scholarly journals Extended choice functionals - a cardinal framework for the analysis of choice under risk

2020 ◽  
Vol 15 ◽  
pp. 66-78
Author(s):  
Somdeb Lahiri ◽  
Keyword(s):  
Decision Making ◽  
Expected Utility ◽  
Choice Theory ◽  
Decision Aids ◽  
Social Choice Theory ◽  
Axiomatic Characterization ◽  
Managerial Decision ◽  
Evaluation Functions ◽  
State Dependent

We propose a framework that extends the one developed by Professor Amartya Sen (with Arrowian roots), for the analysis of choice under risk by an individual, hereafter referred to as a decision maker. The framework is based on the decision maker’s state dependent numerical evaluations − referred to as utility, worth, or pay-off − of the alternatives. We provide several examples to illustrate meaningful possibilities in the model proposed here. The expected utility choice functional assigns to each given state- -dependent data profile (i.e., a pair consisting of a profile of state-dependent evaluation functions and a probability distribution over states of nature) the non-empty set of alternatives obtained by maximizing expected utility. A significant result in this paper, which illustrates the workability of our frameworks of analysis, is an axiomatic characterization of the expected utility choice functional using purely combinatorial techniques. Aim/Purpose: To use a minor extension of the Arrow-Sen model of social choice theory to study individual decision making/aiding under risk and with state dependent evaluation functions. Methodology: Combinatorics (theory of finite sets). Findings: Plausible decision-aids for decision making under uncertainty with state dependent evaluation functions. Research Implications: Exactly same model and results apply for the study of “weighted” multi-criteria decision making/aiding with state dependent evaluation functions. Contribution: Apart from useful decision-aids for managerial decision making under risk and operations research, we provide an axiomatic characterization of the expected utility choice functional. Keywords: risk, state-dependent evaluation, extended choice functionals.

MEASURING GROUP FITNESS IN A BIOLOGICAL HIERARCHY: AN AXIOMATIC SOCIAL CHOICE APPROACH

2013 ◽  
Vol 29 (3) ◽  
pp. 301-323 ◽  
Author(s):  
Walter Bossert ◽  
Chloe X. Qi ◽  
John A. Weymark
Keyword(s):  
Social Choice ◽  
Choice Theory ◽  
Social Choice Theory ◽  
Philosophy Of Biology ◽  
Axiomatic Characterization ◽  
Evolutionary Transition ◽  
Group Fitness ◽  
Biological Hierarchy ◽  
Choice Approach

This article illustrates how axiomatic social choice theory can be used in the evaluation of measures of group fitness for a biological hierarchy, thereby contributing to the dialogue between the philosophy of biology and social choice theory. It provides an axiomatic characterization of the ordering underlying the Michod–Viossat–Solari–Hurand–Nedelcu index of group fitness for a multicellular organism. The MVSHN index has been used to analyse the germ-soma specialization and the fitness decoupling between the cell and organism levels that takes place during the evolutionary transition to multicellularity. It is argued that some of the axioms satisfied by the MVSHN group fitness ordering are not appropriate for all stages in this transition.

Stressed decision makers and use of decision aids: a literature review and conceptual model

2019 ◽  
Vol 33 (2) ◽  
pp. 710-754 ◽  
Author(s):  
Monica Adya ◽  
Gloria Phillips-Wren
Keyword(s):  
Decision Making ◽  
Conceptual Model ◽  
Perceived Stress ◽  
Decision Aids ◽  
Decision Makers ◽  
Decision Quality ◽  
Negative Effects ◽  
Managerial Decision ◽  
Content Type ◽  
The Impact

Purpose Decision making is inherently stressful since the decision maker must choose between potentially conflicting alternatives with unique hazards and uncertain outcomes. Whereas decision aids such as decision support systems (DSS) can be beneficial in stressful scenarios, decision makers sometimes misuse them during decision making, leading to suboptimal outcomes. The purpose of this paper is to investigate the relationship between stress, decision making and decision aid use. Design/methodology/approach The authors conduct an extensive multi-disciplinary review of decision making and DSS use through the lens of stress and examine how stress, as perceived by decision makers, impacts their use or misuse of DSS even when such aids can improve decision quality. Research questions examine underlying sources of stress in managerial decision making that influence decision quality, relationships between a decision maker’s perception of stress, DSS use/misuse, and decision quality, and implications for research and practice on DSS design and capabilities. Findings The study presents a conceptual model that provides an integrative behavioral view of the impact of a decision maker’s perceived stress on their use of a DSS and the quality of their decisions. The authors identify critical knowledge gaps and propose a research agenda to improve decision quality and use of DSS by considering a decision maker’s perceived stress. Originality/value This study provides a previously unexplored view of DSS use and misuse as shaped by the decision and job stress experienced by decision makers. Through the application of four theories, the review and its findings highlight key design principles that can mitigate the negative effects of stressors on DSS use.

A Decision Model for Selecting the Optimum Oil Production Profile Using Multi Criteria Decision Making and Social Choice Theory

2014 ◽  
Author(s):  
Samira Keivanpour ◽  
Hassan Haleh ◽  
Hamed Shakouri Ganjavi
Keyword(s):  
Decision Making ◽  
Social Choice ◽  
Choice Theory ◽  
Social Choice Theory ◽  
Oil Field ◽  
Decision Makers ◽  
Multi Criteria Decision Making ◽  
Statistic Model ◽  
Development Plans ◽  
Decision Making Model

Applying a MCDM model has many benefits for decision makers in the course of oil field master development plans preparation and evaluation. In this study, a multi-criteria decision making model is proposed in order to achieve an optimum production profile. The most important criteria and parameters for selection of best production profile are identified. These parameters are derived by several interviews with Iranian oil Industry’s experts. The candidate alternatives for production profile are ranked using a combination of group decision making approach and social choice theory. The degree of group consensus is evaluated by using a statistic model to confirm the validity of decision making model.

Bargaining in Legislatures

1989 ◽  
Vol 83 (4) ◽  
pp. 1181-1206 ◽  
Author(s):  
David P. Baron ◽  
John A. Ferejohn
Keyword(s):  
Social Choice ◽  
Choice Theory ◽  
Social Choice Theory ◽  
Institutional Structure ◽  
The Social ◽  
Free Model ◽  
Sequential Nature ◽  
Choice Literature ◽  
Formal Rules

Bargaining in legislatures is conducted according to formal rules specifying who may make proposals and how they will be decided. Legislative outcomes depend on those rules and on the structure of the legislature. Although the social choice literature provides theories about voting equilibria, it does not endogenize the formation of the agenda on which the voting is based and rarely takes into account the institutional structure found in legislatures. In our theory members of the legislature act noncooperatively in choosing strategies to serve their own districts, explicitly taking into account the strategies members adopt in response to the sequential nature of proposal making and voting. The model permits the characterization of a legislative equilibrium reflecting the structure of the legislature and also allows consideration of the choice of elements of that structure in a context in which the standard, institution-free model of social choice theory yields no equilibrium.

An application of social choice theory to U.S.D.A. forest service decision making

1996 ◽  
Vol 18 (6) ◽  
pp. 603-621 ◽  
Author(s):  
Wade E. Martin ◽  
Deborah J. Shields ◽  
Boleslaw Tolwinski ◽  
Brian Kent
Keyword(s):  
Decision Making ◽  
Social Choice ◽  
Choice Theory ◽  
Social Choice Theory ◽  
Forest Service

Social Choice Theory and the Reconstruction of Elections: A Comment on Levesque's Analysis

1983 ◽  
Vol 16 (4) ◽  
pp. 785-789 ◽  
Author(s):  
Peter Woolstencroft
Keyword(s):  
Decision Making ◽  
Social Choice ◽  
Choice Theory ◽  
Social Choice Theory ◽  
Choice Rule ◽  
Political Life ◽  
Individual Preferences

The import of social choice theory lies in its examination of the various choice rules available for the recording and weighing of preferences in an election and the consequences of those rules for democratic political life. A choice rule is a method for aggregating individual preferences into a collective determination. Choice rules vary in their capacities to maximize (and minimize) various values desired in a system of decision-making. They also vary in their capacities to reveal information about preferences.

scholarly journals Decision-making for multi-criteria optimization of process planning

2019 ◽  
Vol 20 (8) ◽  
pp. 806 ◽  
Author(s):  
Laurent Delolme ◽  
Anne-Lise Antomarchi ◽  
Séverine Durieux ◽  
Emmanuel Duc
Keyword(s):  
Decision Making ◽  
Process Planning ◽  
Choice Theory ◽  
Social Choice Theory ◽  
Automatic Generation ◽  
Machining Process ◽  
Performance Criteria ◽  
Machining Time ◽  
Machining Process Planning ◽  
Productivity And Competitiveness

The objective of this work is to develop a methodology for the automatic generation of optimised and innovative machining process planning that enable aeronautical subcontractors to face current productivity and competitiveness issues. A four-step methodology is proposed, allowing the user to obtain optimised machining ranges that respect his know-how and experience and introduce innovation. This methodology is based on a representation of the decisional behaviour of the user in a given situation as well as in the face of the risk of industrialisation and broadens the formalisation of the performance of a process by taking into account other performance criteria other than machining time or overall cost. A genetic algorithm is used to generate optimized process planning. An AHP method is used to represent the decision-making process. The methodology presents the best processes generated and the use of social choice theory enables it to target the most efficient ranges to be implemented, by integrating a risk criterion to the industrialization.

The Priority of Democracy and the Burden of Justification

2011 ◽  
Author(s):  
Jack Knight ◽  
James Johnson
Keyword(s):  
Decision Making ◽  
Social Choice ◽  
Choice Theory ◽  
Social Choice Theory ◽  
Institutional Arrangement ◽  
Complex Society ◽  
Essential Component ◽  
Vantage Points

This chapter addresses the challenges that social choice theory brings to normative claims about democracy. Social choice theorists commonly critique democratic decision making on the grounds that voting is susceptible to unavoidable pathologies and that insofar as voting is essential to democracy, those pathologies subvert the normative legitimacy of democratic outcomes. Because voting is an essential component of any democratic institutional arrangement in any large, heterogeneous, complex society, the systematic instability and ambiguity that social choice theorists establish raises serious, unavoidable difficulties for some interpretations of democracy. Yet populism and liberalism hardly exhaust the theoretical vantage points from which such findings might be interpreted. Indeed, the chapter offers a reading of social choice theory that suggests an obvious, justifiable response to the putative dilemma fabricated by theorists who insist that the only available options are an impossible populism or an unpalatable liberalism.

In Praise of Manipulation

2007 ◽  
Vol 38 (1) ◽  
pp. 1-15 ◽  
Author(s):  
KEITH DOWDING ◽  
MARTIN VAN HEES
Keyword(s):  
Decision Making ◽  
Social Choice ◽  
Choice Theory ◽  
Social Choice Theory ◽  
Decision Making Process ◽  
Choice Functions ◽  
Social Choice Functions ◽  
Voting Procedures ◽  
Strategy Proofness

Many theorists believe that the manipulation of voting procedures is a serious problem. Accordingly, much of social choice theory examines the conditions under which strategy-proofness can be ensured, and what kind of procedures do a better job of preventing manipulation. This article argues that democrats should not be worried about manipulation. Two arguments against manipulation are examined: first, the ‘sincerity argument’, according to which manipulation should be rejected because it displays a form of insincere behaviour. This article distinguishes between sincere and non-sincere manipulation and shows that a familiar class of social choice functions is immune to insincere manipulation. Secondly, the ‘transparency’ argument against manipulation is discussed and it is argued that (sincere or insincere) manipulation may indeed lead to non-transparency of the decision-making process, but that, from a democratic perspective, such non-transparency is often a virtue rather than a vice.

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