Contents: Foreword / by Vernon Smith -- 1. Introduction to smart decision-making / Morris Altman -- Part I Smart decision-makers, different types of rationality, and outcomes -- 2. Rational inefficiency : smart thinking, bounded rationality, and the scientific basis for economic failure and...

Intro -- Smart Economic Decision-Making in a Complex World -- Copyright -- Dedication -- Endorsements -- Contents -- Acknowledgements -- Chapter 1 Introduction: Smart thinking in the real world of complexity -- What this book is all about -- Appendix: Background sources for, smart economic...

There is an empirically based premise that neoclassical assumptions about the optimality and efficiency of economic agents in the sphere of production are wrong. According to neoclassical assumptions quantity and quality effort inputs are maximized at all points in time, that is the firms are...

This chapter provides a critical review of behavioral economic approaches to decision-making with a focus on the thinking processes of investors. It discusses the bounded rationality approach to decision-making as compared to the errors and biases approach for better understanding...