Seeking a realistic way of individual decision making

Yasumi Matsumoto

    Research output: Contribution to journalArticle

    5 Citations (Scopus)

    Abstract

    In this paper, we try to introduce a realistic way of individual decision making based on the Japanese way of thinking, which may make up for the defect of today's popular decision-making methods that heavily depend on the logic of the Western way of thinking, typically shown in Arrow's impossibility theorem. The presented way of individual decision making is realistic because it follows people's actual choice procedure; it is also a promising way in the reconsideration of Arrow's framework and the result from a different direction. We compare the Western and the Japanese ways of thinking in detail in this paper because the sharp difference between them is expected to give the reader new hints for the creative development of decision-making methods.

    Original languageEnglish
    Pages (from-to)126-150
    Number of pages25
    JournalGlobal Business and Economics Review
    Volume9
    Issue number2-3
    DOIs
    Publication statusPublished - 2007

    Keywords

    • Arrow's general possibility theorem
    • Collective choice theory
    • Dynamic decision making
    • Individual preference relation
    • Japanese way of thinking
    • Western way of thinking

    ASJC Scopus subject areas

    • Business and International Management
    • Economics and Econometrics

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