Abstract
Research background: In negotiations, in modelling decision-making at both the individual and market levels, it is important to understand and be able to assess important aspects of economic behaviour. The theory of spectrum is proposed to be applied in modelling decision making. The object of the research is the possibilities of application of spectrum and game theories. Classical economic theory does not define subjective parameters of economic behaviour, therefore, when modelling market negotiation strategies, it is difficult to identify and evaluate appropriate parameters of economic behaviour required for decision-making in market negotiations. The spectrum theory approach can be used to model the economy, both at the individual and market levels, which is especially relevant in international business negotiations, where the modelling of solutions and various operations presents opportunities to assess subjective parameters. Purpose of the article: The aim of the paper is to investigate and compare the application of spectral decay and gambling theories in modelling market economy negotiations. Research methods: Scientific literature analysis, comparative, logical analysis and synthesis, comparative and generalization methods, game theory, quantum cognition methods. Findings & Value added: The article examines the basic principles of behavioural economics: the functions of assessing the psychological value and uncertainty of monetary gain or loss, how both theories take these principles into account: game and spectrum.
Highlights
In negotiation, when modelling decision-making at both the individual and market levels, it is important to understand and be able to evaluate important aspects of economic behaviour
The participants are confronted with vast amounts of information about the objective parameters that determine the context of the negotiations
The assessment and formation of bargaining power is especially relevant in negotiations, where it is necessary to harmonize the processes of interaction between participants of different cultures, assessing the con-text of negotiations, cultural differences, aspects of conflict prevention
Summary
In negotiation, when modelling decision-making at both the individual and market levels, it is important to understand and be able to evaluate important aspects of economic behaviour. The paper examines the basic principles of behavioural economics: the psychological value of monetary profit or loss and the functions of assessing uncertainty. How both theories take into account these principles: gambling and spectrum. The approach of spectrum theory can be used to model the economy, both at the individual and market levels. The aim of the work is to investigate and compare the application of spectrum and game theories in modelling market economy negotiations. Research methods - scientific literature analysis, comparative, logical analysis and synthesis, comparative and generalization methods, game theory, quantum cognition methods
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