Greenspan's Synthesis of the ‘Keynes-Knight’ Approach and the Ramsey-De Finetti-Savage Approach in Decision Making: A Continuum Exists Between Situations of No Knowledge and Complete Knowledge

2018 ◽  
Author(s):  
Michael Emmett Brady
Keyword(s):  
Decision Making ◽  
Complete Knowledge ◽  
De Finetti

Closing the Gap between Data Mining and Business Users of Business Intelligence Systems

2012 ◽  
Vol 3 (4) ◽  
pp. 14-53 ◽  
Author(s):  
Ana Azevedo ◽  
Manuel Filipe Santos
Keyword(s):  
Data Mining ◽  
Decision Making ◽  
Decision Support ◽  
Information Systems ◽  
Decision Support Systems ◽  
Business Intelligence ◽  
Easy Access ◽  
Complete Knowledge ◽  
Business Intelligence Systems ◽  
Closing The Gap

Since Lunh first used the term Business Intelligence (BI) in 1958, major transformations happened in the field of information systems and technologies, especially in the area of decision support systems. BI systems are widely used in organizations and their importance is recognized. These systems present themselves as essential parts of a complete knowledge of business and an irreplaceable tool in the support to decision making. The dissemination of data mining (DM) tools is increasing in the BI field, as well as the acknowledgment of the relevance of its usage in enterprise BI systems. BI tools are friendly, iterative, and interactive, allowing business users an easy access. The user can manipulate directly data, having the ability to extract all the value contained into that business data. Problems noted in the use of DM in the field of BI is related to the fact that DM models are complex in order to be directly manipulated by business users, not including BI tools. The nonexistence of BI tools allowing business users the direct manipulation of DM models was identified as the problem. More of these issues, possible solutions and conclusions are presented in this article.

scholarly journals Collective Decision Making under Incomplete Knowledge: Possible and Necessary Solutions

2020 ◽  
Author(s):  
Jérôme Lang
Keyword(s):  
Decision Making ◽  
Coalition Formation ◽  
Fair Division ◽  
Collective Decision ◽  
Collective Decision Making ◽  
Voting Rules ◽  
Incomplete Knowledge ◽  
Incomplete Preference ◽  
Complete Knowledge ◽  
Stability Concepts

Most solution concepts in collective decision making are defined assuming complete knowledge of individuals' preferences and of the mechanism used for aggregating them. This is often unpractical or unrealistic. Under incomplete knowledge, a solution advocated by many consists in quanrtifying over all completions of the incomplete preference profile (or all instantiations of the incompletely specified mechanism). Voting rules can be `modalized' this way (leading to the notions of possible and necessary winners), and also efficiency and fairness notions in fair division, stability concepts in coalition formation, and more. I give here a survey of works along this line.

Discarding optimality: Throwing out the baby with the bathwater?

2018 ◽  
Vol 41 ◽  
Author(s):  
Patrick Simen ◽  
Fuat Balcı
Keyword(s):  
Decision Making ◽  
Perceptual Decision Making ◽  
Reward Rate ◽  
Perceptual Decision ◽  
Standard Observer ◽  
Rate Maximization ◽  
Reward Rate Maximization ◽  
Descriptive Standard ◽  
Observer Model

AbstractRahnev & Denison (R&D) argue against normative theories and in favor of a more descriptive “standard observer model” of perceptual decision making. We agree with the authors in many respects, but we argue that optimality (specifically, reward-rate maximization) has proved demonstrably useful as a hypothesis, contrary to the authors’ claims.

LPCD framework: Analytical tool or psychological model?

2018 ◽  
Vol 41 ◽  
Author(s):  
David Danks
Keyword(s):  
Decision Making ◽  
Analytical Tool ◽  
Mathematical Framework ◽  
Bayesian Decision ◽  
Perceptual Decision Making ◽  
Psychological Model ◽  
Psychological Reality ◽  
Psychological Theories ◽  
Target Article ◽  
Bayesian Decision Making

AbstractThe target article uses a mathematical framework derived from Bayesian decision making to demonstrate suboptimal decision making but then attributes psychological reality to the framework components. Rahnev & Denison's (R&D) positive proposal thus risks ignoring plausible psychological theories that could implement complex perceptual decision making. We must be careful not to slide from success with an analytical tool to the reality of the tool components.

Elaborating the role of reflection and individual differences in the study of folk-economic beliefs

2018 ◽  
Vol 41 ◽  
Author(s):  
Kevin Arceneaux
Keyword(s):  
Decision Making ◽  
Individual Differences ◽  
Cognitive Processes ◽  
Evolutionary History ◽  
Behavioral Responses ◽  
History Of ◽  
Economic Beliefs

AbstractIntuitions guide decision-making, and looking to the evolutionary history of humans illuminates why some behavioral responses are more intuitive than others. Yet a place remains for cognitive processes to second-guess intuitive responses – that is, to be reflective – and individual differences abound in automatic, intuitive processing as well.

The primacy of conscious decision making – ERRATUM

2014 ◽  
Vol 38 (01) ◽  
pp. 46
Author(s):  
David R. Shanks ◽  
Ben R. Newell
Keyword(s):  
Decision Making ◽  
Conscious Decision

The primacy of conscious decision making – RETRACTION

2014 ◽  
Vol 38 (01) ◽  
pp. 48
Author(s):  
David R. Shanks ◽  
Ben R. Newell
Keyword(s):  
Decision Making ◽  
Conscious Decision
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