The Disadvantages of Mixing Decision Models. There are two main approaches to decision making in business. The rational approach based on logic and analysis is favored by many business schools.

Model independence. Escape from Model Land draws on research carried out by David Tuckett from University College London, who has studied how people make decisions under conditions of “radical ...

In their new study, Zhang and his colleagues pitted two quantum-based models of decision-making against 12 classical psychology models to see which best predicted human behavior during a ...

Abstract: The classical decision theory and the Markov decision model are not proper models of decision-making process of people in a realistic environment. Although some scholars from the field of ...

Classical models focus on solving group decision making problems where few decision makers participate. However, nowadays, societal and technological trends that demand the management of larger scales ...

Similarly, in the decision-making literature, there exists a wide range of evidence-accumulation models, including most prominently the diffusion decision model (DDM; Ratcliff, 1978; Ratcliff et al., ...

Abstract: Classical decision theory is in a strong conflict with the observed experimental data coming from cognitive and descriptive decision making research. This conflict yields different paradoxes ...