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System Dynamics Modeling in Behavioral Decision Making

In: Neuroeconomic and Behavioral Aspects of Decision Making

Author

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  • Małgorzata Łatuszyńska

    (University of Szczecin)

Abstract

Modeling behavioral aspects of decision making has become an important area for research and practice in recent years. System Dynamics (SD) method fits very well into this research area because takes care of the limitations to rational decision-making processes and captures the effect of psychological factors in the model. The aim of the chapter is the review of System Dynamics research in modeling behavioral aspects of decision making. The examples of system dynamics research presented in the chapter shows that SD models are able to represent characteristics of the human mind, the emotions, and the cognitive limitations of humans in individual and group decision making and evaluation of theories-in-use.

Suggested Citation

  • Małgorzata Łatuszyńska, 2017. "System Dynamics Modeling in Behavioral Decision Making," Springer Proceedings in Business and Economics, in: Kesra Nermend & Małgorzata Łatuszyńska (ed.), Neuroeconomic and Behavioral Aspects of Decision Making, chapter 0, pages 243-253, Springer.
    • Handle: RePEc:spr:prbchp:978-3-319-62938-4_16
    DOI: 10.1007/978-3-319-62938-4_16
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