Understanding Human Decision Making In Economic Models
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Understanding Human Decision-Making in Economic Models
As artificial intelligence (AI), big data, and automation increasingly shape economic systems, understanding human decision-making within these models becomes critically important. The integration of intelligent technologies is not only transforming traditional sectors like finance, transportation, and hospitality, but also redefining how individuals interact with markets and make economic choices. Insights into behavioral responses, algorithmic influence, and the psychological underpinnings of decisions are essential to navigate this evolving landscape. Understanding Human Decision-Making in Economic Models explores how emerging technologies like AI and big data are reshaping economic models by influencing human decision-making. It offers insights into behavioral economics, intelligent systems, and policy responses needed to navigate the disruptions of a rapidly evolving digital economy. Covering topics such as financial markets, personnel management, and industrial production, this book is an excellent resource for academicians, economists, data scientists, policy makers, business strategists, researchers, graduate students, and more.
Smart Economic Decision-Making in a Complex World
Smart Economic Decision-Making in a Complex World is a fresh and reality-based perspective on decision-making with significant implications for analysis, self-understanding and policy. The book examines the conditions under which smart people generate outcomes that improve their place of work, their household and society. Within this work, the curious reader will find interesting open questions on many fascinating areas of current economic debate, including, the role of realistic assumptions robust model building, understanding how and when non-neoclassical behavior is best practice, why the assumption of smart decision-makers is best to understand and explain our economies and societies, and under what conditions individuals can make the best possible choices for themselves and society at large. Additional sections cover when and how efficiency is achieved, why inefficiencies can persist, when and how consumer welfare is maximized, and what benchmarks should be used to determine efficiency and rationality. - Makes the case for 'smart and rational' decision-making as a context-dependent rational process that is framed by socio-cultural environment and conditioned by institutional capacities - Explains how incorporation of the 'smart' decision-maker concept into economic thought improves our understanding of how, why and when people generate certain outcomes - Explores how economic efficiency can be achieved, individual preferences realized, and social welfare maximized through the use of 'smart and rational' approaches
Behavioural Economics: Understanding Human Decision-Making
Author: Dr. T Umapathy
language: en
Publisher: Academic Guru Publishing House
Release Date: 2024-09-12
The book “Behavioural Economics: Understanding Human Decision-Making” is an exhaustive guide to the fundamental concepts and applications of behavioural economics, with the objective of bridging the divide between conventional economic models and realistic human behaviour. It investigates the ways in which cognitive biases, heuristics, and psychological factors influence economic decisions, thereby contradicting the assumption that individuals always behave rationally. By means of a methodical approach, the book provides readers with a clear awareness of how processes of decision-making are shaped by emotions, social conventions, and risk assessments. The book is divided into ten well thought-out chapters, each of which begins with an overview of the development of economic theory and then on to discuss important topics including social preferences, prospect theory, and temporal preferences. It explores thoroughly the cognitive processes behind basic consumer purchases as well as more difficult financial investments, therefore guiding daily decisions. In the subsequent chapters, the practical applications of behavioural economics in markets, organisations, and public policy are examined, with a particular emphasis on the role of behavioural insights in addressing societal issues. It also offers a comprehensive framework for the development and assessment of behavioural interventions, which encompasses the ethical implications of prompting strategies. The book concludes by exploring the future of behavioural economics, including the integration of technology, experimental methodologies, and emergent research areas. This book gives readers the skills and information they need to comprehend and use behavioural economics in a variety of settings, whether they are studying it for academic credit or working in the field.