Neuroeconomics in operational and managerial decision-making: a philosophical aspect

2021 ◽  
pp. 4-9
Author(s):  
Vladimir Alexandrovich Morozov
Keyword(s):  
Decision Making ◽  
Brain Activity ◽  
Neural Mechanisms ◽  
Philosophical Discussion ◽  
Managerial Decision ◽  
Managerial Decision Making ◽  
Economic Significance ◽  
Interdisciplinary Field ◽  
Philosophical Aspect ◽  
Rational Decisions

This article is devoted to a philosophical discussion of the emerging field of neuroeconomics, which is the study of neural mechanisms involved in decision-making and their economic significance. Separate concepts of rational and irrational decision-making in philosophy, economics and psychology are presented. In the interdisciplinary field of neuroeconomics, through logic and individual examples, it explores approaches in the theory of decision-making. Neuroeconomical accounting of irrationality is characterized, and it is confirmed that a person does not always make rational decisions. It is noted that because of his brain activity, decisions can be predetermined in advance, creating the so-called «illusion of choice».

scholarly journals Application of the theory of decision making under risk and uncertainty at modelling of costs

2010 ◽  
Vol 56 (No. 5) ◽  
pp. 201-208 ◽  
Author(s):  
M. Beranová ◽  
D. Martinovičová
Keyword(s):  
Decision Making ◽  
Financial Accounting ◽  
Cost Functions ◽  
Risk And Uncertainty ◽  
Managerial Decision ◽  
Managerial Decision Making ◽  
Bayesian Theorem ◽  
Long Run ◽  
Short Run ◽  
The Cost

The costs functions are mentioned mostly in the relation to the Break-even Analysis where they are presented in the linear form. But there exist several different types and forms of cost functions. Fist of all, it is necessary to distinguish between the short-run and long-run cost function that are both very important tools of the managerial decision making even if each one is used on a different level of management. Also several methods of estimation of the cost function's parameters are elaborated in the literature. But all these methods are based on the past data taken from the financial accounting while the financial accounting is not able to separate the fixed and variable costs and it is also strongly adjusted to taxation in the many companies. As a tool of the managerial decision making support, the cost functions should provide a vision to the future where many factors of risk and uncertainty influence economic results. Consequently, these random factors should be considered in the construction of cost functions, especially in the long-run. In order to quantify the influences of these risks and uncertainties, the authors submit the application of the Bayesian Theorem.

Human-machine collaboration in managerial decision making

2021 ◽  
Vol 119 ◽  
pp. 106730
Author(s):  
Tessa Haesevoets ◽  
David De Cremer ◽  
Kim Dierckx ◽  
Alain Van Hiel
Keyword(s):  
Decision Making ◽  
Managerial Decision ◽  
Managerial Decision Making
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