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A study of the classical aggregation problems that arise in social choice theory, voting theory, and group decision-making under uncertainty.
Book Synopsis Collective Preference and Choice by : Shmuel Nitzan
Download or read book Collective Preference and Choice written by Shmuel Nitzan and published by Cambridge University Press. This book was released on 2010 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: A study of the classical aggregation problems that arise in social choice theory, voting theory, and group decision-making under uncertainty.
Changing preferencesis a phenomenonoften invoked but rarely properlyaccounted for. Throughout the history of the social sciences, researchers have come against the possibility that their subjects’ preferenceswere affected by the phenomenato be explainedor by otherfactorsnot taken into accountin the explanation.Sporadically, attempts have been made to systematically investigate these in uences, but none of these seems to have had a lasting impact. Today we are still not much further with respect to preference change than we were at the middle of the last century. This anthology hopes to provide a new impulse for research into this important subject. In particular, we have chosen two routes to amplify this impulse. First, we stress the use of modellingtechniquesfamiliar from economicsand decision theory. Instead of constructing complex, all-encompassing theories of preference change, the authors of this volume start with very simple, formal accounts of some possible and hopefully plausible mechanism of preference change. Eventually, these models may nd their way into larger, empirically adequate theories, but at this stage, we think that the most importantwork lies in building structure.Secondly,we stress the importance of interdisciplinary exchange. Only by drawing together experts from different elds can the complex empirical and theoretical issues in the modelling of preference change be adequately investigated.
Book Synopsis Preference Change by : Till Grüne-Yanoff
Download or read book Preference Change written by Till Grüne-Yanoff and published by Springer Science & Business Media. This book was released on 2009-06-11 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: Changing preferencesis a phenomenonoften invoked but rarely properlyaccounted for. Throughout the history of the social sciences, researchers have come against the possibility that their subjects’ preferenceswere affected by the phenomenato be explainedor by otherfactorsnot taken into accountin the explanation.Sporadically, attempts have been made to systematically investigate these in uences, but none of these seems to have had a lasting impact. Today we are still not much further with respect to preference change than we were at the middle of the last century. This anthology hopes to provide a new impulse for research into this important subject. In particular, we have chosen two routes to amplify this impulse. First, we stress the use of modellingtechniquesfamiliar from economicsand decision theory. Instead of constructing complex, all-encompassing theories of preference change, the authors of this volume start with very simple, formal accounts of some possible and hopefully plausible mechanism of preference change. Eventually, these models may nd their way into larger, empirically adequate theories, but at this stage, we think that the most importantwork lies in building structure.Secondly,we stress the importance of interdisciplinary exchange. Only by drawing together experts from different elds can the complex empirical and theoretical issues in the modelling of preference change be adequately investigated.
The theory of revealed preference has a long, distinguished tradition in economics but lacked a systematic presentation of the theory until now. This book deals with basic questions in economic theory and studies situations in which empirical observations are consistent or inconsistent with some of the best known economic theories.
Book Synopsis Revealed Preference Theory by : Christopher P. Chambers
Download or read book Revealed Preference Theory written by Christopher P. Chambers and published by Cambridge University Press. This book was released on 2016-01-05 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: The theory of revealed preference has a long, distinguished tradition in economics but lacked a systematic presentation of the theory until now. This book deals with basic questions in economic theory and studies situations in which empirical observations are consistent or inconsistent with some of the best known economic theories.
Book Synopsis Intermediate Microeconomics by : Patrick M. Emerson
Download or read book Intermediate Microeconomics written by Patrick M. Emerson and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Pure Time-Preference Theory of Interest, The by : Jeffrey Herbener
Download or read book Pure Time-Preference Theory of Interest, The written by Jeffrey Herbener and published by Ludwig von Mises Institute. This book was released on 2011-12-15 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Whether we're buying a pair of jeans, ordering a cup of coffee, selecting a long-distance carrier, applying to college, choosing a doctor, or setting up a 401(k), everyday decisions—both big and small—have become increasingly complex due to the overwhelming abundance of choice with which we are presented. As Americans, we assume that more choice means better options and greater satisfaction. But beware of excessive choice: choice overload can make you question the decisions you make before you even make them, it can set you up for unrealistically high expectations, and it can make you blame yourself for any and all failures. In the long run, this can lead to decision-making paralysis, anxiety, and perpetual stress. And, in a culture that tells us that there is no excuse for falling short of perfection when your options are limitless, too much choice can lead to clinical depression. In The Paradox of Choice, Barry Schwartz explains at what point choice—the hallmark of individual freedom and self-determination that we so cherish—becomes detrimental to our psychological and emotional well-being. In accessible, engaging, and anecdotal prose, Schwartz shows how the dramatic explosion in choice—from the mundane to the profound challenges of balancing career, family, and individual needs—has paradoxically become a problem instead of a solution. Schwartz also shows how our obsession with choice encourages us to seek that which makes us feel worse. By synthesizing current research in the social sciences, Schwartz makes the counter intuitive case that eliminating choices can greatly reduce the stress, anxiety, and busyness of our lives. He offers eleven practical steps on how to limit choices to a manageable number, have the discipline to focus on those that are important and ignore the rest, and ultimately derive greater satisfaction from the choices you have to make.
Book Synopsis The Paradox of Choice by : Barry Schwartz
Download or read book The Paradox of Choice written by Barry Schwartz and published by Harper Collins. This book was released on 2009-10-13 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whether we're buying a pair of jeans, ordering a cup of coffee, selecting a long-distance carrier, applying to college, choosing a doctor, or setting up a 401(k), everyday decisions—both big and small—have become increasingly complex due to the overwhelming abundance of choice with which we are presented. As Americans, we assume that more choice means better options and greater satisfaction. But beware of excessive choice: choice overload can make you question the decisions you make before you even make them, it can set you up for unrealistically high expectations, and it can make you blame yourself for any and all failures. In the long run, this can lead to decision-making paralysis, anxiety, and perpetual stress. And, in a culture that tells us that there is no excuse for falling short of perfection when your options are limitless, too much choice can lead to clinical depression. In The Paradox of Choice, Barry Schwartz explains at what point choice—the hallmark of individual freedom and self-determination that we so cherish—becomes detrimental to our psychological and emotional well-being. In accessible, engaging, and anecdotal prose, Schwartz shows how the dramatic explosion in choice—from the mundane to the profound challenges of balancing career, family, and individual needs—has paradoxically become a problem instead of a solution. Schwartz also shows how our obsession with choice encourages us to seek that which makes us feel worse. By synthesizing current research in the social sciences, Schwartz makes the counter intuitive case that eliminating choices can greatly reduce the stress, anxiety, and busyness of our lives. He offers eleven practical steps on how to limit choices to a manageable number, have the discipline to focus on those that are important and ignore the rest, and ultimately derive greater satisfaction from the choices you have to make.
George Loewenstein is one of the pioneers of the rapidly growing field of behavioral economics. For over twenty years he has been working at the intersection of economics and psychology and is one of the few people of whom it can be said that their work is equally respected and well known within both disciplines. This book brings together a selection of his papers focusing on what he calls "exotic preferences"— the disparate motives that drive human behavior. In addition to covering the history and methodology of behavioral economics, they also touch on a wide range of fascinating topics such as the motives that drive extreme athletes, our propensity to want to get unpleasant experiences out of the way so we can focus on the more pleasant, and the psychology of curiosity. There are also papers on social preferences, discussing the importance of perceptions of fairness in interpersonal interactions, intertemporal choice— the tradeoffs between costs and benefits occurring at different points in time— and the impact of emotion on economic decision making. An original introduction outlines Loewenstein's general approach to research, and there are short introductions to each paper outlining briefly when, how and why they came to be written, providing a fascinating and vivid insight into the process of intellectual creativity.
Book Synopsis Exotic Preferences by : George Loewenstein
Download or read book Exotic Preferences written by George Loewenstein and published by Oxford University Press. This book was released on 2007-08-02 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: George Loewenstein is one of the pioneers of the rapidly growing field of behavioral economics. For over twenty years he has been working at the intersection of economics and psychology and is one of the few people of whom it can be said that their work is equally respected and well known within both disciplines. This book brings together a selection of his papers focusing on what he calls "exotic preferences"— the disparate motives that drive human behavior. In addition to covering the history and methodology of behavioral economics, they also touch on a wide range of fascinating topics such as the motives that drive extreme athletes, our propensity to want to get unpleasant experiences out of the way so we can focus on the more pleasant, and the psychology of curiosity. There are also papers on social preferences, discussing the importance of perceptions of fairness in interpersonal interactions, intertemporal choice— the tradeoffs between costs and benefits occurring at different points in time— and the impact of emotion on economic decision making. An original introduction outlines Loewenstein's general approach to research, and there are short introductions to each paper outlining briefly when, how and why they came to be written, providing a fascinating and vivid insight into the process of intellectual creativity.
Economists and psychologists have, on the whole, exhibited sharply different perspectives on the elicitation of preferences. Economists, who have made preference the central primitive in their thinking about human behavior, have for the most part rejected elicitation and have instead sought to infer preferences from observations of choice behavior. Psychologists, who have tended to think of preference as a context-determined subjective construct, have embraced elicitation as their dominant approach to measurement. This volume, based on a symposium organized by Daniel McFadden at the University of California at Berkeley, provides a provocative and constructive engagement between economists and psychologists on the elicitation of preferences.
Book Synopsis Elicitation of Preferences by : Baruch Fischhoff
Download or read book Elicitation of Preferences written by Baruch Fischhoff and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economists and psychologists have, on the whole, exhibited sharply different perspectives on the elicitation of preferences. Economists, who have made preference the central primitive in their thinking about human behavior, have for the most part rejected elicitation and have instead sought to infer preferences from observations of choice behavior. Psychologists, who have tended to think of preference as a context-determined subjective construct, have embraced elicitation as their dominant approach to measurement. This volume, based on a symposium organized by Daniel McFadden at the University of California at Berkeley, provides a provocative and constructive engagement between economists and psychologists on the elicitation of preferences.
The utility maximization paradigm forms the basis of many economic, psychological, cognitive and behavioral models. However, numerous examples have revealed the deficiencies of the concept. This book helps to overcome those deficiencies by taking into account insensitivity of measurement threshold and context of choice. The second edition has been updated to include the most recent developments and a new chapter on classic and new results for infinite sets.
Book Synopsis Utility Maximization, Choice and Preference by : Fuad Aleskerov
Download or read book Utility Maximization, Choice and Preference written by Fuad Aleskerov and published by Springer Science & Business Media. This book was released on 2007-08-09 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: The utility maximization paradigm forms the basis of many economic, psychological, cognitive and behavioral models. However, numerous examples have revealed the deficiencies of the concept. This book helps to overcome those deficiencies by taking into account insensitivity of measurement threshold and context of choice. The second edition has been updated to include the most recent developments and a new chapter on classic and new results for infinite sets.
What is Preference Economics In economics and other social sciences, the term "preference" refers to the order in which an agent ranks options based on their relative usefulness, often with the goal of finding the "optimal choice." Generally speaking, preferences are assessments that are concerned with considerations of value and are often related to practical reasoning. A person's preferences are not influenced by factors like as the costs of the commodities, their availability, or their own personal income; rather, they are decided solely by the individual's tastes, requirements, and other factors. Classical economics, on the other hand, relies on the assumption that individuals behave in their own best (rational) interest. Taking this scenario into consideration, logic would require that when an individual is presented with a choice, they will choose the alternative that optimizes their own self-interest. Preferences, on the other hand, are not necessarily transferable. This is due to the fact that actual people are not always rational, and also because preferences might form cycles under some circumstances, in which case there is no clearly defined best decision. The Efron dice are a good illustration of this. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Preference (economics) Chapter 2: Utility Chapter 3: Indifference curve Chapter 4: Arrow's impossibility theorem Chapter 5: Social welfare function Chapter 6: Consumer choice Chapter 7: Budget constraint Chapter 8: Marginal rate of substitution Chapter 9: Loss function Chapter 10: Expected utility hypothesis Chapter 11: Utility maximization problem Chapter 12: Ordinal utility Chapter 13: Cardinal utility Chapter 14: Revealed preference Chapter 15: Sonnenschein-Mantel-Debreu theorem Chapter 16: Quasilinear utility Chapter 17: Utility-possibility frontier Chapter 18: Von Neumann-Morgenstern utility theorem Chapter 19: Preference Chapter 20: Debreu's representation theorems Chapter 21: Overtaking criterion (II) Answering the public top questions about preference economics. (III) Real world examples for the usage of preference economics in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of preference economics.
Book Synopsis Preference Economics by : Fouad Sabry
Download or read book Preference Economics written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2024-01-07 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Preference Economics In economics and other social sciences, the term "preference" refers to the order in which an agent ranks options based on their relative usefulness, often with the goal of finding the "optimal choice." Generally speaking, preferences are assessments that are concerned with considerations of value and are often related to practical reasoning. A person's preferences are not influenced by factors like as the costs of the commodities, their availability, or their own personal income; rather, they are decided solely by the individual's tastes, requirements, and other factors. Classical economics, on the other hand, relies on the assumption that individuals behave in their own best (rational) interest. Taking this scenario into consideration, logic would require that when an individual is presented with a choice, they will choose the alternative that optimizes their own self-interest. Preferences, on the other hand, are not necessarily transferable. This is due to the fact that actual people are not always rational, and also because preferences might form cycles under some circumstances, in which case there is no clearly defined best decision. The Efron dice are a good illustration of this. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Preference (economics) Chapter 2: Utility Chapter 3: Indifference curve Chapter 4: Arrow's impossibility theorem Chapter 5: Social welfare function Chapter 6: Consumer choice Chapter 7: Budget constraint Chapter 8: Marginal rate of substitution Chapter 9: Loss function Chapter 10: Expected utility hypothesis Chapter 11: Utility maximization problem Chapter 12: Ordinal utility Chapter 13: Cardinal utility Chapter 14: Revealed preference Chapter 15: Sonnenschein-Mantel-Debreu theorem Chapter 16: Quasilinear utility Chapter 17: Utility-possibility frontier Chapter 18: Von Neumann-Morgenstern utility theorem Chapter 19: Preference Chapter 20: Debreu's representation theorems Chapter 21: Overtaking criterion (II) Answering the public top questions about preference economics. (III) Real world examples for the usage of preference economics in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of preference economics.
