Behavioral models for complex decision analysis

The focus of this paper is to propose some behavioral (or descriptive) models of individual decision making and group decision making under risk/uncertainty as follows: models to explain the violations of expected utility models for the individual decision making; and a model to describe the ethical consensus formation process among multi-agent conflicting decision makers. The former models extend Kahneman-Tversky model of prospect theory and resolve Allais and Ellsburg paradoxes. The later model extends additive/utility independence in consensus formation process to get more flexible preference structure among conflicting decision makers. (c) 2004 Elsevier B.V. All rights reserved.