zeal to defend the rights of science critics claimed for it more than its due, eclipsing the value dimension of policy decisions and failing to respect the role of politics as the rightful locus of decision making for value issues. An adequate normative account of the relationship between science and politics in public policy must be capable not only of protecting science from politics but also of protecting politics from science.

Integrating Ecosystem Management and Environmental Media for Public Policy on Public Health and Safety

2018 ◽  
pp. 321-338
Author(s):  
Augustine Nduka Eneanya
Keyword(s):  
Public Health ◽  
Public Policy ◽  
Decision Making ◽  
Environmental Policy ◽  
Policy Making ◽  
Health And Safety ◽  
Scientific Data ◽  
Scientific Uncertainty ◽  
Public Health And Safety

Over the past three decades, the relationship between ecology and public policy has changed because of the increasing role of scientific uncertainty in environmental policy making. While earlier policy questions might have been solved simply by looking at the scientific technicalities of the issues, the increased role of scientific uncertainty in environmental policy making requires that we re-examine the methods used in decision-making. Previously, policymakers use scientific data to support their decision-making disciplinary boundaries are less useful because uncertain environmental policy problems span the natural sciences, engineering, economics, politics, and ethics. The chapter serves as a bridge integrating environmental ecosystem, media, and justice into policy for public health and safety. The chapter attempts to demonstrate the linkage between the environmental policy from a holistic perspective with the interaction of air, water, land, and human on public health and safety.

Integrating Ecosystem Management and Environmental Media for Public Policy on Public Health and Safety

2021 ◽  
pp. 612-629
Author(s):  
Augustine Nduka Eneanya
Keyword(s):  
Public Health ◽  
Public Policy ◽  
Decision Making ◽  
Environmental Policy ◽  
Policy Making ◽  
Health And Safety ◽  
Scientific Data ◽  
Scientific Uncertainty ◽  
Public Health And Safety

Over the past three decades, the relationship between ecology and public policy has changed because of the increasing role of scientific uncertainty in environmental policy making. While earlier policy questions might have been solved simply by looking at the scientific technicalities of the issues, the increased role of scientific uncertainty in environmental policy making requires that we re-examine the methods used in decision-making. Previously, policymakers use scientific data to support their decision-making disciplinary boundaries are less useful because uncertain environmental policy problems span the natural sciences, engineering, economics, politics, and ethics. The chapter serves as a bridge integrating environmental ecosystem, media, and justice into policy for public health and safety. The chapter attempts to demonstrate the linkage between the environmental policy from a holistic perspective with the interaction of air, water, land, and human on public health and safety.

scholarly journals M&As get another assist: when CEOs add intuition to the decision mix

2019 ◽  
Vol 41 (3) ◽  
pp. 57-65 ◽  
Author(s):  
Hannu Kuusela ◽  
Siiri Koivumäki ◽  
Mika Yrjölä
Keyword(s):  
Decision Making ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Strategic Decisions ◽  
Group Interactions ◽  
Content Type ◽  
Individual Level ◽  
Top Executives ◽  
Positive Effects

Purpose The purpose of this paper is to analyze the use of intuition in successful merger and acquisition (M&A) decisions. M&As are strategic decisions that can create growth, open up new markets and strengthen the company’s position and competence portfolio. Strategic decisions involve, by their very nature, considerable investments and have company-wide and long-lasting implications. At the same time, the decision-makers have access to large amounts of data from various sources, but these data are often uncertain and inaccurate and entail numerous assumptions. Therefore, M&A decisions are only rational to a degree, and emotional elements, such as intuition, likely play a significant role. Design/methodology/approach Acknowledging how critically important, but also how difficult, M&As are, the authors analyzed nine instances (cases) of successful acquisitions, in which the executives believed that the role of intuition was critical. Findings The findings show that intuition in strategic decision-making emerges on three levels: individual, collective and environmental. Practical implications This paper encourages top executives to proactively acknowledge and take advantage of intuition in their strategic decision-making. It proposes a framework to help with these endeavors. Originality/value This paper contributes by highlighting that intuition is not just a factor on an individual level; it can also surface from group interactions as well as the environment. Surprisingly, all the executives interviewed spoke of the positive effects that intuition can have on acquisition decisions. This is in contrast to the dominant view that considers intuition as nonrational and even as a form of bias.

The role of heuristic-driven biases in entrepreneurial strategic decision-making: evidence from an emerging economy

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Maqsood Ahmad ◽  
Syed Zulfiqar Ali Shah ◽  
Yasar Abbass
Keyword(s):  
Decision Making ◽  
Emerging Economy ◽  
Strategic Decision ◽  
Strategic Decision Making ◽  
Decision Making Process ◽  
Strategic Decisions ◽  
Content Type ◽  
The Relationship

PurposeThis article aims to clarify the mechanism by which heuristic-driven biases influence the entrepreneurial strategic decision-making in an emerging economy.Design/methodology/approachEntrepreneurs' heuristic-driven biases have been measured using a questionnaire, comprising numerous items, including indicators of entrepreneurial strategic decision-making. To examine the relationship between heuristic-driven biases and entrepreneurial strategic decision-making process, a 5-point Likert scale questionnaire has been used to collect data from the sample of 169 entrepreneurs who operate in small- and medium-sized enterprises (SMEs). The collected data were analyzed using SPSS and Amos graphics software. Hypotheses were tested using structural equation modeling (SEM) technique.FindingsThe article provides empirical insights into the relationship between heuristic-driven biases and entrepreneurial strategic decision-making. The results suggest that heuristic-driven biases (anchoring and adjustment, representativeness, availability and overconfidence) have a markedly negative influence on the strategic decisions made by entrepreneurs in emerging markets. It means that heuristic-driven biases can impair the quality of the entrepreneurial strategic decision-making process.Practical implicationsThe article encourages entrepreneurs to avoid relying on cognitive heuristics or their feelings when making strategic decisions. It provides awareness and understanding of heuristic-driven biases in entrepreneurial strategic decisions, which could be very useful for business actors such as entrepreneurs, managers and entire organizations. Understanding regarding the role of heuristic-driven biases in entrepreneurial strategic decisions may help entrepreneurs to improve the quality of their decision-making. They can improve the quality of their decision-making by recognizing their behavioral biases and errors of judgment, to which we are all prone, resulting in a more appropriate selection of entrepreneurial opportunities.Originality/valueThe current study is the first to focus on links between heuristic-driven bias and the entrepreneurial strategic decision-making in Pakistan—an emerging economy. This article enhanced the understanding of the role that heuristic-driven bias plays in the entrepreneurial strategic decisions and more importantly, it went some way toward enhancing understanding of behavioral aspects and their influence on entrepreneurial strategic decision-making in an emerging market. It also adds to the literature in the area of entrepreneurial management specifically the role of heuristics in entrepreneurial strategic decision-making; this field is in its initial stage, even in developed countries, while, in developing countries, little work has been done.

How financial systems and firm strategy impact the choice of innovation funding

2019 ◽  
Vol 23 (2) ◽  
pp. 251-272
Author(s):  
Jaime Sierra
Keyword(s):  
Decision Making ◽  
Firm Strategy ◽  
Alternative View ◽  
Illustrative Case ◽  
Strategic Decisions ◽  
Policy Makers ◽  
Content Type ◽  
Investment Theory ◽  
Innovation Characteristics

Purpose The funding of innovation is explained by typical cost-based financial approaches. This paper breaks away from such tradition, and the purpose of this paper is to propose an alternative view where innovation funding decisions are strategic and concern interactions between actors – each with their own characteristics and strategic intentions – project features, and traits of the setting in which interactions take place. Design/methodology/approach This paper builds up an alternative framework to understand how innovation is financed by considering the interplay of innovation characteristics, the strategic reasons of project owners and funders, and the role of the matching environment and conditions. This proposal includes explanatory elements overlooked by extant theories. An illustrative case is presented to support the need for this proposal. Findings The framework proposed proves useful to better understand innovation funding cases where the traditional financial theory does not suffice. Practical implications Innovative companies may improve decision making about resource allocation to innovation; innovation funders may refine their decision-making criteria and implementation; and policy makers and practitioners need to devise better supporting strategies for innovative companies. Originality/value This proposal considers a continuum of funding options where supply/demand will match on the grounds of strategic decisions made during the interaction itself, under certain contextual conditions. Hence, it enriches the understanding of strategic decisions regarding firm capital structure and investment theory when it comes to funding innovation.

The Role of Consumer Surveys in Public Policy Decision Making

2001 ◽  
Vol 20 (2) ◽  
pp. 170-185 ◽  
Author(s):  
Manoj Hastak ◽  
Michael B. Mazis ◽  
Louis A. Morris
Keyword(s):  
Public Policy ◽  
Decision Making ◽  
Policy Decision ◽  
Consumer Surveys ◽  
Policy Decision Making

Are Cyber Attackers Thinking Fast and Slow? Exploratory Analysis Reveals Evidence of Decision-Making Biases in Red Teamers

2019 ◽  
Vol 63 (1) ◽  
pp. 427-431 ◽  
Author(s):  
Robert S. Gutzwiller ◽  
Kimberly J. Ferguson-Walter ◽  
Sunny J. Fugate
Keyword(s):  
Decision Making ◽  
Cognitive Biases ◽  
Measurement Techniques ◽  
Observational Evidence ◽  
Experimental Conditions ◽  
Future Directions ◽  
Take The Best ◽  
Behavioral Measurement ◽  
Decision Making Biases

We report on whether cyber attacker behaviors contain decision making biases. Data from a prior experiment were analyzed in an exploratory fashion, making use of think-aloud responses from a small group of red teamers. The analysis provided new observational evidence of traditional decision-making biases in red team behaviors (confirmation bias, anchoring, and take-the-best heuristic use). These biases may disrupt red team decisions and goals, and simultaneously increase their risk of detection. Interestingly, at least part of the bias induction may be related to the use of cyber deception. Future directions include the development of behavioral measurement techniques for these and additional cognitive biases in cyber operators, examining the role of attacker traits, and identifying the conditions where biases can be induced successfully in experimental conditions.

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