A central push in operations models over the last decade has been the incorporation of models of customer choice. Real world implementations of many of these models face the formidable stumbling block of simply identifying the ‘right’ model of choice to use. Thus motivated, we visit the following problem: For a ‘generic’ model of consumer choice (namely, distributions over preference lists) and...

We believe that enterprises and other organisations currently lack sophisticated methods and tools to determine if and how IT changes should be introduced in an organisation, such that objective, measurable goals are met. This is especially true when dealing with security-related IT decisions. We report on a feasibility study, Trust Economics, conducted to demonstrate that such methodology can ...

One striking phenomenon in the U.S. labor market is the reversal of the gender gap in college attainment. Females have outnumbered males in college attainment since 1987. We develop a discrete choice model of college entry decisions to study the effects of changes in relative earnings, changes in parental education, and changes in the marriage market on time series observations of college attai...

We present a dynamic cash-management model where agents choose whether to pay with cash or credit at every point in time. In the model credit usage depends on the current stock of cash, a novel result that matches recent micro evidence on household’s payment choices. The optimality of such decision rule is novel and cannot be obtained by models where cash-credit decisions are made at the “begin...

We propose an integrated activity-based discrete choice model system of an individual’s activity and travel schedule, for forecasting urban passenger travel demand. A prototype demonstrates the system concept using a 1991 Boston travel survey and transportation system level of service data. The model system represents a person’s choice of activities and associated travel as an activity pattern ...

This article summarizes the cumulative progress of a cognitive-dynamical approach to decision making and preferential choice called decision field theory. This review includes applications to (a) binary decisions among risky and uncertain actions, (b) multi-attribute preferential choice, (c) multi-alternative preferential choice, and (d) certainty equivalents such as prices. The theory provides...

What is the fair distribution of gains and losses from risk taking? The answer to this question has wide-ranging implications for economic policy. This paper studies people’s fairness preferences in risky situations. It reports the results from a two stage dictator game where the distribution phase was preceded by a risk-taking phase in which individuals made decisions about whether to take ris...

This study aimed at presenting a method for formulating optimal production, repair and replacement policies. The system was based on the production rate of defective parts and machine repairs and then was set up to optimize maintenance activities and related costs. The machine is either repaired or replaced. The machine is changed completely in the replacement process, but the productio...

strategic environmental assessment can be viewed as a process to integrate the concept ofsustainable development into planning. in this context, sea can be regarded as a method that regulates theplanning process to a state of sustainable development. however, to reach that goal it is necessary to achieve full integration of planning and the sea process.therefore this paper considers the integra...

In this paper we provide analytical, simulation, and empirical evidence on a test of equal economic value from competing predictive models of asset returns. We define economic value using the concept of a performance fee — the amount an investor would be willing to pay to have access to an alternative predictive model that is used to make investment decisions. We establish that this fee can be ...