John R. Welch, formerly of Hannibal, has published a treatise on decision theory as an aid in making rational decisions. The treatise, entitled "A Plea for Plausibility," demonstrates that decision ...

A study by economists from the Banco Central do Brasil, University of Chicago, CEPR, and NBER finds that large language models show mixed behavior in bargaining situations, sometimes acting rationally ...

Loïc Berger receives funding from the Agence Nationale de la Recherche (ANR) under the project INDUCED (ANR-17-CE03-0008-01). Loïc Berger is associate researcher at the European Institute on Economics ...

The COVID-19 era has been an extraordinary time to be a policy maker. The pandemic has created a decision-making environment that is tremendously difficult to navigate—just look at the vast multitude ...

Every choice we make, from picking peanut butter to forming political opinions, is influenced by unseen cognitive biases.

There are two main approaches to decision making in business. The rational approach based on logic and analysis is favored by many business schools. In practice, most decisions are made using an ...

Logic studies how arguments work, and how ideas can fit together. Decision theory studies how decisions should be made, especially under uncertainty. Game theory considers how we reason strategically, ...