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Quantal Theory in Operations Management

In: Decision-making in Humanitarian Operations

Author

Listed:
  • Yefen Chen

    (Cainiao Smart Logistics Network)

  • Yanan Song

    (Academy of Mathematics and System Sciences, Chinese Academy of Sciences)

Abstract

In recent decades, numerous studies on commercial operations have found that human managers are not perfectly rational and their behavioral preferences influence the performance of operations systems. Thus, efficient operations have to account for innate human or situation-based behavioral preferences for their optimization. In this chapter, we introduce a quantal theory, which provides a descriptive model to consider bounded rationality in analyzing operational decisions, based on the assumption that decision-makers make mistakes in calculating payoffs. We organize the applications of quantal theory in operations management, and show how to properly develop an informative behavioral model to analyze operational problems. Further, we discuss how to accommodate bounded rationality into humanitarian operations.

Suggested Citation

  • Yefen Chen & Yanan Song, 2019. "Quantal Theory in Operations Management," Springer Books, in: Sebastián Villa & Gloria Urrea & Jaime Andrés Castañeda & Erik R. Larsen (ed.), Decision-making in Humanitarian Operations, chapter 8, pages 169-191, Springer.
    • Handle: RePEc:spr:sprchp:978-3-319-91509-8_8
    DOI: 10.1007/978-3-319-91509-8_8
    as

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