Functional Representation of the Intentional Bounded Rationality of Decision-Makers: A Laboratory to Study the Decisions a Priori

Saenz-Royo, Carlos (Universidad de Zaragoza) ; Chiclana, Francisco ; Herrera-Viedma, Enrique

Resumen: The judgments of decision-makers are frequently the best way to process the information on complex alternatives. However, the performances of the alternatives are often not observable in their entirety, which prevents researchers from conducting controlled empirical studies. This paper justifies a functional representation that, due to its good predictive results, has been widely used ad hoc in studies in different branches of knowledge; it formalizes aspects of the human mental structure that influence the ability of people to decide and the intentional bounded rationality, and it subsequently analyzes how the reliability of decision-makers is affected by the difficulty of the problem and the expertise and beliefs of the decision-maker. The main research objective of this paper is to derive explicitly a general functional form that represents the behavior of a decision-maker linked to their way of thinking. This functional form allows a laboratory to be created to study a priori the performance of human decisions, i.e., the probability of choosing each of the alternatives, once the returns of the alternatives, the level of expertise, and the initial beliefs of the decision-maker are known exogenously. This laboratory will allow (1) the evaluation of decision support techniques; (2) the creation of agent-based models that anticipate group performances due to individual interactions; and (3) the development of other investigations based on statistical simulations.

Idioma: Inglés

DOI: 10.3390/math10050739

Año: 2022

Publicado en: Mathematics 10, 5 (2022), 739 [17 pp]
ISSN: 2227-7390

Factor impacto JCR: 2.4 (2022)

Categ. JCR: MATHEMATICS rank: 23 / 329 = 0.07 (2022) - Q1 - T1

Factor impacto CITESCORE: 3.5 - Engineering (Q2) - Mathematics (Q1) - Computer Science (Q2)

Factor impacto SCIMAGO: 0.446 - Computer Science (miscellaneous) (Q2) - Mathematics (miscellaneous) (Q2) - Engineering (miscellaneous) (Q2)

Financiación: info:eu-repo/grantAgreement/ES/AEI/PID2019-10380RB-I00
Financiación: info:eu-repo/grantAgreement/ES/MICINN/MTM2016-77642-C2-2-P
Financiación: info:eu-repo/grantAgreement/ES/MINECO/ECO2013-48496-C4-3-R

Tipo y forma: Article (Published version)

Área (Departamento): Área Organización de Empresas (Dpto. Direcc.Organiza.Empresas)