Decision making: rational or hedonic?

Rational Decision Making: Myth or Reality?

(1) To set forth the “rational” model of decision making and, with reference to empirical studies, show that its assumptions neither apply to most actual decision-making situations, nor are helpful guides to improved decision making. Having criticized the “rational” model, the question of whether companies should even strive to follow it is briefly considered, and a few reasons for its continui...

Rational Decision Making

RATIONAL DECISION MAKING: Choosing among alternatives in a way that “properly” accords with the preferences and beliefs of an individual decision maker or those of a group making a joint decision; in particular, the subject as developed in decision theory [16] (see RATIONAL CHOICE THEORY), decision analysis [24], GAME THEORY [33], political theory [20], psychology [14] (see DECISION MAKING), an...

Distributed Rational Decision Making

Automated negotiation systems with self interested agents are becoming increas ingly important One reason for this is the technology push of a growing standardized communication infrastructure Internet WWW NII EDI KQML FIPA Concor dia Voyager Odyssey Telescript Java etc over which separately designed agents belonging to di erent organizations can interact in an open environment in real time and...

Emotions in Rational Decision Making

Emotions play an important role in human decision making. This often has a beneficial effect, and so it is desirable to explore whether emotions can also play a role in agent decision making. This paper builds on several pieces of earlier work which resulted in a formalization of a model of emotions. We show how, in particular, the emotions of gratitude and displeasure and related emotions can ...

The Ethical Dangers of Rational Decision Making 1 The Ethical Dangers of Rational Decision Making