Escaping from Bad Decisions: A Behavioral Decision-Theoretic Perspective

Escaping from Bad Decisions: A Behavioral Decision-Theoretic Perspective presents a modern, conceptual and mathematical framework that explains how decision-making under certainty, risk and uncertainty can be better understood and theoretically explained. In addition, the book provides a critical examination of psychological models in multi-attribute decision-making and evaluates and defines the constitutive elements of "good decisions" and "bad decisions." By defining ordinal utility theory relating to multi-attribute decision-making, this book re-interprets the rationality of multi-attribute decision-making based on Arrow's general possibility theorem. This book will be ideal for graduate students and early career researchers in economics, decision theory and cognitive science.

• Provides a comprehensive background to the phenomena of bad decisions, considered in their economic, psychological and cognitive aspects
• Reinterprets existing theories and phenomena and proposes a new overview of decision behaviors by integrating mathematical and psychological perspectives
• Adapts model-based techniques, such as mathematical model based functional magnetic resonance imaging (fMRI) using mathematical models of the decision process