This paper provides an overview of the work of Herbert Simon and his ideas about rational decision making. By his own …’s research is how human beings organize themselves in different structures of distributed decision making in order to achieve a … view on rational decision making in economics and other social sciences. …

one and ambiguity aversion leads to much larger estimates of the social cost of carbon than obtained under power utility …

understanding of their relative importance. We propose a multi-attribute random utility model that unifies prior theoretical …

implemented. Fama and Jensen (1983) argue that the same members of many organization are often responsible for both decision … to express their discontent with the allocation of decision rights. How decisions come about also affects implementation …

acquired. Roughly half of the participants do not base their decision on a subjective belief of the probability of guilt. The …

heterogeneity of committee members, this voting rule is suboptimal in terms of the quality of the interest rate decision, but …

We show that if an agent is uncertain about the precise form of his utility function, his actual relative risk aversion … may depend on wealth even if he knows his utility function lies in the class of constant relative risk aversion (CRRA …) utility functions. We illustrate the consequences of this result for asset allocation: poor agents that are uncertain about …

expected profit maximizing loss probability within an expected utility framework. We then use Köszegi and Rabin's (2006, 2007 …

An expected utility based cost-benefit analysis is in general fragile to its distributional assumptions. We derive … necessary and sufficient conditions on the utility function of the expected utility model to avoid this. The conditions ensure … that expected (marginal) utility remains finite also under heavy-tailed distributional assumptions. Our results are context …