Gerd Gigerenzer and Vernon Smith: Ecological Rationality of Heuristics in Psychology and Economics

2015 ◽  
Author(s):  
Shabnam Mousavi
Keyword(s):  
Ecological Rationality ◽  
Psychology And Economics

The Psychology and Economics of Self-Control

2002 ◽  
Vol 47 (6) ◽  
pp. 700-702
Author(s):  
Marvin Frankel
Keyword(s):  
Self Control ◽  
Psychology And Economics

The Ecological Rationality of Situations

2019 ◽  
pp. 142-158
Author(s):  
Peter M. Todd ◽  
Gerd Gigerenzer
Keyword(s):  
Decision Making ◽  
Research Program ◽  
Behavioral Outcomes ◽  
Ecological Rationality ◽  
Decision Heuristics ◽  
Situation Theory ◽  
Personality Differences ◽  
Individual Personality ◽  
Precise Mapping ◽  
Adaptive Toolbox

The study of situations involves asking how people behave in particular environmental settings, often in terms of their individual personality differences. The ecological rationality research program explains people’s behavior in terms of the specific decision-making tools they select and use from their mind’s adaptive toolbox when faced with specific types of environment structure. These two approaches can be integrated to provide a more precise mapping from features of situation structure to decision heuristics used and behavioral outcomes. This chapter presents three examples illustrating research on ecological rationality and its foundations, along with initial directions for incorporating it into an integrated situation theory.

scholarly journals A regularized hidden Markov model for analyzing the ‘hot shoe’ in football

2021 ◽  
pp. 1471082X2110080
Author(s):  
Marius Ötting ◽  
Groll Andreas
Keyword(s):  
Markov Models ◽  
Hidden Markov ◽  
Simulation Experiments ◽  
Hot Hand ◽  
Special Cases ◽  
Psychology And Economics ◽  
Likelihood Approach ◽  
Penalized Likelihood Approach ◽  
Hot Hand Effect

We propose a penalized likelihood approach in hidden Markov models (HMMs) to perform automated variable selection. To account for a potential large number of covariates, which also may be substantially correlated, we consider the elastic net penalty containing LASSO and ridge as special cases. By quadratically approximating the non-differentiable penalty, we ensure that the likelihood can be maximized numerically. The feasibility of our approach is assessed in simulation experiments. As a case study, we examine the ‘hot hand’ effect, whose existence is highly debated in different fields, such as psychology and economics. In the present work, we investigate a potential ‘hot shoe’ effect for the performance of penalty takers in (association) football, where the (latent) states of the HMM serve for the underlying form of a player.

A Static Game Study between Food Enterprises Based on Value Perception Differences of Food Quality and Safety

2013 ◽  
Vol 791-793 ◽  
pp. 2171-2174
Author(s):  
Yuan Fen Yin ◽  
Yun Deng ◽  
Xiu Li Sang
Keyword(s):  
Food Quality ◽  
Game Model ◽  
Quality And Safety ◽  
Static Game ◽  
Safety Issues ◽  
Value Perception ◽  
Safety Mechanism ◽  
Psychology And Economics ◽  
Food Quality And Safety ◽  
Food Market

Behavior strategy of food enterprises exerts a direct influence on food quality and safety. Against the backdrop of value perception differences on food quality and safety between different food enterprises, this paper establishes a static game model and based on prospect theory, explores the reasons for food quality and safety issues in our food market from the perspectives of psychology and economics. Finally, it presents a more scientific food quality and safety mechanism and countermeasures.

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