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Decision Economics: In the Tradition of Herbert A. Simon's Heritage: Distributed Computing and Artificial Intelligence, 14th International Conference

Edited by Edgardo Bucciarelli, Edited by Shu-Heng Chen, Edited by Juan M. Corchado

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Price: R 3 890.95

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| book description |

The special session on Decision Economics (DECON) is a scientific forum held annually and intended to share ideas, projects, research results, models and experiences associated with the complexity of behavioural decision processes and socioâ€economic phenomena. DECON 2017 was held at the Polytechnic of Porto, ISEP, Portugal, as part of the 14th International Conference on Distributed Computing and Artificial Intelligence. Â For the second consecutive year, the Editors of this book have drawn inspiration from Herbert A. Simonâ€™s immense body of work and argue that Simon precipitated something akin to a revolution in microeconomics focused on the concept of decisionâ€making. Further, it is worth noting that the recognition of relevant decisionâ€making takes place in a range of critical subject areas and research fields, including economics, finance, information systems, small and international business management, operations, and production. Therefore, decisionâ€making issues are of fundamental importance in all branches of economics addressed both deductively and inductively.Â Not surprisingly, the study of decisionâ€making has seen growing empirical research efforts in the economic literature over the last sixty years and, more recently, a variety of insightful cuttingâ€edge experimental, behavioural and computational approaches. Additionally, the awareness regarding generalizations and reductions to express economic concepts has led, on the one hand, to an increasing risk of spreading the language of mathematics as a rhetorical tool and, on the other hand, to an oversimplification and overlooking of some crucial details, especially when it comes to human decisions and, hence, economic behaviour. That awareness, however, has helped toproduce an extraordinary volume of empirical research aimed at discovering how economic agents cope with complex decisions.Â In this sense, the international scientific community acknowledges Herbert A. Simonâ€™s research endeavours to understand the processes involved in economic decisionâ€making and their implications for the advancement of economic professions. Within the field of decisionâ€making, indeed, Simonâ€™s rejection of the standard decisionâ€making models used in neoclassical economics inspired social scientists worldwide to develop research programmes in order to study decisionâ€making empirically. The main achievements concern decisionâ€making for individuals, firms, markets, governments, institutions, and, last but not least, science and research.