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Patterns, methods and algorithms for decision-making

In: Decisions, Preferences, and Heuristics

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Abstract

This chapter describes the three major patterns of economic decision-making, i.e., heuristics, deliberation, and the transfer of decisional power, as well as their multiple algorithms, which are studied in detail. There are two further sections: one on the comparative effectiveness of heuristic algorithms versus rational computational methods, and the one on people’s understanding of probabilistic phenomena.

Suggested Citation

  • ., 2023. "Patterns, methods and algorithms for decision-making," Chapters, in: Decisions, Preferences, and Heuristics, chapter 5, pages 152-229, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:22480_5
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035315277.00009
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    Cited by:

    1. Vogl, Markus & Kojić, Milena & Mitić, Petar, 2024. "Dynamics of green and conventional bond markets: Evidence from the generalized chaos analysis," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 633(C).

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    Keywords

    Economics and Finance;

    Statistics

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