Behavioral Decision Analysis
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Description
This book lays out a foundation and taxonomy for Behavioral Decision Analysis, featuring representative work across various domains. Traditional research in the domain of Decision Analysis has focused on the design and application of logically consistent tools to support decision makers during the process of structuring problem complexity, modeling uncertainty, generating predictions, eliciting preferences, and, ultimately, making better decisions. Two commonly held assumptions are that the decision maker’s cognitive belief system is fully accessible and that this system can be understood and formalized by trained analysts. However, in past years, an active line of research has emerged studying instances in which such assumptions may not hold. This book unites this community under the common theme of Behavioral Decision Analysis. The taxonomy used in this book categorizes research based on task focus (prediction or decision) and behavioral level (individual or group). Two theoretical lenses that lie at the interface between (1) normative and descriptive research, and (2) normative and prescriptive research are introduced. The book then proceeds to highlight representative works across the two lenses focused on individual and group-level decision making. Featuring various methodologies and applications, the book serves as a reference for researchers, students, and professionals across different disciplines with a common interest in Behavioral Decision Analysis.
Matthias Seifert is a tenured Associate Professor of Decision Sciences in the Operations and Technology area at IE University. In addition, he is currently serving as a technical member (representing Germany) of the Exploratory Team on Prediction and Intelligence Analysis at the NATO Science and Technology Organization. Previously, he was affiliated to the London Business School, Cambridge University and the London School of Economics and Political Science.
Dr. Seifert’s research focuses on decision making under risk and uncertainty and managerial forecasting. His work has been published in top academic journals including Management Science, Organizational Behavior and Human Decision Processes, Nature Human Behavior, Journal of Operations Management, Personality and Social Psychology Bulletin (and others) as well as in practitioner outlets such as Harvard Business Review and MIT Sloan Management Review.
In the past, he was an elected Council Member of the Decision Analysis Society (INFORMS). His work has been featured by public media including Forbes India, Ideas for Leaders, CBS News, the Financial Times International (“Professor of the Week”), Psychology Today and others. In 2016, he has been named as one of “The World’s Best 40 Under 40 Business School Professors” by Poets & Quants.