On the Framing of Multiple Prospects

1992 ◽  
Vol 3 (3) ◽  
pp. 191-193 ◽  
Author(s):  
Donald A. Redelmeier ◽  
Amos Tversky
Keyword(s):  
Rational Choice ◽  
Decision Maker ◽  
The Other ◽  
Standard Theory ◽  
Separate Event ◽  
Other Hand ◽  
Case Basis

We investigated decisions involving multiple independent uncertain prospects. At the extremes, a decision maker may either consider each prospect as a separate event (segregation) or evaluate the overall distribution of outcomes (aggregation). Contrary to choice by segregation, people sometimes reject a single gamble but accept a repeated play. On the other hand, people tend to choose by segregation when a particular gamble is singled out from a larger ensemble. Similarly, physicians make different choices when they evaluate problems on a case-by-case basis than when they consider the broader picture. Peoples' tendency to segregate multiple prospects represents a significant violation of the standard theory of rational choice.

scholarly journals The Role of Emirates Credit Information Law in Organizing Credit Information to Serve Islamic Banking Finance Companies

2017 ◽  
pp. 1-25
Author(s):  
Hani Mounes Awad ◽  
Keyword(s):  
Decision Maker ◽  
The Other ◽  
Islamic Banking ◽  
Other Hand ◽  
Information Law

The bank shall assess its client’s creditworthiness; assess the extent to which the client requesting the financing is eligible to be granted the bank’s financing or not. Assessing such eligibility shall be based on real reasons and facts so the bank could defend such responsibility in case of prosecution, based on its decision to approve or reject funding and its justified reasons and facts. On the other hand, the credit decision maker should be familiar with the previous transaction financing, because such information contributes to the formation of an opinion of the decision maker that in turn determines the offer of the fund or not. So, the credit information is the base for the decision maker upon which the idea about the customer’s eligibility who demands credit funding is formed. The Emirati legislative significantly contribute to the literature of credit information, through establishing a specialized company which monopoly credit information operation. Such credit information report offers the banks several benefits due to the abundance of information contained obtained from the companies several information suppliers. Such matter leads to information abundance needed by the report, enabling the credit decision-maker to assess the client’s eligibility, where the company’s provider abides by providing true information.

scholarly journals Constrained Multiobjective Equilibrium Optimizer Algorithm for Solving Combined Economic Emission Dispatch Problem

Complexity ◽  
2021 ◽  
Vol 2021 ◽  
pp. 1-14
Author(s):  
M. A. El-Shorbagy ◽  
A. A. Mousa
Keyword(s):  
Environmental Pollution ◽  
Decision Maker ◽  
Pareto Frontier ◽  
Pareto Set ◽  
The Other ◽  
Objective Functions ◽  
Other Hand ◽  
Generation Costs ◽  
Emission Dispatch ◽  
Economic Emission Dispatch

This research implements a recent evolutionary-based algorithm of equilibrium optimizer to resolve the constrained combined economic emission dispatch problem. This problem has two objective functions that represent the minimizing of generation costs and minimizing the emission of environmental pollution caused by generators. The proposed algorithm integrates the dominant criteria for multiobjective functions that allow the decision-maker to detect all the Pareto boundaries of constrained combined economic emission dispatch problem. In order to save the effort for the decision-maker to select the best compromise alternative, a cluster study was carried out to minimize the size of the Pareto boundary to an acceptable size, representing all the characteristics of the main Pareto frontier. On the other hand, in order to deal with the infringement of constraints, a repair algorithm was used to preserve the viability of the particles. The proposed algorithm is applied to solve the standard 30-bus IEEE system with 6 generators to validate its robustness and efficiency to produce a well-distributed Pareto frontier for constrained combined economic emission dispatch problem. Compared with other studies, good results in solving constrained combined economic emission dispatch problem are obtained and a reasonable reduced Pareto set is found.

scholarly journals The Role of Emirates Credit Information Law in Organizing Credit Information to Serve Islamic Banking Finance Companies

2018 ◽  
Vol 2 (1) ◽  
pp. 1-25
Author(s):  
Hani Mounes Awad ◽  
Keyword(s):  
Decision Maker ◽  
The Other ◽  
Islamic Banking ◽  
Other Hand ◽  
Information Law

The bank shall assess its client’s creditworthiness; assess the extent to which the client requesting the financing is eligible to be granted the bank’s financing or not. Assessing such eligibility shall be based on real reasons and facts so the bank could defend such responsibility in case of prosecution, based on its decision to approve or reject funding and its justified reasons and facts. On the other hand, the credit decision maker should be familiar with the previous transaction financing, because such information contributes to the formation of an opinion of the decision maker that in turn determines the offer of the fund or not. So, the credit information is the base for the decision maker upon which the idea about the customer’s eligibility who demands credit funding is formed. The Emirati legislative significantly contribute to the literature of credit information, through establishing a specialized company which monopoly credit information operation. Such credit information report offers the banks several benefits due to the abundance of information contained obtained from the companies several information suppliers. Such matter leads to information abundance needed by the report, enabling the credit decision-maker to assess the client’s eligibility, where the company’s provider abides by providing true information.

scholarly journals Choice Logics and Their Computational Properties

2021 ◽  
Author(s):  
Michael Bernreiter ◽  
Jan Maly ◽  
Stefan Woltran
Keyword(s):  
Computational Complexity ◽  
The Other ◽  
Core Concept ◽  
Reasoning Task ◽  
Common Features ◽  
Other Hand ◽  
The One ◽  
Case Basis ◽  
Computational Properties ◽  
Preference Handling

Qualitative Choice Logic (QCL) and Conjunctive Choice Logic (CCL) are formalisms for preference handling, with especially QCL being well established in the field of AI. So far, analyses of these logics need to be done on a case-by-case basis, albeit they share several common features. This calls for a more general choice logic framework, with QCL and CCL as well as some of their derivatives being particular instantiations. We provide such a framework, which allows us, on the one hand, to easily define new choice logics and, on the other hand, to examine properties of different choice logics in a uniform setting. In particular, we investigate strong equivalence, a core concept in non-classical logics for understanding formula simplification, and computational complexity. Our analysis also yields new results for QCL and CCL. For example, we show that the main reasoning task regarding preferred models is ϴ₂P-complete for QCL and CCL, while being Δ₂P-complete for a newly introduced choice logic.

Are there limits to rationality?

1991 ◽  
Vol 32 (1) ◽  
pp. 130-141 ◽  
Author(s):  
Margaret Levi
Keyword(s):  
Rational Choice ◽  
Human Behavior ◽  
The Other ◽  
Rational Action ◽  
Other Hand

Sociologists have traditionally tended to overstate the role of norms in explaining human behavior. Economists, on the other hand, have tended to downplay the role of norms. Increasingly, rational choice theorists have begun to explore the interaction between normative and instrumentally rational motivations. There are at least two major points at issue in these discussions. First, how does one conceptualize norms, especially in relation to rational action? Second, how does one go about studying the variation in the reliance on norms? Jon Elster's paper offers a controversial answer to the first question. Ralph Turner's paper offers some guidance for answering the second (1). Building on both Elster and Turner, I shall bring a somewhat different perspective to bear on both these issues.

The evolving notion of mutual recognition in the CJEU’s case law on detention

2018 ◽  
Vol 25 (6) ◽  
pp. 689-703 ◽  
Author(s):  
Pedro Caeiro ◽  
Sónia Fidalgo ◽  
João Prata Rodrigues
Keyword(s):  
European Union ◽  
Mutual Recognition ◽  
Case Law ◽  
The Other ◽  
Mutual Trust ◽  
The European Union ◽  
Court Of Justice ◽  
Other Hand ◽  
Case Basis

This article analyses the case law of the Court of Justice of the European Union (CJEU) on detention and the possible evolution of the understanding of mutual recognition stemming therefrom. In the Lanigan, JZ, and Ognyanov decisions, the CJEU assimilated mutual recognition with the effectiveness of cooperation, which should be understood as maximum compliance with the issuing state’s interests. Arguably, this approach is detrimental to other important values, such as, for example, the rights arising from excessively long detention and a rational and meaningful approach to the enforcement of imprisonment. On the other hand, the Aranyosi and Căldăraru judgment has detached mutual recognition from the exclusive protection of the issuing state and has turned it into a neutral governance principle. If mutual trust is not a given and can be assessed on a case-by-case basis through common objective parameters, the decisions deserving recognition may be uttered either by the issuing or the executing authority.

Comment: Riker's Rhetoric of Ratification

1991 ◽  
Vol 5 (2) ◽  
pp. 284-292
Author(s):  
Jeffrey K. Tulis
Keyword(s):  
Rational Choice ◽  
American Politics ◽  
The Other ◽  
The Past ◽  
Present Essay ◽  
Other Hand

Over the past decade, William Riker has written a series of articles that reinterpret the founding of American politics in light of insights gleaned from theories of rational choice. In the course of these efforts, he has invented a new subject, “heresthetics,” having “to do with the manipulation of the structure of tastes and alternatives within which decisions are made.” With Evelyn C. Fink, for example, he has shown more systematically than previous analyses how the federalists structured the the ratification process by attaching an informal promise of future amendment to a formally unconditional ratification. In the present essay, Riker moves from heresthetics to rhetoric: “Rhetoric and heresthetic are both techniques of winning. But they are different kinds of techniques. Rhetoric is persuasion.… With heresthetic, on the other hand, conviction is at best secondary or not involved at all.” Riker describes federalist and antifederalist ratification rhetoric in an effort to display the persuasiveness of “negative” campaign appeals for those who wish to attract the support of marginal voters.

scholarly journals MEKANISME PENGELOLAAN KARET RAKYAT TABIR ILIR JAMBI DALAM PERSPEKTIF TEORI PILIHAN RASIONAL

2017 ◽  
Vol 12 (1) ◽  
pp. 97
Author(s):  
Pahrudin HM
Keyword(s):  
Income Inequality ◽  
Rational Choice ◽  
The Other ◽  
Management Mechanism ◽  
Other Hand ◽  
Long Time ◽  
Cultivated Plant ◽  
Farmer Management ◽  
The One

Rubber is a cultivated plant and became the lifeline of many peoples since a long time ago, without exception farmers in Tabir Ilir which became one of the rubber centers in Jambi Province with 15.787 hektares and 8.050 family. To get the result, rubber farmers in Tabir Ilir applies the rubber management mechanism independently and handed it over to others. The application of these two mechanisms is done by the rubber farmers based on their rational choice perspective. Rubber farmers with enough resources will choose how to manage independently, whereas for those who do not have sufficient resources, will choose to hand over their rubber management to others. The management mechanism chosen by these rubber farmers has an impact on the income inequality they earns. On the one hand, there are those who earns more than the management of rubber they do, while on the other hand there are those who get little results.Karet merupakan tanaman yang dibudidayakan dan menjadi tumpuan kehidupan banyak orang sejak lama, tak terkecuali petani di Tabir Ilir yang menjadi salah satu sentra karet di Provinsi Jambi dengan 15.787 hektares dan 8.050 keluarga. Untuk mendapatkan hasilnya, petani karet di Tabir Ilir menerapkan mekanisme pengelolaan karet secara mandiri dan menye-rahkannya kepada pihak lain. Penerapan kedua mekanisme ini dilakukan oleh petani karet berdasarkan perspektif pilihan rasional mereka. Petani karet dengan sumberdaya yang cukup akan memilih cara mengelola secara mandiri, sedangkan bagi mereka yang tidak memiliki sumberdaya yang memadai, akan memilih menyerahkan pengelolaan karetnya kepada orang lain. Mekanisme pengelolaan yang dipilih oleh petani karet ini berdampak pada ketimpangan pendapatan yang mereka peroleh. Di satu sisi, ada orang yang menghasilkan lebih dari pengelolaan karet yang mereka lakukan, sementara di sisi lain ada mendapat hasil yang kurangKeywords: rubber farmer, management mechanism, rational choice, unequility.

scholarly journals Measuring and Comparing Two Kinds of Rationalizable Opportunity Cost in Mixture Models

Games ◽  
2019 ◽  
Vol 11 (1) ◽  
pp. 1
Author(s):  
James R. Bland
Keyword(s):  
Decision Making ◽  
Mixture Models ◽  
Decision Maker ◽  
Opportunity Cost ◽  
The Other ◽  
Choice Rule ◽  
Decision Making Under Risk ◽  
Probabilistic Choice ◽  
Other Hand

In experiments of decision-making under risk, structural mixture models allow us to take a menu of theories about decision-making to the data, estimating the fraction of people who behave according to each model. While studies using mixture models typically focus only on how prevalent each of these theories is in people’s decisions, they can also be used to assess how much better this menu of theories organizes people’s utility than does just one theory on its own. I develop a framework for calculating and comparing two kinds of rationalizable opportunity cost from these mixture models. The first is associated with model mis-classification: How much worse off is a decision-maker if they are forced to behave according to model A, when they are in fact a model B type? The second relates to the mixture model’s probabilistic choice rule: How much worse off are subjects because they make probabilistic, rather than deterministic, choices? If the first quantity dominates, then one can conclude that model a constitutes an economically significant departure from model B in the utility domain. On the other hand, if the second cost dominates, then models a and B have similar utility implications. I demonstrate this framework on data from an existing experiment on decision-making under risk.

scholarly journals Standardisation Versus Cultural Adaptation: The Case of Language of Advertisements in Turkish and German

2021 ◽  
Vol 8 (4) ◽  
pp. 36
Author(s):  
Seyed Ali Rezvani Kalajahi ◽  
Elif Capan Kizilduman ◽  
Vedia Hayran ◽  
Sehnaz Ückayabasi
Keyword(s):  
Decision Maker ◽  
International Comparison ◽  
Cultural Adaptation ◽  
The Other ◽  
Advertising Message ◽  
Other Hand ◽  
International Advertising ◽  
Culturally Adapted ◽  
Core Message ◽  
Country Specific

In the course of globalization, there are more and more companies that sell their products internationally. In particular international branded products have achieved a major upturn in the Turkish and German markets in recent years. A functioning international advertising is one domain where it is significant to distinguish between standardized - formally and content wise identical - and differentiated -adapted to the respective country. On the other hand, it is questionable whether standardization can be successfully implemented in all countries. Numerous factors with regard to country-specific characteristics - such as culture, underlying values and the form of society - play an important role here. The foundation of standardization is formed by an identical core message in all countries and has the goal of addressing and indirectly influencing the audience. Thus, an advertising message represents the decision-maker about the (in) efficiency of the advertisement or (non-) consumption of the product. Today, the product is attached to less functional, but mainly subjective characteristics that are supposed to cause emotions. This is especially true for branded products, as they try to build trust and build a bond with the consumer. Nevertheless, since often formal and content elements of the commercial - depending on the culture - can cause different interpretations and emotions, special attention must be paid to country-specific features and differences, especially when designing standardized commercials. However, it is possible to circumvent these cultural peculiarities by resorting to universal appeals. With this viewpoint, the present study aims to find out to what extent commercials are standardized or culturally adapted within the context of international comparison between Turkey and Germany.

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