Experimental Investigation of Human Decision Processes in Portfolio Decision Analysis

Experimental Investigation of Human Decision Processes in Portfolio Decision Analysis

Author: Yi Li

Publisher: GRIN Verlag

Published: 2015-11-27

Total Pages: 80

ISBN-13: 3668097437

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Master's Thesis from the year 2013 in the subject Psychology - Miscellaneous, grade: 1.7, Technical University of Munich (Lehrstuhl für Technische Dienstleistungen und Operations Management), course: Technische Dienstleistungen und Operations Management, language: English, abstract: Till now operations management mainly dealt with finding appropriate models to facilitate decision making processes, but these theoretical concepts did not always help to deal with actual processes in practice. Thus the understanding of human behaviour becomes more and more important. Furthermore the behavioural aspect of the decision making process plays a big role, as everyone of us would face resource allocation situations or portfolio decisions and people always do not make optimal decisions as mathematical models would do, but rather a completely another way often based on heuristics. Therefore it is interesting to investigate how people tackle such decision making situations intuitively and which cognitive strategies they follow thereby. This work aims to give a detailed overview about the relating literatures at first. Then decision making processes in portfolio decision situations are experimentally investigated regarding to behavioural aspects, in this case concerning knapsack problems, with the application of the methodology verbal protocol analysis. Concrete heuristics which subjects were following during the decision process could be identified and classified under the terms of certain criterions for further analysis. Hereby verbal protocol analysis helped to collect good and applicable data for determining specific behaviour of people in portfolio decision processes.


Book Synopsis Experimental Investigation of Human Decision Processes in Portfolio Decision Analysis by : Yi Li

Download or read book Experimental Investigation of Human Decision Processes in Portfolio Decision Analysis written by Yi Li and published by GRIN Verlag. This book was released on 2015-11-27 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2013 in the subject Psychology - Miscellaneous, grade: 1.7, Technical University of Munich (Lehrstuhl für Technische Dienstleistungen und Operations Management), course: Technische Dienstleistungen und Operations Management, language: English, abstract: Till now operations management mainly dealt with finding appropriate models to facilitate decision making processes, but these theoretical concepts did not always help to deal with actual processes in practice. Thus the understanding of human behaviour becomes more and more important. Furthermore the behavioural aspect of the decision making process plays a big role, as everyone of us would face resource allocation situations or portfolio decisions and people always do not make optimal decisions as mathematical models would do, but rather a completely another way often based on heuristics. Therefore it is interesting to investigate how people tackle such decision making situations intuitively and which cognitive strategies they follow thereby. This work aims to give a detailed overview about the relating literatures at first. Then decision making processes in portfolio decision situations are experimentally investigated regarding to behavioural aspects, in this case concerning knapsack problems, with the application of the methodology verbal protocol analysis. Concrete heuristics which subjects were following during the decision process could be identified and classified under the terms of certain criterions for further analysis. Hereby verbal protocol analysis helped to collect good and applicable data for determining specific behaviour of people in portfolio decision processes.

Human Judgement and Decision Processes

Human Judgement and Decision Processes

Author: Martin F. Kaplan

Publisher: Academic Press

Published: 2013-10-22

Total Pages: 340

ISBN-13: 1483288722

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Human Judgment and Decision Processes is a collection of papers that covers the various theoretical frameworks that relate judgment to decision making. The book is comprised of 10 chapters that cover both mathematical models involved in decision making and interpersonal aspect of judgment process. The first five chapters cover papers about decision making. The subjects of the papers include multiattribute utility measurement for social decision making; portfolio theory and the measurement of risk; and information-integration analysis of risky decision making. The other half of the text deals with the judgment process, which includes topics such as interaction of judge and informational components; judgment and decision processes in the formation and change of social attitudes; and the role of probabilistic and syllogistic reasoning in cognitive organization and social inference. The book will be of great use to psychologists involved in research on human judgment and decision process.


Book Synopsis Human Judgement and Decision Processes by : Martin F. Kaplan

Download or read book Human Judgement and Decision Processes written by Martin F. Kaplan and published by Academic Press. This book was released on 2013-10-22 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: Human Judgment and Decision Processes is a collection of papers that covers the various theoretical frameworks that relate judgment to decision making. The book is comprised of 10 chapters that cover both mathematical models involved in decision making and interpersonal aspect of judgment process. The first five chapters cover papers about decision making. The subjects of the papers include multiattribute utility measurement for social decision making; portfolio theory and the measurement of risk; and information-integration analysis of risky decision making. The other half of the text deals with the judgment process, which includes topics such as interaction of judge and informational components; judgment and decision processes in the formation and change of social attitudes; and the role of probabilistic and syllogistic reasoning in cognitive organization and social inference. The book will be of great use to psychologists involved in research on human judgment and decision process.

Human Judgment and Decision Processes in Applied Settings

Human Judgment and Decision Processes in Applied Settings

Author: Martin F. Kaplan

Publisher: Academic Press

Published: 2013-10-22

Total Pages: 300

ISBN-13: 1483261107

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Human Judgment and Decision Processes in Applied Settings is the second to two volumes that attempt to define the areas of progress in the understanding of human decision making processes. The first volume, Human Judgment and Decision Processes (Academic Press, 1975) was concerned with formal and mathematical approaches to the problems of judgment and decision making. The major theoretical orientations (information integration theory, signal detection theory, portfolio theory, and multiattribute-utility measurement) were presented and their rationales discussed. The present volume is concerned with the application of these theories, and the various techniques derived from them, to the problems of decision making in the everyday world. The chapters reflect the many modifications and adjustments that must be made to mathematical rules in order to apply decision theory models in the real world. The tools described serve a broad variety of interests: those of the urban health or social planner, the organizational manager, the researcher, the educator, and, in fact, all of those who must weight evidence to reach decisions. Planner, manager, researcher, teacher, policymaker—all will find assistance in overcoming the commonly encountered roadblocks when one must choose between alternatives in what remains an uncertain world.


Book Synopsis Human Judgment and Decision Processes in Applied Settings by : Martin F. Kaplan

Download or read book Human Judgment and Decision Processes in Applied Settings written by Martin F. Kaplan and published by Academic Press. This book was released on 2013-10-22 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: Human Judgment and Decision Processes in Applied Settings is the second to two volumes that attempt to define the areas of progress in the understanding of human decision making processes. The first volume, Human Judgment and Decision Processes (Academic Press, 1975) was concerned with formal and mathematical approaches to the problems of judgment and decision making. The major theoretical orientations (information integration theory, signal detection theory, portfolio theory, and multiattribute-utility measurement) were presented and their rationales discussed. The present volume is concerned with the application of these theories, and the various techniques derived from them, to the problems of decision making in the everyday world. The chapters reflect the many modifications and adjustments that must be made to mathematical rules in order to apply decision theory models in the real world. The tools described serve a broad variety of interests: those of the urban health or social planner, the organizational manager, the researcher, the educator, and, in fact, all of those who must weight evidence to reach decisions. Planner, manager, researcher, teacher, policymaker—all will find assistance in overcoming the commonly encountered roadblocks when one must choose between alternatives in what remains an uncertain world.

An Experimental Investigation of Human Sequential Decision Making

An Experimental Investigation of Human Sequential Decision Making

Author: Larry Alan Friedman

Publisher:

Published: 1972

Total Pages: 204

ISBN-13:

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Book Synopsis An Experimental Investigation of Human Sequential Decision Making by : Larry Alan Friedman

Download or read book An Experimental Investigation of Human Sequential Decision Making written by Larry Alan Friedman and published by . This book was released on 1972 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:

A Handbook of Process Tracing Methods for Decision Research

A Handbook of Process Tracing Methods for Decision Research

Author: Michael Schulte-Mecklenbeck

Publisher: Psychology Press

Published: 2011-05-20

Total Pages: 568

ISBN-13: 1135389772

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This handbook provides a critical review and user’s guide to conducting and reporting process tracing studies of decision making. Each chapter covers a specific method that is presented and reviewed by authors who are experts in the method’s application to decision research. The book ultimately illustrates and presents a multi-method approach and is essential reading for graduate students and researchers wishing to undertake such studies on decision making.


Book Synopsis A Handbook of Process Tracing Methods for Decision Research by : Michael Schulte-Mecklenbeck

Download or read book A Handbook of Process Tracing Methods for Decision Research written by Michael Schulte-Mecklenbeck and published by Psychology Press. This book was released on 2011-05-20 with total page 568 pages. Available in PDF, EPUB and Kindle. Book excerpt: This handbook provides a critical review and user’s guide to conducting and reporting process tracing studies of decision making. Each chapter covers a specific method that is presented and reviewed by authors who are experts in the method’s application to decision research. The book ultimately illustrates and presents a multi-method approach and is essential reading for graduate students and researchers wishing to undertake such studies on decision making.

Encyclopedia of Finance

Encyclopedia of Finance

Author: Cheng-Few Lee

Publisher: Springer Nature

Published: 2022-09-12

Total Pages: 2746

ISBN-13: 3030912310

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The Encyclopedia of Finance comprehensively covers the broad spectrum of terms and topics relating finance from asset pricing models to option pricing models to risk management and beyond. This third edition is comprised of over 1,300 individual definitions, chapters, appendices and is the most comprehensive and up-to-date resource in the field, integrating the most current terminology, research, theory, and practical applications. It includes 200 new terms and essays; 25 new chapters and four new appendices. Showcasing contributions from an international array of experts, the revised edition of this major reference work is unparalleled in the breadth and depth of its coverage.


Book Synopsis Encyclopedia of Finance by : Cheng-Few Lee

Download or read book Encyclopedia of Finance written by Cheng-Few Lee and published by Springer Nature. This book was released on 2022-09-12 with total page 2746 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Encyclopedia of Finance comprehensively covers the broad spectrum of terms and topics relating finance from asset pricing models to option pricing models to risk management and beyond. This third edition is comprised of over 1,300 individual definitions, chapters, appendices and is the most comprehensive and up-to-date resource in the field, integrating the most current terminology, research, theory, and practical applications. It includes 200 new terms and essays; 25 new chapters and four new appendices. Showcasing contributions from an international array of experts, the revised edition of this major reference work is unparalleled in the breadth and depth of its coverage.

Utility, Probability, and Human Decision Making

Utility, Probability, and Human Decision Making

Author: D. Wendt

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 408

ISBN-13: 9401018340

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Human decision making involves problems which are being studied with increasing interest and sophistication. They range from controversial political decisions via individual consumer decisions to such simple tasks as signal discriminations. Although it would seem that decisions have to do with choices among available actions of any kind, there is general agreement that decision making research should pertain to choice prob lems which cannot be solved without a predecisional stage of finding choice alternatives, weighing evidence, and judging values. The ultimate objective of scientific research on decision making is two-fold: (a) to develop a theoretically sound technology for the optimal solution of decision problems, and (b) to formulate a descriptive theory of human decision making. The latter may, in tum, protect decision makers from being caught in the traps of their own limitations and biases. Recently, in decision making research the strong emphasis on well defined laboratory tasks is decreasing in favour of more realistic studies in various practical settings. This may well have been caused by a growing awareness of the fact that decision-behaviour is strongly determined by situational factors, which makes it necessary to look into processes of interaction between the decision maker and the relevant task environ ment. Almost inevitably there is a parallel shift of interest towards problems of utility measurement and the evaluation of consequences.


Book Synopsis Utility, Probability, and Human Decision Making by : D. Wendt

Download or read book Utility, Probability, and Human Decision Making written by D. Wendt and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: Human decision making involves problems which are being studied with increasing interest and sophistication. They range from controversial political decisions via individual consumer decisions to such simple tasks as signal discriminations. Although it would seem that decisions have to do with choices among available actions of any kind, there is general agreement that decision making research should pertain to choice prob lems which cannot be solved without a predecisional stage of finding choice alternatives, weighing evidence, and judging values. The ultimate objective of scientific research on decision making is two-fold: (a) to develop a theoretically sound technology for the optimal solution of decision problems, and (b) to formulate a descriptive theory of human decision making. The latter may, in tum, protect decision makers from being caught in the traps of their own limitations and biases. Recently, in decision making research the strong emphasis on well defined laboratory tasks is decreasing in favour of more realistic studies in various practical settings. This may well have been caused by a growing awareness of the fact that decision-behaviour is strongly determined by situational factors, which makes it necessary to look into processes of interaction between the decision maker and the relevant task environ ment. Almost inevitably there is a parallel shift of interest towards problems of utility measurement and the evaluation of consequences.

The Wiley Blackwell Handbook of Judgment and Decision Making, 2 Volume Set

The Wiley Blackwell Handbook of Judgment and Decision Making, 2 Volume Set

Author: Gideon Keren

Publisher: John Wiley & Sons

Published: 2016-02-16

Total Pages: 1056

ISBN-13: 1118468392

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A comprehensive, up-to-date examination of the most important theory, concepts, methodological approaches, and applications in the burgeoning field of judgment and decision making (JDM) Emphasizes the growth of JDM applications with chapters devoted to medical decision making, decision making and the law, consumer behavior, and more Addresses controversial topics from multiple perspectives – such as choice from description versus choice from experience – and contrasts between empirical methodologies employed in behavioral economics and psychology Brings together a multi-disciplinary group of contributors from across the social sciences, including psychology, economics, marketing, finance, public policy, sociology, and philosophy 2 Volumes


Book Synopsis The Wiley Blackwell Handbook of Judgment and Decision Making, 2 Volume Set by : Gideon Keren

Download or read book The Wiley Blackwell Handbook of Judgment and Decision Making, 2 Volume Set written by Gideon Keren and published by John Wiley & Sons. This book was released on 2016-02-16 with total page 1056 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive, up-to-date examination of the most important theory, concepts, methodological approaches, and applications in the burgeoning field of judgment and decision making (JDM) Emphasizes the growth of JDM applications with chapters devoted to medical decision making, decision making and the law, consumer behavior, and more Addresses controversial topics from multiple perspectives – such as choice from description versus choice from experience – and contrasts between empirical methodologies employed in behavioral economics and psychology Brings together a multi-disciplinary group of contributors from across the social sciences, including psychology, economics, marketing, finance, public policy, sociology, and philosophy 2 Volumes

Decision-Making Experiments under a Philosophical Analysis: Human Choice as a Challenge for Neuroscience

Decision-Making Experiments under a Philosophical Analysis: Human Choice as a Challenge for Neuroscience

Author: Gabriel José Corrêa Mograbi

Publisher: Frontiers Media SA

Published: 2015-10-15

Total Pages: 125

ISBN-13: 2889196682

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This introduction just aims to be a fast foreword to the special topic now turned into an e-book. The Editorial "Decision-Making Experiments under a Philosophical Analysis: Human Choice as a Challenge for Neuroscience" alongside with my opinion article "Neurophilosophical considerations on decision making: Pushing-up the frontiers without disregarding their foundations" play the real role of considering in more details the articles and the whole purpose of this e-book. What I must highlight in this foreword is that our intention with such a project was to deepen into the very foundations of our current paradigms in decision neuroscience and to philosophically moot its foundations and repercussions. Normal Science (a term coined by Philosopher Thomas Kuhn) works under a research consensus among a scientific community: A shared paradigm, consolidated methods, widespread convictions. Pragmatically, winning formulas must be kept, although, not at any cost. What differentiates a gifted and revolutionary scientist from a more bureaucratic colleague is the capacity and willingness of constantly reevaluating, depurating and refining his/her own paradigm. That is best strategy to avoid that a paradigm itself would gradually come under challenge. In my view, some achievements, in this sense, were brought about in our project. The e-book will be inspiring and informative for both neuroscientists that are concerned with the very foundations of their works and for philosophers that are not blind to empirical evidence. Kant once said: “Thoughts without content are empty, intuitions without concepts are blind”. Paraphrasing Kant we could say: Philosophy without science is empty, science without philosophy is blind.


Book Synopsis Decision-Making Experiments under a Philosophical Analysis: Human Choice as a Challenge for Neuroscience by : Gabriel José Corrêa Mograbi

Download or read book Decision-Making Experiments under a Philosophical Analysis: Human Choice as a Challenge for Neuroscience written by Gabriel José Corrêa Mograbi and published by Frontiers Media SA. This book was released on 2015-10-15 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt: This introduction just aims to be a fast foreword to the special topic now turned into an e-book. The Editorial "Decision-Making Experiments under a Philosophical Analysis: Human Choice as a Challenge for Neuroscience" alongside with my opinion article "Neurophilosophical considerations on decision making: Pushing-up the frontiers without disregarding their foundations" play the real role of considering in more details the articles and the whole purpose of this e-book. What I must highlight in this foreword is that our intention with such a project was to deepen into the very foundations of our current paradigms in decision neuroscience and to philosophically moot its foundations and repercussions. Normal Science (a term coined by Philosopher Thomas Kuhn) works under a research consensus among a scientific community: A shared paradigm, consolidated methods, widespread convictions. Pragmatically, winning formulas must be kept, although, not at any cost. What differentiates a gifted and revolutionary scientist from a more bureaucratic colleague is the capacity and willingness of constantly reevaluating, depurating and refining his/her own paradigm. That is best strategy to avoid that a paradigm itself would gradually come under challenge. In my view, some achievements, in this sense, were brought about in our project. The e-book will be inspiring and informative for both neuroscientists that are concerned with the very foundations of their works and for philosophers that are not blind to empirical evidence. Kant once said: “Thoughts without content are empty, intuitions without concepts are blind”. Paraphrasing Kant we could say: Philosophy without science is empty, science without philosophy is blind.

University of Michigan Official Publication

University of Michigan Official Publication

Author: University of Michigan

Publisher: UM Libraries

Published: 1999

Total Pages: 212

ISBN-13:

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Each number is the catalogue of a specific school or college of the University.


Book Synopsis University of Michigan Official Publication by : University of Michigan

Download or read book University of Michigan Official Publication written by University of Michigan and published by UM Libraries. This book was released on 1999 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: Each number is the catalogue of a specific school or college of the University.