We take institutions seriously as both a rational response to dilemmas in which agents found themselves and a frame to which later rational agents adapted their behaviour in turn. Medieval corporate bodies knew that they needed choice procedures. Although the social choice advances of ancient Greece and Rome were not rediscovered until the high middle ages, the rational design of choice institu...

Before signing electronic contracts, a rational agent should estimate the expected utilities of these contracts and calculate the violation risks related to them. In order to perform such pre-signing procedures, this agent has to be capable of computing a policy taking into account the norms and sanctions in the contracts. In relation to this, the contribution of this work is threefold. First, ...

Simulations have become a great tool for research in the natural sciences. However their potential has not been reached in the social sciences. This is in part due to the difficulty in simulating human decision making. Recent advances in neo-classical decision making have defined specific differences between the decision making capabilities of rational agents and humans as well as speculations ...

Proper selection of material in manufacturing firms is a vital role of designer depending upon the different era of application. The material selection problem is very complex and challenging task today. Erroneous cull of material frequently leads to astronomically immense cost involution, and finally drives towards unfortunate component or product breakdown. Thus, the designer necessitates dis...