Escaping from Bad Decisions: A Behavioral Decision-Theoretic Perspective

Escaping from Bad Decisions presents a modern conceptual and mathematical framework of the  decision-making process. By interpreting ordinal utility theory as  normative analysis examined in view of rationality, it shows how  decision-making under certainty, risk, and uncertainty can be better  understood. It provides a critical examination of psychological models  in multi-attribute decision-making, and evaluates the constitutive  elements of "good" and "bad" decisions. Multi-attribute decision-making  is analysed descriptively, based on the psychological model of  decision-making and computer simulations of decision strategies.  Finally, prescriptive examinations of multi-attribute decision-making  are performed, supporting the argument that decision-making from a  pluralistic perspective creates results that can help "escape" from bad  decisions.

This book will be of particular interest  to graduate students and early career researchers in economics,  decision-theory, behavioral economics, experimental economics,  psychology, cognitive sciences, and decision neurosciences.

• Provides  a comprehensive background to the phenomena of bad decisions,  considered in their economic, psychological and cognitive aspects
• Reinterprets  existing theories and phenomena and proposes a new overview of decision  behaviors by integrating mathematical and psychological perspectives
• Adapts  model-based techniques, such as mathematical model based functional  magnetic resonance imaging (fMRI) using mathematical models of the  decision process