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States of nature and states of mind: a generalized theory of decision-making

机译：自然状态和心态：决策的广义理论

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Canonical economic agents act so as to maximize a single, representative, utility function. However, there is accumulating evidence that heterogeneity in thought processes may be an important determinant of individual behavior. This paper investigates the implications of a vector-valued generalization of the Expected Utility paradigm, which permits agents either to deliberate as per Homo economics, or to act impulsively. This generalized decision theory is applied to explain the crowding-out effect, irrational educational investment decisions, persistent social inequalities, the pervasive influence of non-cognitive ability on socio-economic outcomes, and the dynamic relationships between non-cognitive ability, cognitive ability, and behavioral biases. These results suggest that the generalized decision theory warrants further investigation.
机译：规范的经济代理人采取行动，以最大化单一的，具有代表性的效用函数。但是，越来越多的证据表明，思维过程中的异质性可能是个人行为的重要决定因素。本文研究了期望效用范式的向量值概括的含义，该范式允许代理根据同等经济学进行思考或采取冲动行动。这种广义的决策理论可用来解释挤出效应，不合理的教育投资决策，持续的社会不平等，非认知能力对社会经济成果的普遍影响以及非认知能力，认知能力，和行为偏见。这些结果表明，广义决策理论值得进一步研究。

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