We study the ambiguity-adjusted return distribution induced by an investor with smooth ambiguity preferences 'a la Klibano! et al. (2005), who faces uncertainty about the variance of asset returns. The variance uncertainty is modeled using a gamma distribution, a second-order prior over the...

This paper develops an axiomatic framework for decision making when preferences depend not only on the current alternative but also on the past frequency with which alternatives have been chosen. We identify key independence axioms that characterize frequency-dependent preferences. In addition,...

Information unraveling is an elegant theoretical argument suggesting that private information is voluntarily and fully revealed in many circumstances. However, the experimental literature has documented many cases of incomplete unraveling and has suggested limited depth of reasoning on the part...

Multi-objective optimization problems (MOPs) are common in real-world applications, including scheduling, vehicle routing, and engineering design. A key challenge in solving MOPs is balancing convergence and diversity, as these problems often involve conflicting objectives and complex...

Seaweed is a globally significant aquaculture commodity with increasing economic and environmental importance. However, inconsistent quality standards and subjective procurement practices continue to hinder efficiency in its value chain, particularly for dried Eucheuma seaweed. This study...

Suitable facility location selection for customer-required capacity localization is an emerging topic in semiconductor supply chain management. However, this topic has not been thoroughly investigated. For this reason, an explainable artificial intelligence (XAI)-interpreted fuzzy group...

In the rapidly evolving landscape of data analytics, effective decision-making is paramount. Multi-attribute decision-making (MADM) techniques are widely applied to handle uncertainty and vagueness in diverse fields such as medical diagnosis, social selection, networking, and environmental...

Several behavioral models assume that choice over multi-attribute goods is systematically affected by the ranges of attribute values. Two recurring principles in this literature are contrast, whereby attributes with larger ranges attract attention and are therefore overweighted, and...

The purpose of the study was to identify the impact of martial law on economic decision-making in the field of business in Ukraine. The aim of the study was to assess the impact of martial law on business decisions, including measuring financial stress levels, risk perception, and financial...

Comonotonicity (''same variation'') of random variables minimizes hedging possibilities and has been widely used, e.g., in Gilboa and Schmeidler's ambiguity models. This paper investigates anticomonotonicity (''opposite variation''; abbreviated ''AC''), the natural counterpart to comonotonicity....

Information unraveling is an elegant theoretical argument suggesting that private information is voluntarily and fully revealed in many circumstances. However, the experimental literature has documented many cases of incomplete unraveling and has suggested limited depth of reasoning on the part...

The main goal of this study is to document the Non-Utopian Unreal Scenarios -or NUUS- and to propose a mathematical approach, presenting them as a strategic tool that seeks to contribute to decision-making processes in various fields, in addition to those already existing, such as, for example,...

At the start of the Coronavirus Disease (COVID-19) vaccination campaign in Mexico, the vaccine was the world's most essential and scarce asset. Managing its administration to optimize its use was, and still is, of paramount importance. However, when the first vaccine was developed at the end of...

This paper introduces a framework for selecting policies that maximize expected welfare under estimation uncertainty. The proposed method explicitly balances the size of the estimated welfare against the uncertainty inherent in its estimation, ensuring that chosen policies meet a reporting...

In many professional activities humans are getting better generation by generation. This is supposed to be the case, for instance, in sports and in science. Is it true in the arts? In this paper, we consider violinists from the time period in which audio and video recordings became possible....

Background: Brazil's bioethanol supply chain is vital for global energy security and climate action but remains vulnerable to climate disruptions, market volatility, and conflicting stakeholder interests. While resilience strategies exist, they often overlook the potential of circular economy...

Mental models help people navigate complex environments. This paper studies how people deal with model uncertainty. In an experiment, participants estimate a company's value, facing uncertainty about which one of two models correctly deter- mines its true value. Using a between-subjects design,...

Deliberative decision-making is often proposed as a mechanism to mitigate polarization in democratic processes. However, empirical evidence remains mixed, with some studies suggesting that deliberation among like-minded individuals can drive preference shifts toward extremes. We use a...

Purpose The purpose of this study is to investigate the impact of behavioral biases on investment decisions through a serial mediation of overconfidence and disposition effects. Design/methodology/approach The authors assess the behavioral biases affecting the investment decisions of life...