scholarly journals Uncertainty and Demand for Insurance: A Theoretical Model of How Self-Control Manages the Optimal Decision-Making

2021 ◽  
Vol 12 ◽  
Author(s):  
Mattia Adamo ◽  
Andrea P. Malizia
Keyword(s):  
Decision Making ◽  
Theoretical Model ◽  
Self Control ◽  
Optimal Decision ◽  
Insurance Sector ◽  
Demand For Insurance ◽  
Choice Making ◽  
Optimal Decision Making ◽  
The Individual

With the present work, we aim to mark a beginning line on the study of decision-making of potential consumers in the insurance sector, with the long-term purpose of defining the optimal cognitive processes to be undertaken when deciding whether to purchase insurance or not. Decision-making in conditions of uncertainty is influenced by the dual-self model doers/planner integrated with the hot–cold states and prospect utility function. Thus, we present a theoretical model of choice-making to evaluate the level of optimal self-control necessary to be exerted if the individual is either in the hot or in the cold state depending on the arousal. This theoretical choice-making model lays the ground for the decision journey by following the long-term utility and avoiding gross mistakes that could lead the consumer not to insure, when the odds suggest doing it, or vice versa, in situations when it would not be necessary.

scholarly journals Methodological Development of Mathematical Modeling Techniques in Health Care

2020 ◽  
Vol 9 (3) ◽  
pp. 3339-3342
Keyword(s):  
Mathematical Modeling ◽  
Health Care ◽  
Decision Making ◽  
Health Economics ◽  
Service Planning ◽  
Optimal Decision ◽  
Optimal Decision Making ◽  
The Individual ◽  
Specific Modeling ◽  
Health Care Application

The advancement of mathematical model has utilized for simulating the output of medical is a development area over medicine whereas the modeling can be mentioned with several activities namely simulation or decision analysis and predictive modeling. However, the traditional modeling technique utilized in planning of health service, assessment reports and its efficiency, financing about health care and assessment in budget impact, assessment in health economics, surveillance of infectious disease and other health care application. Therefore, the mathematical modelling is performed as a frequent and timely benefit in order to make rapid decision making while facing investigation with several issues like time elapsing, unusual and unethical particularly projected for future. This paper focused in applying the mathematical modeling to accomplish an optimal decision making in healthcare whereas this study discuss about the specific modeling concepts namely decision tree and fuzzified rule tables on evaluation of health economics and better service planning that my replicate the individual experience or patients cohorts.

The Nature Of Strategic-Decision-Making Models

2011 ◽  
pp. 241-271
Author(s):  
Tamio Shimizu ◽  
Marley Monteiro de Carvalho ◽  
Fernando Jose Barbin
Keyword(s):  
Decision Making ◽  
Goal Function ◽  
Optimization Method ◽  
Strategic Decision ◽  
Optimal Decision ◽  
Problem Solution ◽  
Goal Functions ◽  
Optimal Decision Making ◽  
The Individual ◽  
Optimum Solution

In the multiple goal function problems, there is no optimum solution fully satisfying all goals at the same time. The individual goal’s functions are, in general, conflicting and it is not possible to have an optimization method to solve the problem. There is usually a consensus solution satisfying minimal criteria of optimum values for each individual goal function. This consensus is based on the Pareto’s principle presented in chapter nine. The optimal decision making in problems with multiple goals will be analyzed at the end of this chapter (Goicoechea et al., 1982; Keeney & Raiffa, 1976; Dyson, 1990; Saaty, 1980, 1994; Bonabeau, 2003; Charan, 2001; Choo, 1998; Day et al., 1997). In considering restrictions across several scenarios, the problem solution becomes more difficult due to the high number of possible combinations of goal functions and scenarios to be considered.

scholarly journals Real-Life Self-Control is Predicted by Parietal Activity During Preference Decision Making: A Brain Decoding Analysis

2021 ◽  
Author(s):  
Klaus-Martin Krönke ◽  
Holger Mohr ◽  
Max Wolff ◽  
Anja Kräplin ◽  
Michael N. Smolka ◽  
...  
Keyword(s):  
Decision Making ◽  
Community Sample ◽  
Real Life ◽  
Brain Regions ◽  
Self Control ◽  
Angular Gyrus ◽  
Brain Decoding ◽  
Long Term Consequences ◽  
The Individual

AbstractDespite its relevance for health and education, the neurocognitive mechanism of real-life self-control is largely unknown. While recent research revealed a prominent role of the ventromedial prefrontal cortex in the computation of an integrative value signal, the contribution and relevance of other brain regions for real-life self-control remains unclear. To investigate neural correlates of decisions in line with long-term consequences and to assess the potential of brain decoding methods for the individual prediction of real-life self-control, we combined functional magnetic resonance imaging during preference decision making with ecological momentary assessment of daily self-control in a large community sample (N = 266). Decisions in line with long-term consequences were associated with increased activity in bilateral angular gyrus and precuneus, regions involved in different forms of perspective taking, such as imagining one’s own future and the perspective of others. Applying multivariate pattern analysis to the same clusters revealed that individual patterns of activity predicted the probability of real-life self-control. Brain activations are discussed in relation to episodic future thinking and mentalizing as potential mechanisms mediating real-life self-control.

scholarly journals Risk and Financial Management Practice in the Construction Sector in Nigeria, System Thinking Perspective

2014 ◽  
Vol 41 ◽  
pp. 165-175
Author(s):  
Samuel B. Ekung
Keyword(s):  
Decision Making ◽  
Risk Management ◽  
Financial Management ◽  
Construction Projects ◽  
Management Practice ◽  
System Thinking ◽  
Optimal Decision ◽  
Optimal Decision Making ◽  
The Individual ◽  
The Impact

Risk and financial management of construction projects have been widely studied using different approaches and systems. Three basic frontiers underpin project management research in this area: normative; descriptive; and instrumental. The descriptive approach deals with how project managers perceive and represent risks that is, risk analysis. Instrumental approach study’s the impact of risk management on projects and the organisation. This perspective informs the premise in which studies that seek to justify the need for risk management are based. The normative approach identifies the moral and ethical linkages between the individual, organisations and supra system and risk management practice. While a vast of number of studies have been descriptive and instrumental, very few however address systemic issues impacting risk and financial management practice. This paper sets out to reflect on the risk and financial management practice in Nigeria using system approaches. It is a critical appraisal involving SLEEPT, Multiple goal and the GESTALT theories. In reprising the problem, the report assessed the national economy of Nigeria using SLEEPT, with a view to establishing whether it is situated in extremistan or mediocristan. The organisation, a sub-system of the supra system is evaluated to establish its links with the supra system using GESTALT. A refinement is carried out based on these analyses in order to achieve congruence and to establish a baseline upon which risk and financial can be improved. The analysis reveals social, political, environmental and economic context of the supra system are in extremistan while the legal and technology are in mediocristan. The linkage in the different systems is anchored on decision making by the individual. Optimal decision making is therefore formulated using interactive framework.

scholarly journals GEAR: On Optimal Decision Making with Auxiliary Data

Stat ◽  
2021 ◽  
Author(s):  
Hengrui Cai ◽  
Rui Song ◽  
Wenbin Lu
Keyword(s):  
Decision Making ◽  
Optimal Decision ◽  
Auxiliary Data ◽  
Optimal Decision Making
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