VISUAL LEAST SQUARES (Click on the image to interact with the tool) Back when the DSN editor was a student at Chicago, he learned Statistics and History of Statistics from Steve Stigler, who proposed a visual demonstration of least squares regression. Together they came out with a now-obsolete Mac version. Today, DSN is proud to […]
AN EASY MANAGEMENT MISTAKE TO MAKE Regression to the mean is like the cicada, just as you forget about it, you hear its buzz. The man who taught DSN the history of statistics, Prof. Steve Stigler of the University of Chicago, said this of it: “Galton’s completion of his discovery of this phenomenon [regression to […]
NASSAU W. SENIOR Modern decision science, economics, psychology, and marketing have made a cottage industry of intertemporal choice research. The topic has deep roots, including this quote which suggests it’s one of the most important questions there is: “It may be said that pure abstinence, being a mere negation, cannot produce positive effects; the same […]
MAKING INFERENCES ABOUT WHAT INTERESTS Behavioral Targeting is the ability to deliver ads to consumers based upon their recent behavior viewing web pages, shopping online for products and services, typing keywords into a search engine or a combination of all three. “Interest-Based Targeting allows large-brand advertisers⦠to target more precisely the audience they are trying […]
BEHAVIORAL ECONOMICS: “Behavioral economics [applies] scientific research on human and social cognitive and emotional [patterns] to better understand economic decisions and how they affect market prices, returns and the allocation of resources. The fields are primarily concerned with the rationality, or lack thereof, of economic agents. Behavioral models typically integrate insights from psychology with neo-classical […]
NEUROECONOMICS: Neuroeconomics is a multidisciplinary research field incorporating neuroscience, economics, and psychology aimed at developing an understanding of how we make choices. It looks at the brain when we evaluate decisions, categorize risks and rewards, and when we interact with others. (from Wikipedia) “Neuroeconomics is an interdisciplinary research program with the goal of building a […]
WHAT IS THE ENCYCLOPEDIA? Decision Science News draws upon theory and method from a range of social and behavioral science disciplines such as economics, psychology, political science, marketing, management, and beyond. The Encyclopedia entries we present here offer a reference containing information on terms, theories, people and concepts within these fields. By providing this easily-accessible […]
Subscribe to Decision Science News by Email (one email per week, easy unsubscribe)
