Decision-theoretic interval estimation requires the use of loss functions that, typically, take into account the size and the coverage of the sets. We here consider the class of monotone loss functions that, under qui...Decision-theoretic interval estimation requires the use of loss functions that, typically, take into account the size and the coverage of the sets. We here consider the class of monotone loss functions that, under quite general conditions, guarantee Bayesian optimality of highest posterior probability sets. We focus on three specific families of monotone losses, namely the linear, the exponential and the rational losses whose difference consists in the way the sizes of the sets are penalized. Within the standard yet important set-up of a normal model we propose: 1) an optimality analysis, to compare the solutions yielded by the alternative classes of losses;2) a regret analysis, to evaluate the additional loss of standard non-optimal intervals of fixed credibility. The article uses an application to a clinical trial as an illustrative example.展开更多
Feelings influence human beings’decision-making;therefore,incorporation of feeling factors in decision-making is very important.Regret and rejoice are very important emotional feelings that can have a great impact on...Feelings influence human beings’decision-making;therefore,incorporation of feeling factors in decision-making is very important.Regret and rejoice are very important emotional feelings that can have a great impact on decision-making if they are considered together.While regret has received most of the attention in related research,rejoice has been less considered even though it can greatly influence people’s preferences in decision-making.Furthermore,systematically incorporating regret and rejoice in the multicriteria decision-making(MCDM)modeling frameworks for decision-making has received little research attention.In this paper,we introduce a new multiattribute selection procedure that incorporates both regret and rejoice to select the best choice.We utilize the positional advantage operator concept to develop regret and rejoice mathematical equations,and prove them.The proposed MCDM procedure that incorporates these two emotional factors offers a decision-maker the flexibility to trade off some benefits in order to gain a state of psychological satisfaction.More specifically,regret and rejoice are presentedmathematically to enable the decision-maker to determine the values of regret and rejoice,and then make the decision in which the rejoice value is higher than the regret value.To test the performance of this new procedure,we apply it to three numerical examples proposed in previous works.The results are matched with those obtained by other methods such as the regret model,VIKOR,PROMETHEE I,and PROMETHEE II,thereby proving the efficacy of the new procedure.展开更多
In optimal wind bidding strategy related literatures, it is usually assumed that the full distribution information (for example, the cumulative distribution function or the probability density function) of wind power ...In optimal wind bidding strategy related literatures, it is usually assumed that the full distribution information (for example, the cumulative distribution function or the probability density function) of wind power output is known. In real world applications, however, only very limited distribution information can be obtained. Therefore, the “optimal bidding strategy” obtained based on the hypothetical distribution may be far away from the true optimal one. In this paper, an optimal bidding strategy is obtained based on the minimax regret criterion. The salient feature of the new approach is that it requires only partial information of wind power distribution, for example, the expectation and the support set. Numerical test is then performed and the results suggest that the method established in this paper is effective.展开更多
In the consensus-reaching process(CRP),the actual utility of decision-makers(DMs)is often influenced by the psychological behavior of regret aversion.However,the influence of regret aversion on DMs’utilities is rarel...In the consensus-reaching process(CRP),the actual utility of decision-makers(DMs)is often influenced by the psychological behavior of regret aversion.However,the influence of regret aversion on DMs’utilities is rarely taken into account in the existing consensus models.The consensus-reaching problem of DMs with regret aversion is explored to maximize their perceived utilities under a limited budget.Firstly,three basic types of perceived utility functions are constructed based on the regret theory to describe the perceived utility of DMs with various preferences.Then,considering the limited budget and individual regret aversion,the maximum perceived utility consensus models based on types of left-skewed,right-skewed,middle-skewed,and heterogeneous utility preferences are proposed to achieve the consensus that maximizes the group perceived utility.After that,an example of land-transfer price negotiation in China is given to illustrate the validity of the proposed models.Finally,the model comparison and the sensitivity analysis are presented to reveal the influence of DMs’regret aversion on the CRP.The results suggest that the DMs’regret aversion will not affect left-skewed and right-skewed groups,but will affect the consensus results of middle-skewed and heterogeneous groups.展开更多
The current study represents an attempt at exploring product attribute, service attribute evaluation, and buyer regret influence overall satisfaction in the buyer decision context. The data used in the project were co...The current study represents an attempt at exploring product attribute, service attribute evaluation, and buyer regret influence overall satisfaction in the buyer decision context. The data used in the project were collected as part of a large study of buyer regret. The sampling frame consisted of automobile purchases in Taiwan We have collected yield 600 questionnaires, by screening out 44 questionnaires, including those missing value or incomplete answer, and finally a usable sample of 556 questionnaires were utilized in this study. The results reinforce the finding form early research that the concept of buyer regret plays an important role for automobile purchases in the buyer decision. Results show that higher evaluations of service and product attributes lead to less buyer regret, and lower buyer regret will likely to increase overall satisfaction. Specifically, the finding indicates that buyer regret mediates the effects of the attributes on overall satisfactions. Implications for marketing theory and practitioners are discussed, and possible directions for future research are sketched.展开更多
In this paper, we first introduce the notion and model of generalized minimax regret equilibria with scalar set payoffs. After that, we study its general stability theorem under the conditions that the existence theor...In this paper, we first introduce the notion and model of generalized minimax regret equilibria with scalar set payoffs. After that, we study its general stability theorem under the conditions that the existence theorem of generalized minimax regret equilibrium point with scalar set payoffs holds. In other words, when the scalar set payoffs functions and feasible constraint mappings are slightly disturbed, by using Fort theorem and continuity results of set-valued mapping optimal value functions, we obtain a general stability theorem for generalized minimax regret equilibria with scalar set payoffs. At the same time, an example is given to illustrate our result.展开更多
When people realize or imagine that ＂if you have not taken the same choices as before, the result will be better＂, which kind of experience is called a regret emotion. The purpose of this study is to prove the relat...When people realize or imagine that ＂if you have not taken the same choices as before, the result will be better＂, which kind of experience is called a regret emotion. The purpose of this study is to prove the relationship between regret emotions and a sense of responsibility and control. The results show that the individual＇s sense of responsibility and regret that there is a positive correlation and there is a negative correlation between the control and regret, which is not match the previous part of the study so as to be further explored. At the same time, we found that the regret tendencies in the personality can be explained as some of the regret experiencing in the specific situation. When people realize or imagine that ＂if the choice is not the same as before that things are getting better now＂, they will feel regret.展开更多
The technology investment strategy under uncertainty is the key subject. However, the expected utility maximization often employed as the decision process fails to consider the high risk with low probability cases. On...The technology investment strategy under uncertainty is the key subject. However, the expected utility maximization often employed as the decision process fails to consider the high risk with low probability cases. On the other hand, the existing min-max regret strategy tends to be dominated by the ＂worst assumption＂ regardless of its probability. This research proposes a new framework by formulating the regret by the Minkowski＇s generalized distance. The authors then apply the formulation to the IAM （integrated assessment model） MARIA. This study focuses on the uncertainties of CCS （carbon capture and storage） costs and the global warming damages. This formulation is then extended to the multi-stage decision frame, known as ATL （act-then-learn） method. The simulation results suggest that the substantial changes in CCS and nuclear deployment strategies depending on the future uncertainty scenarios. The results also suggest that the minimum regret strategy favors the capital accumulation in the early stage.展开更多
Tang poetry can be described as the treasure of Chinese culture.For a long time,both domestic and foreign scholars have devoted themselves to disseminating the immortal Chinese cultural heritage and have made great co...Tang poetry can be described as the treasure of Chinese culture.For a long time,both domestic and foreign scholars have devoted themselves to disseminating the immortal Chinese cultural heritage and have made great contributions to the translation of classical poetry.The Everlasting Regret is one of the excellent narrative poems in Chinese classical poetry.It is highly valued by many translators."Three Beauties" principle are the principles of poetry translation proposed by Mr.Xu Yuanchong,in his work On Chinese Verse in English Rhyme.On the basis of the"Three Beauties" principle and translation version of Mr.Xu Yuanchong's The Everlasting Regret,this paper analyzes how to achieve the beauty in sense,sound and form in translation,aiming at providing some reference methods for the translation of Chinese classical poetry.展开更多
Traditional expected utility theory suggests that decision-makers are completely rational,but a large number of experiments and empirical studies have shown that decision-makers will be influenced by their perception ...Traditional expected utility theory suggests that decision-makers are completely rational,but a large number of experiments and empirical studies have shown that decision-makers will be influenced by their perception of psychological and other factors,is bounded rationality when making decisions.This paper will be based on regret theory,considering the influence of retailer’regret factor on their order quantity in a single cycle,and providing corresponding measures which supplier can take to weaken the influence of retail regret.展开更多
易逝品零售商降价销售时,策略型消费者往往会经历高价后悔和缺货后悔,这两种后悔行为均会降低他们的购买效用,从而影响零售商库存决策和利润。因此,本文分别研究了价格外生和内生两种情形下高价后悔和缺货后悔对策略型消费者行为以及零...易逝品零售商降价销售时,策略型消费者往往会经历高价后悔和缺货后悔,这两种后悔行为均会降低他们的购买效用,从而影响零售商库存决策和利润。因此,本文分别研究了价格外生和内生两种情形下高价后悔和缺货后悔对策略型消费者行为以及零售商库存决策和利润的影响。研究表明,对于高利润产品,零售商应实施瞄准短视型消费者(target myopic consumers,TMC)的策略。相反,对于低利润产品,零售商应实施瞄准短视和策略型消费者(target both myopic and strategic consumers,TBC)的策略。此外,随着高价(缺货)后悔水平的增加,策略型消费者原来认为是低(高)利润的产品,现在可能认为是高(低)利润产品,因此零售商最优策略可能会相应地改变。其次,对于低利润产品,当高价(缺货)后悔显著时,后悔行为对零售商产生负(正)影响,且高价后悔和缺货后悔呈现相反的作用;对于高利润产品,后悔行为不对零售商造成影响。再次,对于低利润产品,高价后悔加剧了(缺货后悔缓解了)策略型消费者行为的负影响;对于高利润产品,后悔行为不影响策略型消费者行为的负影响。最后,当零售商拥有全价决策权时,零售商总是能够利用决策全价的优势来消除高价后悔的负影响或发挥缺货后悔的正影响。展开更多
文摘Decision-theoretic interval estimation requires the use of loss functions that, typically, take into account the size and the coverage of the sets. We here consider the class of monotone loss functions that, under quite general conditions, guarantee Bayesian optimality of highest posterior probability sets. We focus on three specific families of monotone losses, namely the linear, the exponential and the rational losses whose difference consists in the way the sizes of the sets are penalized. Within the standard yet important set-up of a normal model we propose: 1) an optimality analysis, to compare the solutions yielded by the alternative classes of losses;2) a regret analysis, to evaluate the additional loss of standard non-optimal intervals of fixed credibility. The article uses an application to a clinical trial as an illustrative example.
基金This research was funded by the Deanship of Scientific Research at Princess Nourah bint Abdulrahman University,through the Research Funding Program(Grant No.FRP-1440-31).
文摘Feelings influence human beings’decision-making;therefore,incorporation of feeling factors in decision-making is very important.Regret and rejoice are very important emotional feelings that can have a great impact on decision-making if they are considered together.While regret has received most of the attention in related research,rejoice has been less considered even though it can greatly influence people’s preferences in decision-making.Furthermore,systematically incorporating regret and rejoice in the multicriteria decision-making(MCDM)modeling frameworks for decision-making has received little research attention.In this paper,we introduce a new multiattribute selection procedure that incorporates both regret and rejoice to select the best choice.We utilize the positional advantage operator concept to develop regret and rejoice mathematical equations,and prove them.The proposed MCDM procedure that incorporates these two emotional factors offers a decision-maker the flexibility to trade off some benefits in order to gain a state of psychological satisfaction.More specifically,regret and rejoice are presentedmathematically to enable the decision-maker to determine the values of regret and rejoice,and then make the decision in which the rejoice value is higher than the regret value.To test the performance of this new procedure,we apply it to three numerical examples proposed in previous works.The results are matched with those obtained by other methods such as the regret model,VIKOR,PROMETHEE I,and PROMETHEE II,thereby proving the efficacy of the new procedure.
文摘In optimal wind bidding strategy related literatures, it is usually assumed that the full distribution information (for example, the cumulative distribution function or the probability density function) of wind power output is known. In real world applications, however, only very limited distribution information can be obtained. Therefore, the “optimal bidding strategy” obtained based on the hypothetical distribution may be far away from the true optimal one. In this paper, an optimal bidding strategy is obtained based on the minimax regret criterion. The salient feature of the new approach is that it requires only partial information of wind power distribution, for example, the expectation and the support set. Numerical test is then performed and the results suggest that the method established in this paper is effective.
基金National Natural Science Foundation of China(No.71901058)Fundamental Research Funds for the Central Universities,China(No.2232018H-07)。
文摘In the consensus-reaching process(CRP),the actual utility of decision-makers(DMs)is often influenced by the psychological behavior of regret aversion.However,the influence of regret aversion on DMs’utilities is rarely taken into account in the existing consensus models.The consensus-reaching problem of DMs with regret aversion is explored to maximize their perceived utilities under a limited budget.Firstly,three basic types of perceived utility functions are constructed based on the regret theory to describe the perceived utility of DMs with various preferences.Then,considering the limited budget and individual regret aversion,the maximum perceived utility consensus models based on types of left-skewed,right-skewed,middle-skewed,and heterogeneous utility preferences are proposed to achieve the consensus that maximizes the group perceived utility.After that,an example of land-transfer price negotiation in China is given to illustrate the validity of the proposed models.Finally,the model comparison and the sensitivity analysis are presented to reveal the influence of DMs’regret aversion on the CRP.The results suggest that the DMs’regret aversion will not affect left-skewed and right-skewed groups,but will affect the consensus results of middle-skewed and heterogeneous groups.
文摘The current study represents an attempt at exploring product attribute, service attribute evaluation, and buyer regret influence overall satisfaction in the buyer decision context. The data used in the project were collected as part of a large study of buyer regret. The sampling frame consisted of automobile purchases in Taiwan We have collected yield 600 questionnaires, by screening out 44 questionnaires, including those missing value or incomplete answer, and finally a usable sample of 556 questionnaires were utilized in this study. The results reinforce the finding form early research that the concept of buyer regret plays an important role for automobile purchases in the buyer decision. Results show that higher evaluations of service and product attributes lead to less buyer regret, and lower buyer regret will likely to increase overall satisfaction. Specifically, the finding indicates that buyer regret mediates the effects of the attributes on overall satisfactions. Implications for marketing theory and practitioners are discussed, and possible directions for future research are sketched.
文摘In this paper, we first introduce the notion and model of generalized minimax regret equilibria with scalar set payoffs. After that, we study its general stability theorem under the conditions that the existence theorem of generalized minimax regret equilibrium point with scalar set payoffs holds. In other words, when the scalar set payoffs functions and feasible constraint mappings are slightly disturbed, by using Fort theorem and continuity results of set-valued mapping optimal value functions, we obtain a general stability theorem for generalized minimax regret equilibria with scalar set payoffs. At the same time, an example is given to illustrate our result.
文摘When people realize or imagine that ＂if you have not taken the same choices as before, the result will be better＂, which kind of experience is called a regret emotion. The purpose of this study is to prove the relationship between regret emotions and a sense of responsibility and control. The results show that the individual＇s sense of responsibility and regret that there is a positive correlation and there is a negative correlation between the control and regret, which is not match the previous part of the study so as to be further explored. At the same time, we found that the regret tendencies in the personality can be explained as some of the regret experiencing in the specific situation. When people realize or imagine that ＂if the choice is not the same as before that things are getting better now＂, they will feel regret.
文摘The technology investment strategy under uncertainty is the key subject. However, the expected utility maximization often employed as the decision process fails to consider the high risk with low probability cases. On the other hand, the existing min-max regret strategy tends to be dominated by the ＂worst assumption＂ regardless of its probability. This research proposes a new framework by formulating the regret by the Minkowski＇s generalized distance. The authors then apply the formulation to the IAM （integrated assessment model） MARIA. This study focuses on the uncertainties of CCS （carbon capture and storage） costs and the global warming damages. This formulation is then extended to the multi-stage decision frame, known as ATL （act-then-learn） method. The simulation results suggest that the substantial changes in CCS and nuclear deployment strategies depending on the future uncertainty scenarios. The results also suggest that the minimum regret strategy favors the capital accumulation in the early stage.
文摘Tang poetry can be described as the treasure of Chinese culture.For a long time,both domestic and foreign scholars have devoted themselves to disseminating the immortal Chinese cultural heritage and have made great contributions to the translation of classical poetry.The Everlasting Regret is one of the excellent narrative poems in Chinese classical poetry.It is highly valued by many translators."Three Beauties" principle are the principles of poetry translation proposed by Mr.Xu Yuanchong,in his work On Chinese Verse in English Rhyme.On the basis of the"Three Beauties" principle and translation version of Mr.Xu Yuanchong's The Everlasting Regret,this paper analyzes how to achieve the beauty in sense,sound and form in translation,aiming at providing some reference methods for the translation of Chinese classical poetry.
文摘Traditional expected utility theory suggests that decision-makers are completely rational,but a large number of experiments and empirical studies have shown that decision-makers will be influenced by their perception of psychological and other factors,is bounded rationality when making decisions.This paper will be based on regret theory,considering the influence of retailer’regret factor on their order quantity in a single cycle,and providing corresponding measures which supplier can take to weaken the influence of retail regret.
文摘易逝品零售商降价销售时,策略型消费者往往会经历高价后悔和缺货后悔,这两种后悔行为均会降低他们的购买效用,从而影响零售商库存决策和利润。因此,本文分别研究了价格外生和内生两种情形下高价后悔和缺货后悔对策略型消费者行为以及零售商库存决策和利润的影响。研究表明,对于高利润产品,零售商应实施瞄准短视型消费者(target myopic consumers,TMC)的策略。相反,对于低利润产品,零售商应实施瞄准短视和策略型消费者(target both myopic and strategic consumers,TBC)的策略。此外,随着高价(缺货)后悔水平的增加,策略型消费者原来认为是低(高)利润的产品,现在可能认为是高(低)利润产品,因此零售商最优策略可能会相应地改变。其次,对于低利润产品,当高价(缺货)后悔显著时,后悔行为对零售商产生负(正)影响,且高价后悔和缺货后悔呈现相反的作用;对于高利润产品,后悔行为不对零售商造成影响。再次,对于低利润产品,高价后悔加剧了(缺货后悔缓解了)策略型消费者行为的负影响;对于高利润产品,后悔行为不影响策略型消费者行为的负影响。最后,当零售商拥有全价决策权时,零售商总是能够利用决策全价的优势来消除高价后悔的负影响或发挥缺货后悔的正影响。
