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Copyright Statement: This is an open access article licensed under a Creative Commons Attribution 4.0 International License, which permits unrestricted use, distribution, and reproduction in any medium, even commercially as long as the original work is properly cited.
The study of prescriptive and descriptive models of decision making
Digital Object Identifier (DOI) : 10.14569/IJARAI.2012.010112
Article Published in International Journal of Advanced Research in Artificial Intelligence(IJARAI), Volume 1 Issue 1, 2012.
Abstract: The field of decision making can be loosely divided into two parts: the study of prescriptive models and the study of descriptive models. Prescriptive decision scientists are concerned with prescribing methods for making optimal decisions. Descriptive decision researchers are concerned with the bounded way in which the decisions are actually made. The statistics courses treat risk from a prescriptive, by suggesting rational methods. This paper brings out the work done by many researchers by examining the psychological factors that explain how managers deviate from rationality in responding to uncertainty.
Keywords: Expected Value; Prospect; expected-value rule; risk-averse.
Ashok A Divekar, Sunita Bangal and Sumangala D., “The study of prescriptive and descriptive models of decision making” International Journal of Advanced Research in Artificial Intelligence(IJARAI), 1(1), 2012. http://dx.doi.org/10.14569/IJARAI.2012.010112
@article{Divekar2012,
title = {The study of prescriptive and descriptive models of decision making},
journal = {International Journal of Advanced Research in Artificial Intelligence},
doi = {10.14569/IJARAI.2012.010112},
url = {http://dx.doi.org/10.14569/IJARAI.2012.010112},
year = {2012},
publisher = {The Science and Information Organization},
volume = {1},
number = {1},
author = {Ashok A Divekar and Sunita Bangal and Sumangala D.}
}
