“…The attraction factor, being a random quantity, varies for different agents as well as for the same decision maker at different moments of time. Therefore the same decision task, with the same utility factors, even for the same pool of subjects may be accompanied by different behavioral probabilities (Murphy and Fu 2018), hence different attraction factors. Such variations is a kind of random noise.…”
The problem of quantification of emotions in the choice between alternatives is considered. The alternatives are evaluated in a dual manner. From one side, they are characterized by rational features defining the utility of each alternative. From the other side, the choice is affected by emotions labeling the alternatives as attractive or repulsive, pleasant or unpleasant. A decision maker needs to make a choice taking into account both these features, the utility of alternatives and their attractiveness. The notion of utility is based on rational grounds, while the notion of attractiveness is vague and rather is based on irrational feelings. A general method, allowing for the quantification of the choice combining rational and emotional features is described. Despite that emotions seem to avoid precise quantification, their quantitative evaluation is possible at the aggregate level. The analysis of a series of empirical data demonstrates the efficiency of the approach, including the realistic behavioral problems that cannot be treated by the standard expected utility theory.
“…The attraction factor, being a random quantity, varies for different agents as well as for the same decision maker at different moments of time. Therefore the same decision task, with the same utility factors, even for the same pool of subjects may be accompanied by different behavioral probabilities (Murphy and Fu 2018), hence different attraction factors. Such variations is a kind of random noise.…”
The problem of quantification of emotions in the choice between alternatives is considered. The alternatives are evaluated in a dual manner. From one side, they are characterized by rational features defining the utility of each alternative. From the other side, the choice is affected by emotions labeling the alternatives as attractive or repulsive, pleasant or unpleasant. A decision maker needs to make a choice taking into account both these features, the utility of alternatives and their attractiveness. The notion of utility is based on rational grounds, while the notion of attractiveness is vague and rather is based on irrational feelings. A general method, allowing for the quantification of the choice combining rational and emotional features is described. Despite that emotions seem to avoid precise quantification, their quantitative evaluation is possible at the aggregate level. The analysis of a series of empirical data demonstrates the efficiency of the approach, including the realistic behavioral problems that cannot be treated by the standard expected utility theory.
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