scholarly journals Personal Values & Decision-Making Biases

2021 ◽  
Author(s):  
Neil Griffiths
Keyword(s):  
Decision Making ◽  
Fluid Intelligence ◽  
Personal Values ◽  
Developmental Patterns ◽  
Rational Decision Making ◽  
Circular Structure ◽  
System 2 ◽  
Genetic And Environmental Factors ◽  
And Performance ◽  
Decision Making Biases

Decision-making is understood to be influenced by genetic and environmental factors related to need, as are personal values. Personal values are a component of personality known to influence decision-making in agreement with the circular structure of the Schwartz (1992) system. We set out to explore whether personal values also exert complementary linear patterns of influence on heuristics and performance in fluid intelligence and creativity tests. Such patterns are predicted by an evolutionary theory that proposes the influence of values described by Schwartz (1992) evolve sequentially and incrementally in living systems, internalising the schema of a pre-existing system of universal equivalents. Testing N=1317 individuals with challenges derived from Kahneman and Tversky and others, we found values exerted both circular and linear influences on intuitive and rational decision-making. These were apparent in overall value/response correlation patterns, and in the performance of individuals allocated to linear, values-based, quasi-Maslowian (1943) motivational types. Performance in fluid intelligence and creativity tests most strongly betrayed linear, developmental patterns of influence. In relation to a Bayesian inference challenge, tentative support was also forthcoming for the hypothesis that those most likely to be subject to values-related conflicts would be most likely to avoid giving erroneous intuitive responses by engaging rational system 2 thinking (Stanovich & West, 2000). This suggests values may also play a role in mediating between rational and irrational systems of thinking. These findings extend our understanding of the role values play in individual decision-making, and by extension, their importance in organizational and societal decision-making.

scholarly journals A pupillary index of susceptibility to decision biases

2018 ◽  
Author(s):  
Eran Eldar ◽  
Valkyrie Felso ◽  
Jonathan D. Cohen ◽  
Yael Niv
Keyword(s):  
Decision Making ◽  
Information Processing ◽  
Information Integration ◽  
High Gain ◽  
Rational Decision Making ◽  
Brain States ◽  
The Cost ◽  
Neural Gain ◽  
Decision Making Biases

AbstractUnder what conditions do humans systematically deviate from rational decision making? Here we show that pupillary indices of low neural gain are associated with strong and consistent biases across six different extensively-studied decision making tasks, whereas indices of high gain are associated with weak or absent biases. Lower susceptibility to biases, however, comes at the cost of indecisiveness, or alternatively, prolonged deliberation time. We explain the association between low gain and strong biases as reflecting a broader information integration process that gives greater weight to weak biasing influences. The findings underscore the role of pupil-linked brain states in the generation of decision making biases.Significance“Framing effects” are demonstrations that people’s decisions can be biased by the way a decision problem is presented, and consequently, people can make decisions that violate the principles of rationality. Using a set of classic decision-making tasks, we show that pupil dilation, previously linked to levels of the neuromodulator norepinephrine and to a tradeoff between narrowly focused and broadly integrative modes of information processing, distinguishes between people who are consistently biased and people who are relatively immune to these effects. Our findings suggest that norepinephrine may drive these individual differences, and that a narrowly focused mode of information processing confers relative immunity to these decision making biases, whereas the integration of a wider range of information results in greater susceptibility.

Financial decision making among older adults: The effects of self-reported knowledge and performance on the Iowa gambling task

2009 ◽  
Author(s):  
Catherine Cole ◽  
Sara Shivapour ◽  
Dan Shivapour ◽  
Allison Kaup ◽  
Mike Hernandez ◽  
...  
Keyword(s):  
Older Adults ◽  
Decision Making ◽  
Iowa Gambling Task ◽  
Gambling Task ◽  
Financial Decision Making ◽  
Financial Decision ◽  
And Performance

Understanding Decision-Making Biases in Psychopathy: A Psychopharmacological Perspective

2011 ◽  
Author(s):  
Kimia Honarmand ◽  
Stephanie Bass ◽  
Martina-Christina Kalahani-Bargis ◽  
David S. Nussbaum
Keyword(s):  
Decision Making ◽  
Decision Making Biases

Would you Make the Right Decision? – Decision Making Biases in Economy - Related Dilemmas

2018 ◽  
Vol 9 (1) ◽  
pp. 59-66
Author(s):  
Zsuzsanna Gödör ◽  
Georgina Szabó
Keyword(s):  
Decision Making ◽  
Online Survey ◽  
Framing Effect ◽  
Economic Knowledge ◽  
Bank Account ◽  
Financial Decisions ◽  
Hungarian Population ◽  
The Moment ◽  
The Right ◽  
Decision Making Biases

Abstract As they say, money can’t buy happiness. However, the lack of it can make people’s lives much harder. From the moment we open our first bank account, we have to make lots of financial decisions in our life. Should I save some money or should I spend it? Is it a good idea to ask for a loan? How to invest my money? When we make such decisions, unfortunately we sometimes make mistakes, too. In this study, we selected seven common decision making biases - anchoring and adjustment, overconfidence, high optimism, the law of small numbers, framing effect, disposition effect and gambler’s fallacy – and tested them on the Hungarian population via an online survey. In the focus of our study was the question whether the presence of economic knowledge helps people make better decisions? The decision making biases found in literature mostly appeared in the sample as well. It proves that people do apply them when making decisions and in certain cases this could result in serious and costly errors. That’s why it would be absolutely important for people to learn about them, thus increasing their awareness and attention when making decisions. Furthermore, in our research we did find some connection between decisions and the knowledge of economics, people with some knowledge of economics opted for the better solution in bigger proportion

Renewable energy selection based on a new entropy and dissimilarity measure on an interval-valued neutrosophic set

2021 ◽  
pp. 1-18
Author(s):  
ShuoYan Chou ◽  
Truong ThiThuy Duong ◽  
Nguyen Xuan Thao
Keyword(s):  
Decision Making ◽  
Renewable Energy ◽  
Membership Function ◽  
Fossil Fuels ◽  
Multiple Criteria Decision Making ◽  
Clean Energy ◽  
Dissimilarity Measure ◽  
Neutrosophic Set ◽  
Trade Offs ◽  
And Performance

Energy plays a central part in economic development, yet alongside fossil fuels bring vast environmental impact. In recent years, renewable energy has gradually become a viable source for clean energy to alleviate and decouple with a negative connotation. Different types of renewable energy are not without trade-offs beyond costs and performance. Multiple-criteria decision-making (MCDM) has become one of the most prominent tools in making decisions with multiple conflicting criteria existing in many complex real-world problems. Information obtained for decision making may be ambiguous or uncertain. Neutrosophic is an extension of fuzzy set types with three membership functions: truth membership function, falsity membership function and indeterminacy membership function. It is a useful tool when dealing with uncertainty issues. Entropy measures the uncertainty of information under neutrosophic circumstances which can be used to identify the weights of criteria in MCDM model. Meanwhile, the dissimilarity measure is useful in dealing with the ranking of alternatives in term of distance. This article proposes to build a new entropy and dissimilarity measure as well as to construct a novel MCDM model based on them to improve the inclusiveness of the perspectives for decision making. In this paper, we also give out a case study of using this model through the process of a renewable energy selection scenario in Taiwan performed and assessed.

scholarly journals Video decision support tool promoting values conversations in advanced care planning in cancer: protocol of a randomised controlled trial

2021 ◽  
Vol 20 (1) ◽  
Author(s):  
Natasha Michael ◽  
Clare O’Callaghan ◽  
Ekavi Georgousopoulou ◽  
Adelaide Melia ◽  
Merlina Sulistio ◽  
...  
Keyword(s):  
Decision Making ◽  
Decision Support ◽  
Cancer Patients ◽  
Personal Values ◽  
Decision Support Tool ◽  
Trial Registration ◽  
Randomised Control Trial ◽  
Care Planning ◽  
Advanced Directives ◽  
Support Tool

Abstract Background Views on advance care planning (ACP) has shifted from a focus solely on treatment decisions at the end-of-life and medically orientated advanced directives to encouraging conversations on personal values and life goals, patient-caregiver communication and decision making, and family preparation. This study will evaluate the potential utility of a video decision support tool (VDST) that models values-based ACP discussions between cancer patients and their nominated caregivers to enable patients and families to achieve shared-decisions when completing ACP’s. Methods This open-label, parallel-arm, phase II randomised control trial will recruit cancer patient-caregiver dyads across a large health network. Previously used written vignettes will be converted to video vignettes using the recommended methodology. Participants will be ≥18 years and be able to complete questionnaires. Dyads will be randomised in a 1:1 ratio to a usual care (UC) or VDST group. The VDST group will watch a video of several patient-caregiver dyads communicating personal values across different cancer trajectory stages and will receive verbal and written ACP information. The UC group will receive verbal and written ACP information. Patient and caregiver data will be collected individually via an anonymous questionnaire developed for the study, pre and post the UC and VDST intervention. Our primary outcome will be ACP completion rates. Secondarily, we will compare patient-caregiver (i) attitudes towards ACP, (ii) congruence in communication, and (iii) preparation for decision-making. Conclusion We need to continue to explore innovative ways to engage cancer patients in ACP. This study will be the first VDST study to attempt to integrate values-based conversations into an ACP intervention. This pilot study’s findings will assist with further refinement of the VDST and planning for a future multisite study. Trial registration Australian New Zealand Clinical Trials Registry No: ACTRN12620001035910. Registered 12 October 2020. Retrospectively registered.

scholarly journals A Multiple Criteria Decision Making Method to Weight the Sustainability Criteria of System Selection for Surface Mining

Energies ◽  
2021 ◽  
Vol 14 (11) ◽  
pp. 3066
Author(s):  
Michał Patyk ◽  
Przemysław Bodziony ◽  
Zbigniew Krysa
Keyword(s):  
Decision Making ◽  
Performance Assessment ◽  
Multiple Criteria Decision Making ◽  
Surface Mining ◽  
Open Pit ◽  
Mining Equipment ◽  
Surface Mines ◽  
Mining Conditions ◽  
And Performance ◽  
Selection Of

Selection and assessment of mining equipment used in open pit rock mines relies chiefly on estimates of overall exploitation cost. The rational arrangement of mining equipment and systems comprising loading machines, haul trucks and crushing plants should be preceded by a thorough analysis of technical and economic aspects, such as investment outlays and the costs of further exploitation, which largely determine the costs of mining operations and the deposit value. Additionally, the operational parameters of the mining equipment ought to be considered. In this study, a universal set of evaluation criteria has been developed, and an evaluation method has been applied for the selection of surface mining equipment and the processing system to be operated in specific mining conditions, defined by the user. The objective of this study is to develop and apply the new methodology of multi-criteria selection of open pit rock mining equipment based on multiple criteria decision-making (MCDM) procedures, to enable the optimization of loading, handling and crushing processes. The methodology, underpinned by the principles of MCDM, provides the dedicated ranking procedures, including the ELECTRE III. The applied methodology allows the alternative options (variants) to be ranked accordingly. Ultimately, a more universal methodology is developed, applicable in other surface mines where geological and mining conditions are similar. It may prove particularly useful in selection and performance assessment of mining equipment and process line configurations in mining of low-quality rock deposits. Therefore, we undertook to develop universal criteria and applications for the selection and performance assessment of process machines for surface mines, taking into account environmental aspects as well as deposit quality.

Resource-rational decision making

2021 ◽  
Vol 41 ◽  
pp. 15-21
Author(s):  
Rahul Bhui ◽  
Lucy Lai ◽  
Samuel J Gershman
Keyword(s):  
Decision Making ◽  
Rational Decision ◽  
Rational Decision Making
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