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In: Economics

The nature of a decision process and its rationality are empirical questions that must be addressed...

The nature of a decision process and its rationality are empirical questions that must be addressed by primary field study, experimental tests, and other means. But whatever your view about the sophistication and rationality of decision making, your models must conform to certain basic principles.

a.         Explain the principles of modeling human behavior (500 words

please at least 450 words

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Expert Solution

There is necessity to construct the theoretical understanding and presentation of human communication, emotional wonder and desperation, noble and selfish biases, nationalism, global politics and different forms of spirituality. The important feature of human behaviour is fundamental and irrespective concept of narrative. Human behaviour as unexpected and inconsistent in nature. Human behaviour modelling is based on random distribution. All choices of human being are equal and uncertain about the decision making. Modelling of behaviour can be done through statistically like without dealing within individual. The decision making process is based on the past works done and their experience. The most important principle of human behaviour is;
Human as an information processors; processing of information through sensory measures about environment, current status and history of their action. Environmental sensors consist of touch, sight, smell, hearing and taste. But humans having the capability to sense the temperature, internals, pain, balance ad acceleration. There are personality traits that influence the characteristics by effects like thoughts, behaviour, emotions, relatively constant over life span and also a larger part of the individual differences. Human beings having limited informational inputs.
Human motivation; motivation are mainly hierarchy in nature. Human beings tried to need to meet their basic psychological requirements. The next priority is based on safety and security. Next need comprises of social needs of friendship, family and sexual intimacy.
Rationality in human behaviour; human beings maximise their benefits and minimise their costs through logical processing. All agents have perfect knowledge about the environment; there is necessary ordering and transitivity properties. The concept of bounded rationality shows the limited availability of information and cognitive abilities. Human knowledge accepted in two basic forms; declarative knowledge and procedural knowledge. Rational behaviour represents the knowledge, learn, remembering of new knowledge and also applying this knowledge.
Emotional or unconsciously human behaviour; there are several factors which affect the human behaviour include intuitive, emotional or unconscious decision making. Emotional effect on decision making have leading impact on non-traditionally rational decision making process. Impact of emotion cannot be classified as improving or degrading.
Social human behaviour; there are two ways to find the socially human behaviour; theory of mind and combining behaviour with others. Theory of mind shows the transfer of information based on establishing and sharing of common concepts.
There are several conceptual framework emerged in the field of human decision making. The most important approach used is belief, desire and intensions. The second framework includes physical, emotional, cognitive and social factors which have huge influence over the decision making of human behaviour. Third framework is called fast and frugal.  


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