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States of Nature and States of Mind: A Generalised Theory of Decision-Making, evaluated by application to Human Capital Development

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States of Nature and States of Mind: A Generalised Theory of Decision-Making, evaluated by application to Human Capital Development. / Embrey, Iain.
Lancaster: Lancaster University, Department of Economics, 2017. (Economics Working Papers Series).

Research output: Working paper

Harvard

Embrey, I 2017 'States of Nature and States of Mind: A Generalised Theory of Decision-Making, evaluated by application to Human Capital Development' Economics Working Papers Series, Lancaster University, Department of Economics, Lancaster.

APA

Embrey, I. (2017). States of Nature and States of Mind: A Generalised Theory of Decision-Making, evaluated by application to Human Capital Development. (Economics Working Papers Series). Lancaster University, Department of Economics.

Vancouver

Embrey I. States of Nature and States of Mind: A Generalised Theory of Decision-Making, evaluated by application to Human Capital Development. Lancaster: Lancaster University, Department of Economics. 2017 Dec. (Economics Working Papers Series).

Author

Embrey, Iain. / States of Nature and States of Mind: A Generalised Theory of Decision-Making, evaluated by application to Human Capital Development. Lancaster : Lancaster University, Department of Economics, 2017. (Economics Working Papers Series).

Bibtex

@techreport{4d2dd944db89404fb6b1fa5a69bb924a,
title = "States of Nature and States of Mind: A Generalised Theory of Decision-Making, evaluated by application to Human Capital Development",
abstract = "Canonical economic agents act so as to maximise a single, representative, utility function. However there is accumulating evidence that heterogeneity in thought-processes may be an important determinant of individual behaviour. This paper investigates the implications of a vector-valued generalisation of the Expected Utility paradigm, which permits agents either to deliberate as per Homo-economics, or to act impulsively. That generalised decision theory is applied to explain irrational educational investment decisions, persistent social inequalities, the crowding-out effect, the pervasive influence of non-cognitive ability on socio-economic outcomes, and the dynamic relationships between non-cognitive ability, cognitive ability, and behavioural biases. These results suggest that the generalised decision theory warrants further investigation.",
keywords = "Decision Theory, Dual-Self, Behavioural Anomalies, Human Capital, Social Exclusion, Unemployment",
author = "Iain Embrey",
year = "2017",
month = dec,
language = "English",
series = "Economics Working Papers Series",
publisher = "Lancaster University, Department of Economics",
type = "WorkingPaper",
institution = "Lancaster University, Department of Economics",

}

RIS

TY - UNPB

T1 - States of Nature and States of Mind: A Generalised Theory of Decision-Making, evaluated by application to Human Capital Development

AU - Embrey, Iain

PY - 2017/12

Y1 - 2017/12

N2 - Canonical economic agents act so as to maximise a single, representative, utility function. However there is accumulating evidence that heterogeneity in thought-processes may be an important determinant of individual behaviour. This paper investigates the implications of a vector-valued generalisation of the Expected Utility paradigm, which permits agents either to deliberate as per Homo-economics, or to act impulsively. That generalised decision theory is applied to explain irrational educational investment decisions, persistent social inequalities, the crowding-out effect, the pervasive influence of non-cognitive ability on socio-economic outcomes, and the dynamic relationships between non-cognitive ability, cognitive ability, and behavioural biases. These results suggest that the generalised decision theory warrants further investigation.

AB - Canonical economic agents act so as to maximise a single, representative, utility function. However there is accumulating evidence that heterogeneity in thought-processes may be an important determinant of individual behaviour. This paper investigates the implications of a vector-valued generalisation of the Expected Utility paradigm, which permits agents either to deliberate as per Homo-economics, or to act impulsively. That generalised decision theory is applied to explain irrational educational investment decisions, persistent social inequalities, the crowding-out effect, the pervasive influence of non-cognitive ability on socio-economic outcomes, and the dynamic relationships between non-cognitive ability, cognitive ability, and behavioural biases. These results suggest that the generalised decision theory warrants further investigation.

KW - Decision Theory

KW - Dual-Self

KW - Behavioural Anomalies

KW - Human Capital

KW - Social Exclusion

KW - Unemployment

M3 - Working paper

T3 - Economics Working Papers Series

BT - States of Nature and States of Mind: A Generalised Theory of Decision-Making, evaluated by application to Human Capital Development

PB - Lancaster University, Department of Economics

CY - Lancaster

ER -