scholarly journals A Construction Schedule Robustness Measure Based on Improved Prospect Theory and the Copula-CRITIC Method

2020 ◽  
Vol 10 (6) ◽  
pp. 2013
Author(s):  
Mengqi Zhao ◽  
Xiaoling Wang ◽  
Jia Yu ◽  
Linli Xue ◽  
Shuai Yang
Keyword(s):  
Prospect Theory ◽  
Bounded Rationality ◽  
Start Time ◽  
Robustness Measure ◽  
Comparison Results ◽  
Interval Distance ◽  
Solution Robustness ◽  
Robustness Criterion ◽  
Construction Schedule ◽  
Quality Robustness

A robustness measure is an effective tool to evaluate the anti-interference capacity of the construction schedule. However, most research focuses on solution robustness or quality robustness, and few consider a composite robustness criterion, neglecting the bounded rationality of subjective weights and inherent importance and nonlinear intercriteria correlations of objective weights. Therefore, a construction schedule robustness measure based on improved prospect theory and the Copula-criteria importance through intercriteria correlation (CRITIC) method is proposed. Firstly, a composite robustness criterion is established, including start time deviation rs and structural deviation rp for measuring solution robustness from project execution and completion probability rc for measuring quality robustness from the project result. Secondly, bounded rationality is considered, using prospect theory to calculate subjective weights, which is improved by the interval distance formula. Thirdly, the Copula-CRITIC method is proposed to determine objective weights incorporating both inherent importance and nonlinear intercriteria correlations. Finally, an information-entropy-based evidence reasoning method is applied to combine subjective and objective weights together while identifying their validity. An underground power station in China is used for a case study, whose robustness is measured using the proposed methods, single robustness criterion, and composite robustness criterion using traditional weighting methods. The comparison results verify the consistency, representativeness, and advantage of the proposed criterion and methods.

A new EDAS method based on prospect theory for Pythagorean fuzzy set and its application in selecting investment projects for highway

Kybernetes ◽  
2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Peng Li ◽  
Ju Liu ◽  
Cuiping Wei ◽  
Jian Liu
Keyword(s):  
Decision Making ◽  
Prospect Theory ◽  
Bounded Rationality ◽  
Large Scale ◽  
Score Function ◽  
Critical Factor ◽  
High Grade ◽  
Content Type ◽  
Investment Projects ◽  
Criteria Weights

PurposeChina is a critical factor for constructing an all-round well-off society. Infrastructure construction, especially high-grade highways, in the western area is an essential component of the strategy for large-scale development of west China. It is crucial to evaluate investment projects for high-grade highways and select the best one. Testing investment projects and selecting the best one can be recognized as a multicriteria decision-making (MCDM) problem. In this process, decision-makers (DMs) usually face with uncertain information because of complicated decision environment or their limited knowledge.Design/methodology/approachA new Evaluation based on the Distance from Average Solution (EDAS) for PFS based on the DEMATEL is proposed: The authors offer a new score function and prove some properties for the score function. They put forward a novel Decision-making Trial and Evaluation Laboratory (DEMATEL) method for PFS to analyze the relations of criteria and get criteria weights. Considering the bounded rationality of DM, the authors propose a new EDAS method for PFS based on prospect theory. They apply their proposed approach to a western city's actual case in selecting a suitable project for building a high-grade highway.FindingsBy comparison, the authors can observe that our method has some traits: (1) considering bounded rationality of DM; (2) fewer computation; (3) having the ability to obtain the relation of criteria and finding the critical factor in the decision system.Originality/valueIn this paper, the authors propose a new EDAS method for PFS based on the DEMATEL technique. They transform PFS into crisp numbers by their proposed new score function for PFN to make the decision process more convenient. Then, the authors use the DEMATEL method to obtain the relationship between criteria and criteria weights. Furthermore, they propose a new EDAS method for PFS based on DEMATEL to reduce the computational complexity. Finally, they apply our method to a real case and compare our method with two traditional methods.

Integrating Prospect Theory and Stackelberg Games to Model Strategic Dyad Behavior of Information Providers and Travelers

2005 ◽  
Vol 1926 (1) ◽  
pp. 181-188 ◽  
Author(s):  
Qi Han ◽  
Benedict G. C. Dellaert ◽  
W. Fred Van Raaij ◽  
Harry J. P. Timmermans
Keyword(s):  
Prospect Theory ◽  
Stackelberg Game ◽  
Specific Activity ◽  
Face Validity ◽  
Stackelberg Games ◽  
Start Time ◽  
Policy Objective ◽  
Optimal Guidance ◽  
Activity Schedule ◽  
The Face

Existing policy models of optimal guidance strategies are typically concerned with single-objective optimization based on reliable forecasts in terms of the consistency between predicted and observed aggregate activity–travel patterns. The interaction and interdependencies between policy objective and individuals have not received much attention. This paper considers how one specific activity schedule choice–-namely, the start time of an activity chosen by individual travelers under guidance information–-aggregates to form an equilibrium distribution, which in turn influences guidance generation and determines the best possible achievement of the policy objective. These choices are formalized as the outcomes of a Stackelberg game in which a traveler's behavior model is integrated with prospect theory. The properties of the model are examined by using numerical computer simulations. The results of the simulations support the face validity of the formulated model.

scholarly journals The Tripartite Regulation Game of Carbon Financial Products Based on the Prospect Theory

2020 ◽  
Vol 8 ◽  
Author(s):  
Xiaoran Yu ◽  
Guanglong Dong ◽  
Changyu Liu
Keyword(s):  
Information Asymmetry ◽  
Prospect Theory ◽  
Bounded Rationality ◽  
Influencing Factors ◽  
Financial Institutions ◽  
Behavioral Strategy ◽  
Financial Products ◽  
Different Types ◽  
Game Players ◽  
High Information

Because of the high information asymmetry of carbon financial products (CFPs), financial institutions infringing on the rights of investors occurred worldwide. However, few studies focused on how to protect investors effectively. In this paper, from the perspective of regulation, we analyze the game relationships among governments, financial institutions, and investors. Following this, the tripartite regulation game of CFPs is further constructed. Meanwhile, centered on heterogeneity and bounded rationality, we divide participants in this game into two types: tough or weak ones, and the strategies for different types of game players are compared based on the prospect theory. Moreover, through discussion of the deterrence equilibrium, challenge equilibrium, and separation equilibrium, the crucial influencing factors of the behavioral strategy are explored separately. Finally, some countermeasures of CFPs are put forward for governments to design appropriate regulation policies.

scholarly journals Commuter Departure Time Choice Considering Parking Space Shortage and Commuter’s Bounded Rationality

2019 ◽  
Vol 2019 ◽  
pp. 1-7 ◽  
Author(s):  
Yunqiang Xue ◽  
Huishu Fan ◽  
Hongzhi Guan
Keyword(s):  
Prospect Theory ◽  
Bounded Rationality ◽  
Parking Space ◽  
The Road ◽  
Road Congestion ◽  
Practical Support ◽  
Departure Time ◽  
Parking Management ◽  
Departure Time Choice ◽  
Severe Punishment

In order to better understand how commuters decide departure time considering parking space shortage and commuters’ bounded rationality, the reference point hypothesis of prospect theory is applied in the departure time decision-making. Commuter personal perception differences, the road congestion situation, destination parking status, and other factors were also analysed in the influence of commuter departure time choice. Based on prospect theory, an experiment was designed to investigate the intention of the commuter departure time choice. The experiment results show that the commuter’s travel satisfaction and the departure time choice of the next trip are related to the parking space residual status after the commuter arrives at the destination. The satisfaction degree of the commuter is reduced, with the decrease of the remaining parking spaces. If the commuter is satisfied with the travel result, the commuter’s departure time of next trip tends to be later. In the case of illegal parking, different penalty measures may lead to different decisions of next departure time choice. A commuter tends to depart earlier when more severe punishment for illegal parking is enforced. The research results can reveal to some degree the travellers’ departure time choice behaviour when they face the risk of no parking spaces and provide a theoretical and practical support for parking management and car travelling decision.

scholarly journals The Behavioral Economics of Pierre Bourdieu

2020 ◽  
Vol 38 (1) ◽  
pp. 16-35 ◽  
Author(s):  
Adam S. Hayes
Keyword(s):  
Behavioral Economics ◽  
Social Structure ◽  
Prospect Theory ◽  
Bounded Rationality ◽  
Economic Behavior ◽  
Time Inconsistency ◽  
Rational Action ◽  
Sociological Tradition ◽  
Theory Of Practice ◽  
The Social

This article builds the argument that Bourdieu’s dispositional theory of practice can help integrate the sociological tradition with three prominent strands of behavioral economics: bounded rationality, prospect theory, and time inconsistency. I make the case that the habitus provides an alternative framework to show how social and mental structure constitute one another, where cognitive tendencies toward irrationality can be either curtailed or amplified based on one’s position in the economic field and a person’s corresponding set of dispositions, ranging from more rational doxic dispositions to irrational allodoxic tendencies. Bridging economic sociology and behavioral economics, this work also bears on issues of persistent financial inequality reproduced through self-defeating patterns of economic behavior inculcated into individuals who occupy dominated positions in the social structure. Bourdieu’s thought, and in particular his conception of field+habitus, can usefully be applied to the empirical findings of behavioral economics to understand deviations from rational action as not only cognitive but also socially structured.

Development of a Model for Urban Rail Transit Construction Schedule

2013 ◽  
Vol 361-363 ◽  
pp. 2075-2078
Author(s):  
Yan Yong Guo ◽  
Yao Wu ◽  
Yao Yu ◽  
Xin Xu
Keyword(s):  
Prospect Theory ◽  
Weight Vector ◽  
Cumulative Prospect Theory ◽  
Urban Rail Transit ◽  
Rail Transit ◽  
Decision Matrix ◽  
Urban Rail ◽  
Gray Correlation ◽  
Construction Schedule

This paper developed a model for urban rail transit lines construction schedule based on cumulative prospect theory. Firstly, six typical influencing factors of urban rail transit construction schedule were proposed and analyzed. Secondly, the decision matrix was build and standardized. In addition, the prospect value function was defined based on the cumulative prospect theory and gray correlation analysis, and an optimization model was constructed. Thirdly, the optimal weight vector was solved and the construction schedule was determined. Finally, a case study of Xian rail transit was conducted to verify the feasibility and effectiveness of the model.

Perceptions of Stuttering of Different Age Groups

2019 ◽  
Vol 4 (6) ◽  
pp. 1311-1315
Author(s):  
Sergey M. Kondrashov ◽  
John A. Tetnowski
Keyword(s):  
Age Groups ◽  
School Age Children ◽  
Clinical Implications ◽  
School Age ◽  
Fourth Edition ◽  
Self Perception ◽  
Behavioral Measures ◽  
Self Rating ◽  
Comparison Results ◽  
Subject Pool

Purpose The purpose of this study was to assess the perceptions of stuttering of school-age children who stutter and those of adults who stutter through the use of the same tools that could be commonly used by clinicians. Method Twenty-three participants across various ages and stuttering severity were administered both the Stuttering Severity Instrument–Fourth Edition (SSI-4; Riley, 2009 ) and the Wright & Ayre Stuttering Self-Rating Profile ( Wright & Ayre, 2000 ). Comparisons were made between severity of behavioral measures of stuttering made by the SSI-4 and by age (child/adult). Results Significant differences were obtained for the age comparison but not for the severity comparison. Results are explained in terms of the correlation between severity equivalents of the SSI-4 and the Wright & Ayre Stuttering Self-Rating Profile scores, with clinical implications justifying multi-aspect assessment. Conclusions Clinical implications indicate that self-perception and impact of stuttering must not be assumed and should be evaluated for individual participants. Research implications include further study with a larger subject pool and various levels of stuttering severity.

Impairment Tutorial: Spinal Cord Stimulation and Intraspinal Opioids:Impairment Rating Issues

2000 ◽  
Vol 5 (5) ◽  
pp. 4-5
Author(s):  
James B. Talmage ◽  
Leon H. Ensalada
Keyword(s):  
Medical Records ◽  
Evaluation Process ◽  
Current Approach ◽  
Satisfaction Survey ◽  
Start Time ◽  
Medical Evaluation ◽  
Independent Medical Evaluation ◽  
Other Information ◽  
Physician Reviews ◽  
Written Informed Consent

Abstract Evaluators must understand the complex overall process that makes up an independent medical evaluation (IME), whether the purpose of the evaluation is to assess impairment or other care issues. Part 1 of this article provides an overview of the process, and Part 2 [in this issue] reviews the pre-evaluation process in detail. The IME process comprises three phases: pre-evaluation, evaluation, and postevaluation. Pre-evaluation begins when a client requests an IME and provides the physician with medical records and other information. The following steps occur at the time of an evaluation: 1) patient is greeted; arrival time is noted; 2) identity of the examinee is verified; 3) the evaluation process is explained and written informed consent is obtained; 4) questions or inventories are completed; 5) physician reviews radiographs or diagnostic studies; 6) physician records start time and interviews examinee; 7) physician may dictate the history in the presence of the examinee; 8) physician examines examinee with staff member in attendance, documenting negative, physical, and nonphysiologic findings; 9) physician concludes evaluation, records end time, and provides a satisfaction survey to examinee; 10) examinee returns satisfaction survey before departure. Postevaluation work includes preparing the IME report, which is best done immediately after the evaluation. To perfect the IME process, examiners can assess their current approach to IMEs, identify strengths and weaknesses, and consider what can be done to improve efficiency and quality.

(Un)Bounded Rationality

1985 ◽  
Vol 30 (4) ◽  
pp. 263-265
Author(s):  
Donald E. Broadbent
Keyword(s):  
Bounded Rationality
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