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Smart Economic Decision Making In A Complex World

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Smart Economic Decision Making in a Complex World

Smart Economic Decision Making in a Complex World Book
Author : Morris Altman
Publisher : Academic Press
Release : 2020-06-09
ISBN : 0128114614
Language : En, Es, Fr & De

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Book Description :

Smart Economic Decision-Making in a Complex World is a fresh and reality-based perspective on decision-making with significant implications for analysis, self-understanding and policy. The book examines the conditions under which smart people generate outcomes that improve their place of work, their household and society. Within this work, the curious reader will find interesting open questions on many fascinating areas of current economic debate, including, the role of realistic assumptions robust model building, understanding how and when non-neoclassical behavior is best practice, why the assumption of smart decision-makers is best to understand and explain our economies and societies, and under what conditions individuals can make the best possible choices for themselves and society at large. Additional sections cover when and how efficiency is achieved, why inefficiencies can persist, when and how consumer welfare is maximized, and what benchmarks should be used to determine efficiency and rationality. Makes the case for 'smart and rational' decision-making as a context-dependent rational process that is framed by socio-cultural environment and conditioned by institutional capacities Explains how incorporation of the 'smart' decision-maker concept into economic thought improves our understanding of how, why and when people generate certain outcomes Explores how economic efficiency can be achieved, individual preferences realized, and social welfare maximized through the use of 'smart and rational' approaches

Eyes Wide Open

Eyes Wide Open Book
Author : Noreena Hertz
Publisher : Harper Collins
Release : 2013-09-24
ISBN : 0062268635
Language : En, Es, Fr & De

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Book Description :

Eyes Wide Open: How to Make Smart Decisions in a Confusing World is Noreena Hertz’s practical, cutting-edge guide to help you cut through the data deluge and make smarter and better choices, based on her highly popular TED talk. In this eye-opening handbook, the internationally noted speaker, economics expert, and bestselling author of IOU: The Debt Threat and Silent Takeover reveals the extent to which the biggest decisions in our lives are often made on the basis of flawed information, weak assumptions, corrupted data, insufficient scrutiny of others, and a lack of self-knowledge. To avert such disasters, Hertz persuasively argues, we need to become empowered decision-makers, capable of making high-stakes choices and holding accountable those who advise us. In Eyes Wide Open, she weaves together scientific research with real-world examples from Hollywood to Harry Potter, NASA to World War Two spies, to construct a path to more astute and empowered decision-making in ten clear steps. With a razor-sharp intellect and an instinct for popular storytelling, she offers counter-intuitive, actionable guidance for making better choices—whether you are a business-person, a professional, a patient, or a parent.

Managerial Economics

Managerial Economics Book
Author : Lila J. Truett,Dale B. Truett
Publisher : Wiley
Release : 2003-07-16
ISBN : 9780471444664
Language : En, Es, Fr & De

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Book Description :

Truett and Truett's Eighth Edition shows how to use economic analysis to solve problems and make effective decisions in the complex world of business. The highly successful problem-solving approach, clear and accurate presentation of economic theory, and outstanding cases combine to make the best presentation of managerial economics yet. * Walks readers step by step through specific types of problems, including elasticity calculations, cost minimization, and profit maximization. * Shows how real-world firms have addressed issues discussed in the book. * Emphasizes the global aspects of managerial economics and its application in the international marketplace.

Simple Heuristics that Make Us Smart

Simple Heuristics that Make Us Smart Book
Author : Gerd Gigerenzer,Peter M. Todd,ABC Research Group
Publisher : Oxford University Press
Release : 2000-10-12
ISBN : 0190286768
Language : En, Es, Fr & De

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Book Description :

Simple Heuristics That Make Us Smart invites readers to embark on a new journey into a land of rationality that differs from the familiar territory of cognitive science and economics. Traditional views of rationality tend to see decision makers as possessing superhuman powers of reason, limitless knowledge, and all of eternity in which to ponder choices. To understand decisions in the real world, we need a different, more psychologically plausible notion of rationality, and this book provides it. It is about fast and frugal heuristics--simple rules for making decisions when time is pressing and deep thought an unaffordable luxury. These heuristics can enable both living organisms and artificial systems to make smart choices, classifications, and predictions by employing bounded rationality. But when and how can such fast and frugal heuristics work? Can judgments based simply on one good reason be as accurate as those based on many reasons? Could less knowledge even lead to systematically better predictions than more knowledge? Simple Heuristics explores these questions, developing computational models of heuristics and testing them through experiments and analyses. It shows how fast and frugal heuristics can produce adaptive decisions in situations as varied as choosing a mate, dividing resources among offspring, predicting high school drop out rates, and playing the stock market. As an interdisciplinary work that is both useful and engaging, this book will appeal to a wide audience. It is ideal for researchers in cognitive psychology, evolutionary psychology, and cognitive science, as well as in economics and artificial intelligence. It will also inspire anyone interested in simply making good decisions.

The Decision Maker s Playbook

The Decision Maker s Playbook Book
Author : Simon Mueller,Julia Dhar
Publisher : Pearson UK
Release : 2019
ISBN : 1292129360
Language : En, Es, Fr & De

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Book Description :

Download The Decision Maker s Playbook book written by Simon Mueller,Julia Dhar, available in PDF, EPUB, and Kindle, or read full book online anywhere and anytime. Compatible with any devices.

Smart Decisions in Complex Systems

Smart Decisions in Complex Systems Book
Author : Pierre Massotte,Patrick Corsi
Publisher : John Wiley & Sons
Release : 2017-07-17
ISBN : 1786301105
Language : En, Es, Fr & De

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Book Description :

Faced with ever-increasing complexity on a daily basis, the decision-makers of today are struggling to find the appropriate models, methods and tools to face the issues arising in complex systems across all levels of global operations. Having, in the past, resorted to outdated approaches which limit problem-solving to linear world views, we must now capitalize on complexities in order to succeed and progress in our society. This book provides a guide to harnessing the wealth inherent to complex systems. It organizes the transition to complex decision-making in all business spheres while providing many examples in various application domains. The authors offer fresh developments for understanding and mastering the global “uberization” of the economy, the post-modern management of computer-assisted production and the rise of cognitive robotics science applications.

Market Engineering

Market Engineering Book
Author : Henner Gimpel,Jan Krämer,Dirk Neumann,Jella Pfeiffer,Stefan Seifert,Timm Teubner,Daniel J. Veit,Anke Weidlich
Publisher : Springer Nature
Release : 2021
ISBN : 3030666611
Language : En, Es, Fr & De

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Book Description :

This open access book provides a broad range of insights on market engineering and information management. It covers topics like auctions, stock markets, electricity markets, the sharing economy, information and emotions in markets, smart decision-making in cities and other systems, and methodological approaches to conceptual modeling and taxonomy development. Overall, this book is a source of inspiration for everybody working on the vision of advancing the science of engineering markets and managing information for contributing to a bright, sustainable, digital world. Markets are powerful and extremely efficient mechanisms for coordinating individuals' and organizations' behavior in a complex, networked economy. Thus, designing, monitoring, and regulating markets is an essential task of today’s society. This task does not only derive from a purely economic point of view. Leveraging market forces can also help to tackle pressing social and environmental challenges. Moreover, markets process, generate, and reveal information. This information is a production factor and a valuable economic asset. In an increasingly digital world, it is more essential than ever to understand the life cycle of information from its creation and distribution to its use. Both markets and the flow of information should not arbitrarily emerge and develop based on individual, profit-driven actors. Instead, they should be engineered to serve best the whole society’s goals. This motivation drives the research fields of market engineering and information management. With this book, the editors and authors honor Professor Dr. Christof Weinhardt for his enormous and ongoing contribution to market engineering and information management research and practice. It was presented to him on the occasion of his sixtieth birthday in April 2021. Thank you very much, Christof, for so many years of cooperation, support, inspiration, and friendship.

Managerial Economics Study Guide

Managerial Economics  Study Guide Book
Author : William F. Samuelson,Stephen G. Marks
Publisher : Wiley
Release : 2006-03-03
ISBN : 9780471718345
Language : En, Es, Fr & De

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Book Description :

The right tools to guide real decisions When you're climbing a mountain, you have to carefully consider every step if you want to reach your goal. You need to know how your tools will actually perform on the mountain. It also helps to have a trusted guide who knows the way. The same holds true in today's highly competitive, global business environments. The decisions managers make are more complex and critical than ever before. You need to understand how to use economic analysis techniques to make real business decisions. When it comes to making real-life decisions based on sound economic analysis, there is no better guide than Samuelson and & Marks's Managerial Economics, 5th Edition. Featuring many detailed, real-world examples, as well as strong coverage of decision making under uncertainty, game theory, and international topics, this practical text equips you with the right tools you need to make smart decisions. New in the Fifth Edition * Updated and revised chapters on making decisions under uncertainty (Chapters 8 and 9). * New discussions of behavioral economics, including such issues as bounded rationality, sunk-cost fallacies, decision-making heuristics and biases, and the winner's curse. * Updated and expanded coverage of corporate incentives and governance. * Incorporates new developments in the areas of technological change, network economies, and internet economics. * Updated applications and revised end-of-chapter problems.

Simple Rules

Simple Rules Book
Author : Donald Sull,Kathleen M. Eisenhardt
Publisher : Houghton Mifflin Harcourt
Release : 2015
ISBN : 0544409906
Language : En, Es, Fr & De

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Book Description :

Outlines an approach to high-performance problem-solving and decision-making that draws on insights from survival guides, pop culture and other sources. Co-written by the award-winning author of The Upside of Turbulence. 75,000 first printing.

Learn Systems Thinking

Learn Systems Thinking Book
Author : Wallace Wright
Publisher : Unknown
Release : 2019-08-06
ISBN : 9781088509913
Language : En, Es, Fr & De

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Book Description :

The challenges of the 21st century - from humanitarian to economic to environmental-demand new ways of thinking and more complex, flexible ways of acting. We no longer live in a disconnected world, due to the advances in technology and travel; a globalized world and economy require different approaches. "Systems thinking" is a highly developed and influential way of looking at the myriad and complicated interactions between humans, institutions, and natural processes.This book will help you understand the basics of systems thinking while providing you with the motivation to apply these tenants to your professional and personal life. From a thorough grounding in its basic principles to examples of how systems thinking works in real-time situations, the lessons and suggestions herein will guide you through the basic tenants, such as interconnectedness, synthesis, emergence, feedback loops, causality, and systems mapping. Move past the traditional forms of linear, mechanistic thinking to a more complex and dynamic way to solve problems, plan strategically, and make smarter decisions.Some of the specific material you will encounter in this book includes: An overall understanding of systems thinking and how each basic tenant leads to a greater understanding of this new approach to professional and personal success A detailed understanding of the archetypes that are identified within systems thinking, such as drifting goals and success to the successful, and how to utilize those archetypes in developing plans Chapters on how to specifically cultivate problem-solving skills, strategic planning, and forward-thinking decision making An understanding of mental modes and how we use them and how to change them to incorporate into our larger vision for the future A pragmatic guide to achieving success within a complex and dynamic world that requires new and original ways of thinking about how we interact with others and with systems themselves Whether you implement the practices of systems thinking within an organization or in your own interactions with the world, you will find it to be a dynamic and creative way to confront whatever challenges stand before you. The world in which we live isn't static; therefore, our responses to problem-solving and making smart decisions must also be active and engaged. Employing the new tools proposed by systems thinking will assist us cultivating this kind of adaptive and responsive skill set. Systems thinking encourages us to think in a three dimensional way and learning the terms and tools of this new approach to business, and the world can assist us in solving the complex problems that we face, as well as encourage us to plan well and make smarter decisions for our future.

Decision Making Applications in Modern Power Systems

Decision Making Applications in Modern Power Systems Book
Author : Shady H.E. Abdel Aleem,Almoataz Youssef Abdelaziz,Ahmed F. Zobaa,Ramesh Bansal
Publisher : Academic Press
Release : 2019-09-21
ISBN : 0128166266
Language : En, Es, Fr & De

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Book Description :

Decision Making Applications in Modern Power Systems presents an enhanced decision-making framework for power systems. Designed as an introduction to enhanced electricity system analysis using decision-making tools, it provides an overview of the different elements, levels and actors involved within an integrated framework for decision-making in the power sector. In addition, it presents a state-of-play on current energy systems, strategies, alternatives, viewpoints and priorities in support of decision-making in the electric power sector, including discussions of energy storage and smart grids. As a practical training guide on theoretical developments and the application of advanced methods for practical electrical energy engineering problems, this reference is ideal for use in establishing medium-term and long-term strategic plans for the electric power and energy sectors. Provides panoramic coverage of state-of-the-art energy systems, strategies and priorities in support of electrical power decision-making Introduces innovative research outcomes, programs, algorithms and approaches to address challenges in understanding, creating and managing complex techno-socio-economic engineering systems Includes practical training on theoretical developments and the application of advanced methods for realistic electrical energy engineering problems

The Fourth Industrial Revolution

The Fourth Industrial Revolution Book
Author : Klaus Schwab
Publisher : Currency
Release : 2017-01-03
ISBN : 1524758868
Language : En, Es, Fr & De

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Book Description :

World-renowned economist Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, explains that we have an opportunity to shape the fourth industrial revolu­tion, which will fundamentally alter how we live and work. Schwab argues that this revolution is different in scale, scope and complexity from any that have come before. Characterized by a range of new technologies that are fusing the physical, digital and biological worlds, the developments are affecting all disciplines, economies, industries and governments, and even challenging ideas about what it means to be human. Artificial intelligence is already all around us, from supercomputers, drones and virtual assistants to 3D printing, DNA sequencing, smart thermostats, wear­able sensors and microchips smaller than a grain of sand. But this is just the beginning: nanomaterials 200 times stronger than steel and a million times thinner than a strand of hair and the first transplant of a 3D printed liver are already in development. Imagine “smart factories” in which global systems of manu­facturing are coordinated virtually, or implantable mobile phones made of biosynthetic materials. The fourth industrial revolution, says Schwab, is more significant, and its ramifications more profound, than in any prior period of human history. He outlines the key technologies driving this revolution and discusses the major impacts expected on government, business, civil society and individu­als. Schwab also offers bold ideas on how to harness these changes and shape a better future—one in which technology empowers people rather than replaces them; progress serves society rather than disrupts it; and in which innovators respect moral and ethical boundaries rather than cross them. We all have the opportunity to contribute to developing new frame­works that advance progress.

Advances in Behavioral Economics and Finance Leadership

Advances in Behavioral Economics and Finance Leadership Book
Author : Julia Puaschunder
Publisher : Springer Nature
Release : 2022-11-22
ISBN : 3031157109
Language : En, Es, Fr & De

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Book Description :

This book explores human decision-making heuristics. The monograph studies how nudging and winking can help citizens to make rational choices and governments to create choice architectures that aid in stabilizing markets and flourishing society. By applying the behavioral economics approach to political outcomes, it demonstrates how economics can be employed for personal benefits but also foster the greater societal good. A review of the current literature on human decision-making advantages and failures in Europe and North America opens the book. A wide range of nudges and winks is presented that aid to curb the harmful consequences of human decision-making fallibility. Awareness of mental heuristics and biases in the finance domain is strengthened in order to understand how to nudge people to benefit from economic markets but also help governments to stabilize economies in providing strategic market communication. The author also proposes concrete leadership and followership directives on nudging in the digital age. This book appeals to scholars and policy makers interested in rational decision-making. The behavioral perspective features the strategic use of nudging and winking in the digital age. The second revised and expanded edition offers the newest insights on behavioral e-Economics and the latest developments regarding the COVID-19 pandemic. It covers topics such as the role of social media in finance and discrimination in searchplace competition. It also offers new insights on strategic leadership and smart followership directives to successfully navigate through complex and fast-paced e-architectures.

Tackling Complexity

Tackling Complexity Book
Author : Gilbert Probst,Andrea Bassi
Publisher : Routledge
Release : 2017-09-08
ISBN : 1351287621
Language : En, Es, Fr & De

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Book Description :

Our socio-economic systems continue to grow and evolve. We need to acknowledge that, consequently, our decisions often fail – they are ineffective and create unexpected side effects. The speed of execution is increasing constantly and markets and systems respond almost immediately, making decision-making challenging. There is little or no room for failure.This important new book analyses real world strategy and policy challenges, addressing the interconnectedness of the markets/systems we live in. It provides a step-by-step approach using systems thinking to solve complex problems in socio-political as well as business environment. It proposes a technique with which to better understand the problems and the context in which they arise, and tools to directly inform each step of the decision-making process. The book explores the main innovation that systemic thinking introduces – the emphasis on defining the problem creating system, which is made up of interacting parts, rather than prioritizing events that need immediate fixing.The case studies, examples and the approach proposed can be used to better understand reality and its complexity, and to integrate stakeholders for a better solution. Practically, it can be used to identify problems, analyse their boundaries, design interventions, forecast and measure their expected impacts, implement them and monitor and evaluate their success/failure. The book touches upon global issues related to policy making and strategic management, as well as issues related to sustainable development for both the public and private sector.

Managerial Economics

Managerial Economics Book
Author : William F. Samuelson,Stephen G. Marks
Publisher : Wiley
Release : 2005-12-16
ISBN : 9780471663621
Language : En, Es, Fr & De

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Book Description :

The right tools to guide real decisions When you're climbing a mountain, you have to carefully consider every step if you want to reach your goal. You need to know how your tools will actually perform on the mountain. It also helps to have a trusted guide who knows the way. The same holds true in today's highly competitive, global business environments. The decisions managers make are more complex and critical than ever before. You need to understand how to use economic analysis techniques to make real business decisions. When it comes to making real-life decisions based on sound economic analysis, there is no better guide than Samuelson and & Marks's Managerial Economics, 5th Edition. Featuring many detailed, real-world examples, as well as strong coverage of decision making under uncertainty, game theory, and international topics, this practical text equips you with the right tools you need to make smart decisions. New in the Fifth Edition * Updated and revised chapters on making decisions under uncertainty (Chapters 8 and 9). * New discussions of behavioral economics, including such issues as bounded rationality, sunk-cost fallacies, decision-making heuristics and biases, and the winner's curse. * Updated and expanded coverage of corporate incentives and governance. * Incorporates new developments in the areas of technological change, network economies, and internet economics. * Updated applications and revised end-of-chapter problems.

Think Again

Think Again Book
Author : Sydney Finkelstein,Jo Whitehead,Andrew Campbell
Publisher : Harvard Business Press
Release : 2009-02-03
ISBN : 1422133370
Language : En, Es, Fr & De

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Book Description :

Why do smart and experienced leaders make flawed, even catastrophic, decisions? Why do people keep believing they have made the right choice, even with the disastrous result staring them in the face? And how can you be sure you're making the right decision--without the benefit of hindsight? Sydney Finkelstein, Jo Whitehead, and Andrew Campbell show how the usually beneficial processes of the human mind can become traps when we face big decisions. The authors show how the shortcuts our brains have learned to take over millennia of evolution can derail our decision making. Think Again offers a powerful model for making better decisions, describing the key red flags to watch for and detailing the decision-making safeguards we need. Using examples from business, politics, and history, Think Again deconstructs bad decisions, as they unfolded in real time, to show how you can avoid the same fate.

Decision Making for Leaders

Decision Making for Leaders Book
Author : Thomas L. Saaty
Publisher : Unknown
Release : 1988
ISBN : 0987650XXX
Language : En, Es, Fr & De

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Book Description :

Download Decision Making for Leaders book written by Thomas L. Saaty, available in PDF, EPUB, and Kindle, or read full book online anywhere and anytime. Compatible with any devices.

Noise

Noise Book
Author : Daniel Kahneman,Olivier Sibony,Cass R. Sunstein
Publisher : Little, Brown
Release : 2021-05-18
ISBN : 031645138X
Language : En, Es, Fr & De

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Book Description :

From the Nobel Prize-winning author of Thinking, Fast and Slow and the coauthor of Nudge, a revolutionary exploration of why people make bad judgments and how to make better ones—"a tour de force” (New York Times). Imagine that two doctors in the same city give different diagnoses to identical patients—or that two judges in the same courthouse give markedly different sentences to people who have committed the same crime. Suppose that different interviewers at the same firm make different decisions about indistinguishable job applicants—or that when a company is handling customer complaints, the resolution depends on who happens to answer the phone. Now imagine that the same doctor, the same judge, the same interviewer, or the same customer service agent makes different decisions depending on whether it is morning or afternoon, or Monday rather than Wednesday. These are examples of noise: variability in judgments that should be identical. In Noise, Daniel Kahneman, Olivier Sibony, and Cass R. Sunstein show the detrimental effects of noise in many fields, including medicine, law, economic forecasting, forensic science, bail, child protection, strategy, performance reviews, and personnel selection. Wherever there is judgment, there is noise. Yet, most of the time, individuals and organizations alike are unaware of it. They neglect noise. With a few simple remedies, people can reduce both noise and bias, and so make far better decisions. Packed with original ideas, and offering the same kinds of research-based insights that made Thinking, Fast and Slow and Nudge groundbreaking New York Times bestsellers, Noise explains how and why humans are so susceptible to noise in judgment—and what we can do about it.

Business

Business Book
Author : Perseus Publishing
Publisher : Cambridge, MA : Perseus Publishing
Release : 2002-08-15
ISBN : 0987650XXX
Language : En, Es, Fr & De

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Book Description :

Offers essays by more than 150 top business leaders that cover a range of topics pertaining to management, as well as biographical information, a world almanac with twenty-six industry sector surveys, and profiles of 150 countries.