Skip to main content

New Approach to Decision Making (DM) - Evaluation of DM by not Choice but Preference of Alternatives

  • Conference paper
  • First Online:
Advances in Cross-Cultural Decision Making (AHFE 2017)

Part of the book series: Advances in Intelligent Systems and Computing ((AISC,volume 610))

Included in the following conference series:

  • 1546 Accesses

Abstract

Traditionally, the DM process under uncertainty was explored using the DM paradigm to choose one from two or more alternatives, and human’s irrational DM was modeled using a variety of cognitive biases such as certainty effect or common ratio effect. However, until now, no attempt has been made to generalize such a DM process. Moreover, there are many cases where it is difficult to choose one of the two alternatives. When the preference of each alternative is nearly equal, it is difficult to make decision on which alternative to take. This forces us to loose important information that is necessary for investigating more detailed characteristics of DM process. In such a case, it is recommended that the preference for each alternative should be expressed numerically. Such an evaluation of alternatives has not been tried until now. This study attempted to propose a new approach to decision making process to get more into the insight of the DM process.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 129.00
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 169.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

References

  1. Thaler, R.A.: The Winner’s Curse—Paradoxes and Anomalies of Economic Life. Princeton University Press, Princeton (1994)

    Google Scholar 

  2. Thaler, R.A., Sunstein, C.R.: Nudge—Improving Decisions About Health, Wealth, and Happiness. Penguin, New York (2008)

    Google Scholar 

  3. Thaler, R.A.: Misbehaving—The Making of Behavioural Economics. Penguin, NewYork (2016)

    Google Scholar 

  4. Shiller, R.J.: Irrational Exuberance. Broadway Books, New York (2005)

    Google Scholar 

  5. Gilovich, T., Griffin, D.W., Kahneman, D.: Heuristics and Biases. Cambridge University Press, Cambridge (2002)

    Book  Google Scholar 

  6. Kahneman, D.: Thinking, Fast and Slow. Penguin Books, London (2011)

    Google Scholar 

  7. Kahneman, D., Tversky, A.: Prospect theory: an analysis of decision under risk. Econometrica 47, 263–291 (1979)

    Article  MATH  Google Scholar 

  8. Kahneman, D., Tversky, A.: Choices, values, and frames. Am. Psychol. 39(4), 341–350 (1984)

    Article  Google Scholar 

  9. Kahneman, D., Tversky, A.: Choices, Values, and Frames. Cambridge University Press, Cambridge (2000)

    MATH  Google Scholar 

  10. Tversky, A., Kahneman, D.: Judgment under uncertainty: heuristics and biases. Science 185(4157), 1124–1131 (1974)

    Article  Google Scholar 

  11. Murata, A.: On non-proportionality of probability weighting function in prospect theory—identification of condition of non-proportionality. Front. Psychol. Behav. Sci. 4(2), 36–41 (2015)

    Article  MathSciNet  Google Scholar 

Download references

Author information

Authors and Affiliations

Authors

Corresponding author

Correspondence to Atsuo Murata .

Editor information

Editors and Affiliations

Rights and permissions

Reprints and permissions

Copyright information

© 2018 Springer International Publishing AG

About this paper

Cite this paper

Murata, A. (2018). New Approach to Decision Making (DM) - Evaluation of DM by not Choice but Preference of Alternatives. In: Hoffman, M. (eds) Advances in Cross-Cultural Decision Making. AHFE 2017. Advances in Intelligent Systems and Computing, vol 610. Springer, Cham. https://doi.org/10.1007/978-3-319-60747-4_6

Download citation

  • DOI: https://doi.org/10.1007/978-3-319-60747-4_6

  • Published:

  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-319-60746-7

  • Online ISBN: 978-3-319-60747-4

  • eBook Packages: EngineeringEngineering (R0)

Publish with us

Policies and ethics