Research ArticleOpen accessIn the author namesBayesian Framework in Repeated-Play Decision MakingYohei Kobayashi, Takemi FujikawaProblem statement: There have been much reported on decisions from experience, also referred to as decisions in a complete ignorance fashion. Approach: This note lays out a Bayesian decision-theoretical framework that provides a computable account for decisions from experience. Results: To make the framework more tractable, this note sets up and examines decisions in an incomplete ignorance fashion. The current … …American Journal of Applied Sciences, Vol. 9, Issue 4 · 18 Feb 2012 · 6,723 accessesView PDFCite
Research ArticleOpen accessIn the author namesA Laboratory Study of Curiosity Behavior in Feedback-Based DecisionsTakemi FujikawaProblem statement: This study adopts an interdisciplinary approach in conducting the study on "curiosity" with a toolset of experimental economics. Approach: I hypothesized that the Decision Makers (DMs) tended to exhibit curiosity behavior when two conditions were met: (1) The DMs faced "small feedback-based" decision problems; (2) The DMs bore tangible costs of their curiosity behavior. Results: This study was … …American Journal of Applied Sciences, Vol. 7, Issue 12 · 31 Dec 2010 · 7,463 accessesView PDFCite
Research ArticleOpen accessIn the author namesAn Experimental Study of Petty Corrupt Behaviour in Small Decision Making ProblemsTakemi FujikawaThis research discusses small decision making problems and petty corruption as their practical applications with a structured economic experiment. One of examples of petty corruption considered includes demands for petty bribes by traffic officials followed by police. We examine that it is caused by subjective underweighting of rare events and its objective probabilities. This literature reports results of an experiment, … …American Journal of Applied Sciences, Vol. 2, Issue 13 · 3 Dec 2005 · 8,108 accessesView PDFCite
Research ArticleOpen accessIn the author namesA Laboratory Study of Bayesian Updating in Small Feedback-Based Decision ProblemsTakemi Fujikawa, Sobei H. OdaThis study explores small feedback-based decision problems experimentally. Conducted were the experiments in which the decision-maker’s payoff distribution was limited to either favorable distribution or unfavorable distribution. The first remarkable observation revealed complexity/loss aversion in the experiment. The second observation included the law of small numbers. Deviations from maximization were also observed. Finally, we investigated the imperfect Bayesian decision-makers observed … …American Journal of Applied Sciences, Vol. 2, Issue 7 · 31 Jul 2005 · 6,760 accessesView PDFCite