scholarly journals Information Processing and Limited Liability

2012 ◽  
Vol 102 (3) ◽  
pp. 30-34 ◽  
Author(s):  
Bartosz Maćkowiak ◽  
Mirko Wiederholt
Keyword(s):  
Information Processing ◽  
Limited Liability ◽  
Decision Makers ◽  
Good Decision ◽  
Two Agents ◽  
Unlimited Liability

Decision-makers often face limited liability and thus know that their loss will be bounded. We study how limited liability affects the behavior of an agent who chooses how much information to acquire and process in order to take a good decision. We find that an agent facing limited liability processes less information than an agent with unlimited liability. The informational gap between the two agents is larger in bad times than in good times and when information is more costly to process.

Frameworks and Models in Decision-Making and Judgment in Child Welfare and Protection

2020 ◽  
pp. 3-26
Author(s):  
Rami Benbenishty ◽  
John D. Fluke
Keyword(s):  
Decision Making ◽  
Information Processing ◽  
Child Welfare ◽  
False Negative ◽  
Real Life ◽  
Decision Makers ◽  
Future Research ◽  
Theoretical Perspectives ◽  
Specificity And Sensitivity ◽  
Predictive Risk

This chapter presents the basic concepts, theoretical perspectives, and areas of scholarship that bear on decisions in child welfare—making choices in decision environments characterized by high levels of uncertainty. The authors distinguish between normative models that predict what decision-makers ought to choose when faced with alternatives and descriptive models that describe how they tend to make these choices in real life. The chapter reviews those challenges that may be especially relevant in the complex context of child welfare and protection. One way in which decision-makers overcome task complexities and limitations in human information processing (bounded rationality) is by using heuristics to navigate complex tasks. The chapter reviews strategies to correct some limitations in judgment. The authors examine the relationships between workers’ predictions of what would be the outcomes of the case and the actual outcomes and describe two types of error (false positive and false negative) and the related concepts of specificity and sensitivity. These issues are followed by a description of the Lens Model and some of its implications for child welfare decision-making, including predictive risk modeling and studies on information processing models. The final section presents current theoretical models in child welfare decision-making and describes Decision-Making Ecology (DME) and Judgments and Decision Processes in Context (JUDPiC). The chapter concludes with suggestions for future research on child welfare decision-making that could contribute to our conceptual understanding and have practical utility as well.

scholarly journals Information processing by networks of quantum decision makers

2018 ◽  
Vol 492 ◽  
pp. 747-766 ◽  
Author(s):  
V.I. Yukalov ◽  
E.P. Yukalova ◽  
D. Sornette
Keyword(s):  
Information Processing ◽  
Decision Makers

scholarly journals The Good Decision-Maker or Protecting the System

2020 ◽  
pp. 155-185
Author(s):  
Laura Affolter
Keyword(s):  
Decision Maker ◽  
Common Good ◽  
Asylum Seekers ◽  
Decision Makers ◽  
Individual Decision ◽  
Good Decision ◽  
The Common Good ◽  
Active Search ◽  
The Common

AbstractThis chapter explores how “digging deep”, which stands for the active “search for” inconsistencies in asylum seekers’ narratives in asylum interviews, becomes the morally correct thing for decision-makers to do. Building on Eckert (The Bureaucratic Production of Difference. transcript, Bielefeld, pp. 7–26, 2020) I challenge the depiction of bureaucracies as anethical and amoral. Ethics I understand not in a normative, but rather in an empirical sense, as the common good the administration is oriented towards. The chapter brings to light how particularly through fairness—both as a procedural norm and ethical value—digging deep is established as a routine, professionally necessary and desirable practice, which is connected to decision-makers’ role as “protectors of the system”. I argue that digging deep actively generates the “liars” and “false refugees” it sets out to “uncover”, thereby reinforcing the perception that, indeed, there “are” many false refugees which, again, strengthens the office’s and individual decision-makers’ endeavours to identify and exclude them from asylum.

scholarly journals THE CHARACTER VALUE IN THE FAIRY TALE "CERITA CALON ARANG" BY PRAMOEDYA ANANTA TOER AS A MEANS OF EARLY CHILDHOOD EDUCATION

2020 ◽  
Vol 10 (2) ◽  
Author(s):  
Iswan Afandi
Keyword(s):  
Character Education ◽  
Fairy Tales ◽  
Fairy Tale ◽  
Decision Makers ◽  
Good Decision ◽  
Community Environment ◽  
The Family ◽  
Pramoedya Ananta Toer ◽  
Data Validity ◽  
Using Data

The purpose of this study is to describe the value of characters found in fairy tales. This type of research is descriptive qualitative research with content analysis techniques. The theory used is the theory of children's literature and character education. Source of research data in the form of a fairy tale entitled The Story of Candidate Charcoal by Pramoedya Ananta Toer totaling 100 pages published by PT. Lantern Dipantara in 2003. Data validity was tested using data triangulation and method triangulation. Data analysis is carried out in stages: a) identification of fairy tales as research objects; b) data reduction; c) data presentation; d) interpretation of data according to children's literary theory and character education; e) inference (Miles & Huberman, 1994). The results of the study found fourteen character values, namely: wise, socially caring, fond of reading, prominence, compassion, democratic, good decision-makers, good citizens, care for the environment, religious, respectful, cooperation, curiosity, and brave character. This research shows that fairy tales can be used as teaching materials for character education. However, development research needs to be done regarding increasing crime in the community. Various efforts in transmitting the values of character education to students have been carried out both in the family, school, and community environment.

scholarly journals Heart Rate Variability and Decision-Making: Autonomic Responses in Making Decisions

2021 ◽  
Vol 11 (2) ◽  
pp. 243
Author(s):  
Giuseppe Forte ◽  
Matteo Morelli ◽  
Maria Casagrande
Keyword(s):  
Decision Making ◽  
Heart Rate ◽  
Heart Rate Variability ◽  
Cognitive Processes ◽  
Iowa Gambling Task ◽  
Decision Makers ◽  
Good Decision ◽  
Valid Index ◽  
Inhibitory Circuit ◽  
The Relationship

Decision-making is one of the most crucial cognitive processes in daily life. An adaptable, rapid, and flexible decision requires integration between brain and body. Heart rate variability (HRV) indexes this brain–body connection and appears to be related to cognitive performance. However, its relationship with decision-making is poorly analyzed. This study investigates the relationship between HRV and the decision-making process, assessed through the Iowa Gambling Task (IGT). One hundred and thirty healthy university students (mean age = 23.35 ± 2.50) participated in the study. According to IGT performance, they were divided into high decision-makers (n = 79) and low decision-makers (n = 51). Heart rate variability was measured in the resting, reactivity (i.e., during IGT), and recovery phases. Higher vagally mediated HRV (vmHRV; indexed in frequency domain measures) was evidenced in good decision-makers in the resting, reactivity, and recovery phases. During the task, a higher vagal modulation after a first evaluation was highlighted in good decision-makers. In conclusion, HRV proves to be a valid index of inhibitory circuit functioning in the prefrontal cortex. The relationship with cognitive functions was also confirmed, considering the ability to inhibit disadvantageous responses and make better decisions.

Ethics Of Data Mining

2011 ◽  
pp. 454-458
Author(s):  
Jack Cook
Keyword(s):  
Data Mining ◽  
Decision Maker ◽  
Price Change ◽  
New Product ◽  
Decision Makers ◽  
Product Price ◽  
Good Decision ◽  
Marketing Campaign ◽  
Inherent Risk ◽  
Considerable Insight

Decision makers thirst for answers to questions. As more data is gathered, more questions are posed: Which customers are most likely to respond positively to a marketing campaign, product price change or new product offering? How will the competition react? Which loan applicants are most likely or least likely to default? The ability to raise questions, even those that currently cannot be answered, is a characteristic of a good decision maker. Decision makers no longer have the luxury of making decisions based on gut feeling or intuition. Decisions must be supported by data; otherwise decision makers can expect to be questioned by stockholders, reporters, or attorneys in a court of law. Data mining can support and often direct decision makers in ways that are often counterintuitive. Although data mining can provide considerable insight, there is an “inherent risk that what might be inferred may be private or ethically sensitive” (Fule & Roddick, 2004, p. 159).

‘The last acre and sixpence’: views on bank liability regimes in nineteenth-century Britain

2009 ◽  
Vol 16 (2) ◽  
pp. 111-127 ◽  
Author(s):  
John D. Turner
Keyword(s):  
Nineteenth Century ◽  
Limited Liability ◽  
Complete Spectrum ◽  
The Us ◽  
British Experience ◽  
Unlimited Liability

AbstractIn the nineteenth century, British banking had a complete spectrum of shareholder liability regimes, ranging from pure limited to unlimited liability. Although the debate surrounding the US experience with double liability in banking is well documented, we know relatively little about the British experience of and debate about shareholder liability regimes in banking. Consequently, this article traces the development of views on shareholder liability regimes in nineteenth-century British banking. One of the main findings is that the chief argument for limited liability in British banking was based upon the perceived weaknesses of unlimited liability. In addition, it appears that much of the debate concentrated on the depositor-assuring viability of alternatives to unlimited liability.

From Uncertainty Quantification to Decision Making in the Oil and Gas Industry

2008 ◽  
Vol 26 (5) ◽  
pp. 311-325 ◽  
Author(s):  
J. Eric Bickel ◽  
Reidar B. Bratvold
Keyword(s):  
Decision Making ◽  
Uncertainty Quantification ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Good Faith ◽  
Decision Makers ◽  
Good Decision ◽  
Gas Industry ◽  
Large N ◽  
Survey Results

In this paper, we present the findings of a large (N = 494) survey of oil and gas professionals that addressed the following two questions: Has uncertainty quantification improved in the oil and gas industry over the last five years? Has this improvement translated into improved decision making? Our results suggest that the answer to the first question in an unequivocal “yes,” but that the answer to the second is qualified “no.” How could this be? Uncertainty quantification is not an end unto itself; removing or even reducing uncertainty is not the goal. Rather, the objective is to make a good decision, which in many cases requires the assessment of the relevant uncertainties. The oil and gas industry seems to have lost sight of this goal in its good-faith effort to provide decision makers with a richer understanding of the possible outcomes flowing from major decisions. The industry implicitly believes that making good decisions merely requires more information. To counter this, we present a decision-focused uncertainty quantification framework, which we hope, in combination with our survey results, will aid in the innovation of better decision-making tools and methodologies.

scholarly journals Do People Exploit Risk–Reward Structures To Simplify Information Processing in Risky Choice?

2018 ◽  
Author(s):  
Christina Leuker ◽  
Thorsten Pachur ◽  
Ralph Hertwig ◽  
Timothy Joseph Pleskac
Keyword(s):  
Information Processing ◽  
Eye Movements ◽  
Cognitive Processing ◽  
Risky Choice ◽  
Choice Task ◽  
Decision Makers ◽  
The Other ◽  
Value Maximization ◽  
Environmental Property ◽  
Eye Fixations

The high rewards people desire are often unlikely. Here, we investigated whether decision makers exploit such ecological correlations between risks and rewards to simplify theirinformation processing. In a learning phase, participants were exposed to options in which risks and rewards were negatively correlated, positively correlated, or uncorrelated. In a subsequent risky choice task, where the emphasis was on making either a ’fast’ or the ’best’ possible choice, participants’ eye movements were tracked. The changes in the number, distribution, and direction of eye fixations in ’fast’ trials did not differ between the risk–reward conditions. In ’best’ trials, however, participants in the negatively correlated condition lowered their evidence threshold, responded faster, and deviated from expected value maximization more than in the other risk–reward conditions. The results underscore how conclusions about people’s cognitive processing in risky choice can depend on risk–reward structures, an often neglected environmental property.

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