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Minimum cost spanning tree games and spillover stability
Springer Science and Business Media LLC - Tập 73 - Trang 441-451 - 2011
This article discusses interactive minimum cost spanning tree problems and argues that the standard approach of using a transferable utility game to come up with a fair allocation of the total costs has some flaws. A new model of spillover games is presented, in which each player’s decision whether or not to cooperate is properly taken into account.
An Infinite Decision Puzzle
Springer Science and Business Media LLC - - 1999
We tell a story where an agent who chooses in such a way as to make the greatest possible profit on each of an infinite series of transactions ends up worse off than an agent who chooses in such a way as to make the least possible profit on each transaction. That is, contrary to what one might suppose, it is not necessarily rational always to choose the option that yields the greatest possible pro......
Game-theoretic analyses of coalition behavior
Springer Science and Business Media LLC - Tập 8 Số 2 - Trang 127-157 - 1977
Prospect theory in multiple price list experiments: further insights on behaviour in the loss domain
Springer Science and Business Media LLC - Tập 94 - Trang 593-636 - 2022
In the theoretical description of prospect theory, distinct sets of parameters can control the curvature of the value function and the shape of the probability weighting function. There is one for the gain domain and one for the loss domain. However, in most estimations, behaviour over losses is assumed to perfectly reflect behaviour over gains, through a unique set of parameters. We examine the c......
Beliefs about overconfidence
Springer Science and Business Media LLC - Tập 70 - Trang 475-500 - 2010
This experiment elicits beliefs about other people’s overconfidence and abilities. We find that most people believe that others are unbiased, and only few think that others are overconfident. There is a remarkable heterogeneity between these groups. Those people who think others are underconfident or unbiased are overconfident themselves. Those who think others are overconfident are underconfident......
Axiomatizing bounded rationality: the priority heuristic
Springer Science and Business Media LLC - Tập 77 - Trang 183-196 - 2013
This paper presents an axiomatic framework for the priority heuristic, a model of bounded rationality in Selten’s (in: Gigerenzer and Selten (eds.) Bounded rationality: the adaptive toolbox, 2001) spirit of using empirical evidence on heuristics. The priority heuristic predicts actual human choices between risky gambles well. It implies violations of expected utility theory such as common conseque......
Asymmetries in Information Processing in a Decision Theory Framework
Springer Science and Business Media LLC - Tập 66 - Trang 317-343 - 2007
Research in psychology suggests that some individuals are more sensitive to positive than to negative information while others are more sensitive to negative rather than positive information. I take these cognitive positive–negative asymmetries in information processing to a Bayesian decision-theory model and explore its consequences in terms of decisions and payoffs. I show that in monotone decis......
Culture and the Explanation of Choice behavior
Springer Science and Business Media LLC - Tập 48 - Trang 241-262 - 2000
This paper shows how alternative, culturally-determined motivational forces can be substituted for self-interest or rationality in the theory of choice. Several possibilities are considered, including the replacement of preference optimization by such propellants as the selection of the `second best' or the `central' option. It is argued that although all choice behavior, even that consistent with......
Theory and Decision, Contents of Volume 57
Springer Science and Business Media LLC - Tập 57 - Trang 407-408 - 2005
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