21 resultados para time and risk preferences

em Cambridge University Engineering Department Publications Database


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This paper is concerned with time-domain optimal control of active suspensions. The optimal control problem formulation has been generalised by incorporating both road disturbances (ride quality) and a representation of driver inputs (handling quality) into the optimal control formulation. A regular optimal control problem as well as a risk-sensitive exponential optimal control performance index is considered. Emphasis has been given to practical considerations including the issue of state estimation in the presence of load disturbances (driver inputs). © 2012 IEEE.

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A case study of an aircraft engine manufacturer is used to analyze the effects of management levers on the lead time and design errors generated in an iteration-intensive concurrent engineering process. The levers considered are amount of design-space exploration iteration, degree of process concurrency, and timing of design reviews. Simulation is used to show how the ideal combination of these levers can vary with changes in design problem complexity, which can increase, for instance, when novel technology is incorporated in a design. Results confirm that it is important to consider multiple iteration-influencing factors and their interdependencies to understand concurrent processes, because the factors can interact with confounding effects. The article also demonstrates a new approach to derive a system dynamics model from a process task network. The new approach could be applied to analyze other concurrent engineering scenarios. © The Author(s) 2012.

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Studies of human decision making emerge from two dominant traditions: learning theorists [1-3] study choices in which options are evaluated on the basis of experience, whereas behavioral economists and financial decision theorists study choices in which the key decision variables are explicitly stated. Growing behavioral evidence suggests that valuation based on these different classes of information involves separable mechanisms [4-8], but the relevant neuronal substrates are unknown. This is important for understanding the all-too-common situation in which choices must be made between alternatives that involve one or another kind of information. We studied behavior and brain activity while subjects made decisions between risky financial options, in which the associated utilities were either learned or explicitly described. We show a characteristic effect in subjects' behavior when comparing information acquired from experience with that acquired from description, suggesting that these kinds of information are treated differently. This behavioral effect was reflected neurally, and we show differential sensitivity to learned and described value and risk in brain regions commonly associated with reward processing. Our data indicate that, during decision making under risk, both behavior and the neural encoding of key decision variables are strongly influenced by the manner in which value information is presented.