Computer Science
4 years ago

Axiomatic Models Revolutionize Decision-Making, Reshape Economic Predictions

SSRN Electronic Journal
What are Axiomatizations Good for?
Itzhak Gilboa, Andrew Postlewaite, Larry Samuelson, David Schmeidler

Paper Summary

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The article explores how axiomatic models of decision making can help economists predict human behavior. It discusses the benefits of representation theorems, which show different ways to understand decision-making processes. The researchers suggest that these results can be useful in decision theory and have important implications for understanding how people make choices.