|
Preferential Electoral Systems
In psychology, economics and philosophy, preference is a technical term usually used in relation to choosing between wikt:alternative, alternatives. For example, someone prefers A over B if they would rather choose A than B. Preferences are central to decision theory because of this relation to behavior. Some methods such as Ordinal Priority Approach use preference relation for decision-making. As connative states, they are closely related to desires. The difference between the two is that desires are directed at one object while preferences concern a comparison between two alternatives, of which one is preferred to the other. In insolvency, the term is used to determine which outstanding obligation the insolvent party has to settle first. Psychology In psychology, preferences refer to an individual's attitude towards a set of objects, typically reflected in an explicit decision-making process. The term is also used to mean evaluative judgment in the sense of liking or disliking ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Psychology
Psychology is the scientific study of mind and behavior. Its subject matter includes the behavior of humans and nonhumans, both consciousness, conscious and Unconscious mind, unconscious phenomena, and mental processes such as thoughts, feelings, and motivation, motives. Psychology is an academic discipline of immense scope, crossing the boundaries between the Natural science, natural and social sciences. Biological psychologists seek an understanding of the Emergence, emergent properties of brains, linking the discipline to neuroscience. As social scientists, psychologists aim to understand the behavior of individuals and groups.Hockenbury & Hockenbury. Psychology. Worth Publishers, 2010. A professional practitioner or researcher involved in the discipline is called a psychologist. Some psychologists can also be classified as Behavioural sciences, behavioral or Cognitive science, cognitive scientists. Some psychologists attempt to understand the role of mental functions in i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Transitive Relation
In mathematics, a binary relation on a set (mathematics), set is transitive if, for all elements , , in , whenever relates to and to , then also relates to . Every partial order and every equivalence relation is transitive. For example, less than and equality (mathematics), equality among real numbers are both transitive: If and then ; and if and then . Definition A homogeneous relation on the set is a ''transitive relation'' if, :for all , if and , then . Or in terms of first-order logic: :\forall a,b,c \in X: (aRb \wedge bRc) \Rightarrow aRc, where is the infix notation for . Examples As a non-mathematical example, the relation "is an ancestor of" is transitive. For example, if Amy is an ancestor of Becky, and Becky is an ancestor of Carrie, then Amy is also an ancestor of Carrie. On the other hand, "is the birth mother of" is not a transitive relation, because if Alice is the birth mother of Brenda, and Brenda is the birth mother of Claire, then it does ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Biases
Bias is a disproportionate weight ''in favor of'' or ''against'' an idea or thing, usually in a way that is inaccurate, closed-minded, prejudicial, or unfair. Biases can be innate or learned. People may develop biases for or against an individual, a group, or a belief. In science and engineering, a bias is a systematic error. Statistical bias results from an unfair sampling of a population, or from an estimation process that does not give accurate results on average. Etymology The word appears to derive from Old Provençal into Old French ''biais'', "sideways, askance, against the grain". Whence comes French ''biais'', "a slant, a slope, an oblique". It seems to have entered English via the game of bowls">English (language)">English via the game of bowls, where it referred to balls made with a greater weight on one side. Which expanded to the figurative use, "a one-sided tendency of the mind", and, at first especially in law, "undue propensity or prejudice". or ballast, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Heuristics
A heuristic or heuristic technique (''problem solving'', '' mental shortcut'', ''rule of thumb'') is any approach to problem solving that employs a pragmatic method that is not fully optimized, perfected, or rationalized, but is nevertheless "good enough" as an approximation or attribute substitution. Where finding an optimal solution is impossible or impractical, heuristic methods can be used to speed up the process of finding a satisfactory solution. Heuristics can be mental shortcuts that ease the cognitive load of making a decision. Context Gigerenzer & Gaissmaier (2011) state that sub-sets of ''strategy'' include heuristics, regression analysis, and Bayesian inference. Heuristics are strategies based on rules to generate optimal decisions, like the anchoring effect and utility maximization problem. These strategies depend on using readily accessible, though loosely applicable, information to control problem solving in human beings, machines and abstrac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Behavioural Economics
Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, social) factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economic theory. Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory. Behavioral economics began as a distinct field of study in the 1970s and 1980s, but can be traced back to 18th-century economists, such as Adam Smith, who deliberated how the economic behavior of individuals could be influenced by their desires. The status of behavioral economics as a subfield of economics is a fairly recent development; the breakthroughs that laid the foundation for it were published through the last three decades of the 20th century. Behavioral economics is still growing as a field, being used increasingly in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neoclassical Economists
Neoclassical economics is an approach to economics in which the production, consumption, and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a good or service is determined through a hypothetical maximization of utility by income-constrained individuals and of profits by firms facing production costs and employing available information and factors of production. This approach has often been justified by appealing to rational choice theory. Neoclassical economics is the dominant approach to microeconomics and, together with Keynesian economics, formed the neoclassical synthesis which dominated mainstream economics as "neo-Keynesian economics" from the 1950s onward. Classification The term was originally introduced by Thorstein Veblen in his 1900 article "Preconceptions of Economic Science", in which he related marginalists in the tradition of Alfred Marshall ''et al.'' to those ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Andranik Tangian
Andranik Semovich Tangian (Melik-Tangyan) (Russian: Андраник Семович Тангян (Мелик-Тангян)); born March 29, 1952) is a Soviet Armenian-German mathematician, political economist and music theorist. He is professor of the Institute for Economics (ECON) of the Karlsruhe Institute of Technology. Biography As a self-taught composer, he debuted with orchestral music to the play ''The Last Trimester'' at the Moscow in 1977. Tangian spent the academic year 1990/91 at the University of Hagen and published his first monograph on the mathematical theory of democracy in 1991. During the next two academic years, Tangian has been visiting professor/researcher at the computer music studio ACROE–LIFIA of the Grenoble Institute of Technology, where he wrote a monograph on artificial perception and music. From 1993 to 2002 Tangian ran a project on constructing objective functions for econometric decision models at the University of Hagen. Works Mathematica ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gérard Debreu
Gérard Debreu (; 4 July 1921 – 31 December 2004) was a French-born economist and mathematician. Best known as a professor of economics at the University of California, Berkeley, where he began work in 1962, he won the 1983 Nobel Memorial Prize in Economic Sciences. Biography His father was the business partner of his maternal grandfather in lace manufacturing, a traditional industry in Calais. Debreu was orphaned at an early age, as his father committed suicide and his mother died of natural causes. Prior to the start of World War II, he received his baccalauréat and went to Ambert to begin preparing for the entrance examination of a grande école. Later on, he moved from Ambert to Grenoble to complete his preparation, both places being in Vichy France during World War II. In 1941, he was admitted to the École Normale Supérieure in Paris, along with Marcel Boiteux. He was influenced by Henri Cartan and the Bourbaki writers. When he was about to take the final examinati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Axiom
An axiom, postulate, or assumption is a statement that is taken to be true, to serve as a premise or starting point for further reasoning and arguments. The word comes from the Ancient Greek word (), meaning 'that which is thought worthy or fit' or 'that which commends itself as evident'. The precise definition varies across fields of study. In classic philosophy, an axiom is a statement that is so evident or well-established, that it is accepted without controversy or question. In modern logic, an axiom is a premise or starting point for reasoning. In mathematics, an ''axiom'' may be a " logical axiom" or a " non-logical axiom". Logical axioms are taken to be true within the system of logic they define and are often shown in symbolic form (e.g., (''A'' and ''B'') implies ''A''), while non-logical axioms are substantive assertions about the elements of the domain of a specific mathematical theory, for example ''a'' + 0 = ''a'' in integer arithmetic. N ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oskar Morgenstern
Oskar Morgenstern (; January 24, 1902 – July 26, 1977) was a German-born economist. In collaboration with mathematician John von Neumann, he is credited with founding the field of game theory and its application to social sciences and strategic decision-making. He also made significant contributions to decision theory (see von Neumann–Morgenstern utility theorem). He served as a consultant or co-founder for companies including the Market Research Corporation of America and the original Mathematica Inc. Biography Morgenstern was born in Görlitz in the Prussian Province of Silesia. His mother was rumored to be a daughter of Emperor Frederick III. Morgenstern grew up in Vienna, Austria, where he attended university. In 1925, he graduated from the University of Vienna with a PhD in political science. From 1925 to 1928, he undertook a three-year fellowship financed by the Rockefeller Foundation. After his return in 1928, he became a professor of economics at the Unive ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Von Neumann
John von Neumann ( ; ; December 28, 1903 – February 8, 1957) was a Hungarian and American mathematician, physicist, computer scientist and engineer. Von Neumann had perhaps the widest coverage of any mathematician of his time, integrating Basic research, pure and Applied science#Applied research, applied sciences and making major contributions to many fields, including mathematics, physics, economics, computing, and statistics. He was a pioneer in building the mathematical framework of quantum physics, in the development of functional analysis, and in game theory, introducing or codifying concepts including Cellular automaton, cellular automata, the Von Neumann universal constructor, universal constructor and the Computer, digital computer. His analysis of the structure of self-replication preceded the discovery of the structure of DNA. During World War II, von Neumann worked on the Manhattan Project. He developed the mathematical models behind the explosive lense ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Expected Utility Hypothesis
The expected utility hypothesis is a foundational assumption in mathematical economics concerning decision making under uncertainty. It postulates that rational agents maximize utility, meaning the subjective desirability of their actions. Rational choice theory, a cornerstone of microeconomics, builds this postulate to model aggregate social behaviour. The expected utility hypothesis states an agent chooses between risky prospects by comparing expected utility values (i.e., the weighted sum of adding the respective utility values of payoffs multiplied by their probabilities). The summarised formula for expected utility is U(p)=\sum u(x_k)p_k where p_k is the probability that outcome indexed by k with payoff x_k is realized, and function ''u'' expresses the utility of each respective payoff. Graphically the curvature of the u function captures the agent's risk attitude. For example, imagine you’re offered a choice between receiving $50 for sure, or flipping a coin to win $100 i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
