What is the price of utilizing deductive reasoning? A reply to generalized expectation maximizers
Paul S. Carlin's argument that the maximization principle can never be questioned is an indication of the attitude of most maximization principle believers. They believe that decision making in a risky environment is always based on selecting the best from several choices. However, the successful generation of a function which is maximized can never prove that the maximizing assumption is true in the first place. It is possible that people may be contented with a choice which is good enough and not necessarily the best.
Publication Name: Journal of Economic Behavior & Organization
Participation and the location of decision making in the firm
A study was conducted to analyze identification of the optimal level in the authority structure of a company at which a given decision is made. The firm was assumed to support more than one decision maker. The analysis was based on the Condorcet Jury theorem and its proof. The premise that the optimal decision making level is biased away from the level at which the probability of correctness is highest was also examined.
Publication Name: Journal of Comparative Economics
Uncertain lifetime and intertemporal choice: risk aversion as a rationale for time discounting
A study evaluates life cycle models to examine whether time discounting affects the length of life. The intertemporal choice in decision making is discussed.
Publication Name: International Economic Review
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