Objective
The standard economic theory often fails to provide results that fit the empirical evidence we have on human decision-making both at the micro-economic and at the macro-economic levels. Recently, the scientific communities in Psychology and Economics have demonstrated their willingness to co-ordinate their expertise in order to find a coherent formal framework that would capture the true preferences of individuals. Yet, only a few attempts in this direction have been made to date. The main objective of the proposed Euroworkshops is to promote a systematic co-operation between scholars in these two dynamics fields. Indeed, by bringing together academics in Economics and Psychology, the two conferences are expected to start developing a dual scientific community that would result in the creation of a new and more realistic approach to explain human behaviour. Moreover, this should help studying important issues such as environment, management of resources and growth. The proposed Euroworkshops will address two of the most important and controversial topics concerning human judgement, decision-making and, more generally, the relation between Economics and Psychology.
These are: "Preferences and Utility Functions" and "Judgement under Uncertainly". First, it is widely argued in the psychology literature that the standard utility functions used in formal economic analyses fail to capture many aspects of individual decision-making. Therefore, identifying the essential modifications to the usual utility functions and incorporating these new elements would enable economists to provide a more realistic representation of agents' preferences and would result in more accurate predictions. Second, there is substantial evidence that incomplete information, together with the imperfect ability to acquire pieces of news, affect the decisions of individuals in systematic ways. Again, characterising the patterns of behaviour in each circumstance is essential to better understand human conduct, and to make predictions on future reactions.
ftp://ftp.cordis.lu/pub/improving/docs/HPCF-1999-00175-1.pdf(opens in new window)
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CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
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Coordinator
Belgium
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