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 A New Application for the Goal Programming—The Target Decision Rule for Uncertain Problems

2020 ◽  
Vol 13 (11) ◽  
pp. 280
Author(s):  
Helena Gaspars-Wieloch
Keyword(s):  
Decision Making ◽  
Decision Maker ◽  
Decision Rule ◽  
Goal Programming ◽  
The Other ◽  
Decision Making Under Uncertainty ◽  
Multi Criteria Decision Making ◽  
Other Hand ◽  
Novel Method

The goal programming (GP) is a well-known approach applied to multi-criteria decision making (M-DM). It has been used in many domains and the literature offers diverse extensions of this procedure. On the other hand, so far, some evident analogies between M-DM under certainty and scenario-based one-criterion decision making under uncertainty (1-DMU) have not been revealed in the literature. These similarities give the possibility to adjust the goal programming to an entirely new domain. The purpose of the paper is to create a novel method for uncertain problems on the basis of the GP ideas. In order to achieve this aim we carefully examine the analogies occurring between the structures of both issues (M-DM and 1-DMU). We also analyze some differences resulting from a different interpretation of the data. By analogy to the goal programming, four hybrids for 1-DMU are formulated. They differ from each other in terms of the type of the decision maker considered (pessimist, optimist, moderate). The new decision rule may be helpful when solving uncertain problems since it is especially designed for neutral criteria, which are not taken into account in existing procedures developed for 1-DMU.

scholarly journals Applicability of Artificial Intelligence in Decision-Making for Land Forces

2021 ◽  
Vol 30 (2) ◽  
pp. 039-054
Author(s):  
Paul Tudorache
Keyword(s):  
Artificial Intelligence ◽  
Decision Making ◽  
Research Methodology ◽  
Research Paper ◽  
The Other ◽  
Military Operations ◽  
Other Hand ◽  
The Military

Similar to other fields, also in the military one, the Artificial Intelligence has become recently an evident solution for optimizing specific processes and activities. Therefore, this research paper aims to highlight the potential uses of Artificial Intelligence in the military operations carried out by the Land Forces. In this regard, analysing the framework of the operations process and applying suitable research methodology, the main findings are related to AI’s contributions in optimizing commander’s decisions during the progress of planning and execution. On the other hand, picturing the AI upgrated combat power of the Land Forces is another significant result of this study.

scholarly journals Support of decision-making under risk by a risk-averse decision-maker

2020 ◽  
Vol 13 ◽  
Author(s):  
Andrzej Łodziński
Keyword(s):  
Decision Making ◽  
Decision Support ◽  
Decision Maker ◽  
The State ◽  
Decision Making Process ◽  
Discrete Problem ◽  
Risk Averse ◽  
Control Parameters ◽  
Decision Making Under Risk ◽  
State Of The Environment

The paper presents the decision support under risk by the risk averse decision maker. Decision making under risk occurs when the result of the decision is not unequivocal and depends on the state of the environment. The decision making process is modeled with the use of multi-criteria optimization. The decision is made by solving the problem with the control parameters that determine the decision maker's aspirations and the evaluation of the solutions received. The decision maker asks the parameter for which the solution is determined. Then, evaluate the solution received accepting or rejecting it. In the second case, the decision maker gives a new parameter value and the problem is solved again for the new parameter. The work includes an simple discrete problem of decision support under risk

Rationality and Consensus in Kwasi Wiredu’s Traditional African Polities

Theoria ◽  
2016 ◽  
Vol 63 (146) ◽  
pp. 36-55
Author(s):  
Bernard Matolino
Keyword(s):  
Decision Making ◽  
Crucial Role ◽  
Modern Society ◽  
The Other ◽  
Rational Persuasion ◽  
Other Hand

Abstract The disagreement over what was responsible for arriving at consensual positions, in traditional African polities, is best captured in the classic debate between Kwasi Wiredu and Emmanuel Eze. The former holds that rational persuasion was the sole informant of decision-making while the latter argues that non-rational factors played a crucial role in securing a consensual decision. If Wiredu is correct then consensus could work in modern society as it can be argued that it does not rely on traditionalistic scaffoldings. If, on the other hand, Eze is correct, then consensus cannot work in modern largely urbanised Africa as its traditional underpinnings have largely disappeared. While Emmanuel Ani’s intervention in this debate is welcome for its earnest search for a system that could work, his support for Eze is not bold enough to undermine Wiredu’s rationalistic orientation in consensus.

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 Number of Parties and Decision-Making in Legislatures

Games ◽  
2021 ◽  
Vol 12 (4) ◽  
pp. 76
Author(s):  
Marina Bannikova ◽  
Artyom Jelnov ◽  
Pavel Jelnov
Keyword(s):  
Decision Making ◽  
Political System ◽  
The Other ◽  
Optimal Threshold ◽  
Parliamentary Democracies ◽  
Vote Outcome ◽  
Other Hand ◽  
Number Of Parties

This paper proposes a model of a legislature, formed by several parties, which has to vote for or against a certain bill in the presence of a lobbyist interested in a certain vote outcome. We show that the ease with which the lobbyist can manipulate a legislature decision increases with the number of elected parties, and, consequently, decreases with an electoral threshold. On the other hand, a lower electoral threshold increases the representativeness of a legislature. We combine these two effects in a notion of fairness. We show the existence of an electoral threshold that optimizes the fairness of a political system, which is close to 1–5%. Namely, the optimal threshold (in our sense) is close to thresholds that exist in most parliamentary democracies.

scholarly journals Evaluation of quality assurance instruments in higher education institutions: A case of Oman

2021 ◽  
Vol 35 (3) ◽  
Author(s):  
A. S. Al-Amri ◽  
Y. Z. Zubairi ◽  
R. Jani ◽  
S. Naqvi
Keyword(s):  
Higher Education ◽  
Decision Making ◽  
Quality Assurance ◽  
Higher Education Institutions ◽  
The Other ◽  
Summary Statistics ◽  
Staff Members ◽  
Other Hand ◽  
Analyse Data

The use of a variety of instruments for quality assurance, management, and enhancement in higher education is well recognized. This article investigated the instruClose Panelments used by Higher Education Institutions (HEIs) in Oman to measure, control, and manage the quality of their services in alignment with the standards set by Oman Academic Accreditation Authority (OAAA). Quality Assurance Managers (QAMs) from five HEIs were interviewed to identify the instruments used by them to fulfil the requirements of each standard and the way they make use of the data gathered by using these instruments. Findings from the study reveal that questionnaires and meetings are the most common instruments used by these institutions to measure, control and assure the efficacy of their current quality activities. In addition, HEIs use summary statistics to analyse data and then present them in meetings or through reports. On the other hand, it was found that substantial efforts are made to collect data but the efficient usage of data is missing. The QAMs reported a lack of awareness among the staff on the importance of collecting data since the staff members believe that these data are collected for documentation purposes only. This study emphasizes the importance of using the data gathered from different instruments in decision making and enhancing the quality of HEIs.

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 PROBLEMATIKA INDEPENDENSI KOMISI KEBENARAN DAN REKONSILIASI ACEH

2017 ◽  
Vol 33 (1) ◽  
Author(s):  
Zahlul Pasha
Keyword(s):  
Decision Making ◽  
Human Rights ◽  
The Other ◽  
Human Rights Violations ◽  
Indonesian Government ◽  
Other Hand ◽  
Free Aceh Movement ◽  
Election Commission

ABSTRACTAfter signing the MoU between the Indonesian government and the Free Aceh Movement, a lot of interesting dynamics going on in Aceh, which is the Qanun KKR Aceh. As an independent agency, the Aceh TRC duty to disclose the truth on the alleged past human rights violations in Aceh. This paper examines the nature of the independence of Aceh TRC is based on theoretical characteristics of an independent institution. Based on the results of the study found that the Aceh TRC has a number of independent properties include: an odd number of members, the independent election commission members, the election and dismissal of members of the commission are closely regulated and has the authority to regulate themselves (self-regulated bodies). However, on the other hand also found two other things that escape is set regarding the nature of the independence of Aceh TRC is concerning institutional decision-making procedures and functions of the commission as well as regarding filling positions that are not members of the commission be gradual (staggered terms) but simultaneously. Keywords: Independency, Komisi Kebenaran dan Rekonsiliasi Aceh. INTISARIPasca penandatanganan MoU Helsinki antara Pemerintah Indonesia dengan GerakanAceh Merdeka, banyak dinamika menarik yang terjadi di Aceh, salah satunyaadalah pengesahan Qanun KKR Aceh. Sebagai lembaga independen, KKR Aceh bertugas mengungkap kebenaran atas dugaan pelanggaran HAM berat masa lalu di Aceh. Tulisan ini berusaha mengkaji sifat independensi KKR Aceh berdasarkan ciri teroritik suatu lembaga independen. Berdasarkan hasil kajian ditemukan bahwa KKR Aceh memiliki sejumlah sifat independenmeliputi: jumlah anggota yang ganjil, proses pemilihan anggota komisi yang independen, pemilihan dan pemberhentian anggota komisi diatur jelas serta memiliki kewenangan untuk mengatur dirinya sendiri (self regulated bodies). Namun, di sisi lain juga ditemukan dua hal lain yang luput diatur berkenaan sifat independensi KKR Aceh, yaitu menyangkut prosedur pengambilan keputusan kelembagaan dan fungsi komisi serta perihal pengisian jabatan anggota komisi yang tidak dilakukan secara bertahap(staggered terms) melainkan bersamaan. Kata Kunci: Independensi, Komisi Kebenaran dan Rekonsiliasi Aceh.

Sign in / Sign up

Export Citation Format

Share Document