Bierlaire, M.

Mathematical Modeling of Irrational Behavior: towards a linear formulation

Speaker: Bierlaire Michel

Seminar of the Department of Information Systems, Decision Sciences and Statistics, ESSEC

May 16, 2023

Mathematical modeling of choice behavior is rooted in microeconomic theory, and relies on the assumption that economic actors behave rationally. However, there is empirical evidence that the rationality assumption does not always hold. In this talk, we will present some of this evidence and describe how to develop behavioral models that can account for this apparent irrationality. We will then consider a formulation of these models that is designed to be integrated into optimization models.