Number of the records: 1
Ambiguity effect: decision-making influenced by lack of information
- 1.
SYSNO ASEP 0547793 Document Type C - Proceedings Paper (int. conf.) R&D Document Type Conference Paper Title Ambiguity effect: decision-making influenced by lack of information Author(s) Jiroušek, Radim (UTIA-B) ORCID
Kratochvíl, Václav (UTIA-B) RID, ORCIDNumber of authors 2 Article number 9584706 Source Title 2021 IEEE International Conference on Technology and Entrepreneurship (ICTE). - Piscataway : IEEE, 2021 - ISBN 978-1-6654-3895-7 Number of pages 6 s. Publication form Online - E Action International Conference on Technology and Entrepreneurship 2021 Event date 24.08.2021 - 27.08.2021 VEvent location Kaunas Country LT - Lithuania Event type WRD Language eng - English Country US - United States Keywords decision making ; ambiguity ; belief function ; subjective characteristics Subject RIV BD - Theory of Information OECD category Statistics and probability Institutional support UTIA-B - RVO:67985556 DOI https://doi.org/10.1109/ICTE51655.2021.9584706 Annotation Quite often, the best human decision-makers outperform computer-aided decision systems. It is not only because humans can take into account faint pieces of information that cannot be formalized but also that they occasionally behave intuitively, which can hardly be incorporated into a formal optimization criterion. Therefore, mathematicians enhance their decision models to make their behavior similar to that of human decision-makers. They fit decision models up with different parameters controlling the optimality of the considered decision. From this point of view, the simplest and perhaps the most popular is the Hurwitz coefficient of pessimism controlling whether the decision process tends to expect more the best or the worst outcome. In this paper, we design a model with a parameter controlling the strength of ambiguity aversion of the resulting decision process. Workplace Institute of Information Theory and Automation Contact Markéta Votavová, votavova@utia.cas.cz, Tel.: 266 052 201. Year of Publishing 2022
Number of the records: 1