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Decision Theory and Choices: a Complexity Approach

  • Conference proceedings
  • © 2010

Overview

Editors:
  1. Marisa Faggini

    1. University of Salerno Fisciano, Italy

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  2. Concetto Paolo Vinci

    1. University of Salerno Fisciano, Italy

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  • The papers collected in this volume show that economic agents, individual or aggregate, do not conform to standard economic models How a different framework - complexity theory - could help to explain and understand the choice and decision process of economic agent A descriptive approach that springing from the complexity theory tries to give a scientific basis to the way in which individuals really choose
  • Includes supplementary material: sn.pub/extras

Part of the book series: New Economic Windows (NEW)

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Table of contents (14 papers)

  1. Front Matter

    Pages i-xiv
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  3. Agent Based Models

    1. Front Matter

      Pages 65-65
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    2. A New Agent-based Tool to Build Artificial Worlds

      • Pietro Terna
      Pages 67-81

    3. Exploration Modes and Its Impact on Industry Profitability

      • Lucio Biggiero
      Pages 83-115

    4. Financial Fragility and Interacting Units: an Exercise

      • Carl Chiarella, Simone Giansante, Serena Sordi, Alessandro Vercelli
      Pages 117-126

  4. Techniques and Tools

    1. Front Matter

      Pages 127-127
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    2. Using Homogeneous Groupings in Portfolio Management

      • Jaime Gil-Aluja, Anna M. Gil-Lafuente, Jaime Gil-Lafuente
      Pages 129-145

    3. Elman Nets for Credit Risk Assessment

      • Giacomo di Tollo, Marianna Lyra
      Pages 147-167

  5. Modeling from Physics

    1. Front Matter

      Pages 169-169
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    2. From Chemical Kinetics to Models of Acquisition of Information: On the Importance of the Rate of Acquisition of Information

      • Guglielmo Monaco
      Pages 171-182

    3. Thermodynamic-like Approach to Complexity of the Financial Market (in the Light of the Present Financial Crises)

      • Andrei Khrennikov
      Pages 183-203

    4. A Physicist’s Approach to Phase Controlling Chaotic Economic Models

      • Fortunato Tito Arecchi, Riccardo Meucci, Francesco Salvadori, Dario Acampora, Kais Al Naimee
      Pages 205-210

  6. Related Issues

    1. Front Matter

      Pages 211-211
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    2. A Note on Complaints and Deprivation

      • Antonio Abatemarco
      Pages 213-219

    3. Predictability of SOC Systems. Technological Extreme Events

      • Giovanna Bimonte
      Pages 221-234

    4. Ontology Based Risk Management

      • Giancarlo Nota, Rossella Aiello, Maria Pia Di Gregorio
      Pages 235-251
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Keywords

About this book

In economics agents are assumed to choose on the basis of rational calculations aimed at the maximization of their pleasure or profit. Formally, agents are said to manifest transitive and consistent preferences in attempting to maximize their utility in the presence of several constraints. They operate according to the choice imperative: given a set of alternatives, choose the best. This imperative works well in a static and simplistic framework, but it may fail or vary when 'the best' is changing continuously. This approach has been questioned by a descriptive approach that springing from the complexity theory tries to give a scientific basis to the way in which individuals really choose, showing that those models of human nature is routinely falsified by experiments since people are neither selfish nor rational. Thus inductive rules of thumb are usually implemented in order to make decisions in the presence of incomplete and heterogeneous information sets.

Editors and Affiliations

  • University of Salerno Fisciano, Italy

    Marisa Faggini, Concetto Paolo Vinci

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