Introduction to the Special Issue “Dynamic Decision-Making in Controlled Experiments”

Andreas Größler,Hendrik Stouten

doi:10.3390/systems3020060

Abstract

While research so far has mostly focused on static (one-shot) decisions, it is obvious that many (or even most) crucial real-life decisions are dynamic. [...]

Highlights

Introduction to the SpecialIssue “Dynamic Decision-Making in Controlled Experiments”Andreas Größler * and Hendrik StoutenInstitute for Management Research—System Dynamics Group, Radboud University, The NetherlandsReceived: 11 June 2015 / Accepted: 11 June 2015 / Published: 18 June 2015While research so far has mostly focused on static decisions, it is obvious that many crucial real-life decisions are dynamic
Decision tasks are dynamic whenever decisions made at time t alter the state of a system and, the information that conditions decisions that have to be made at time t + 1
The decision-maker and the system are entwined in feedback loops whereby decisions alter the state of the system, giving rise to new information and leading to new decisions

Summary

Introduction

While research so far has mostly focused on static (one-shot) decisions, it is obvious that many (or even most) crucial real-life decisions are dynamic. Continuous planning and implementation processes in companies, resource exploitation and regeneration policies in mining, agriculture, and fisheries, and economic and environmental steering by policy makers are prime examples of important dynamic decisions. Decision tasks are dynamic whenever decisions made at time t alter the state of a system and, the information that conditions decisions that have to be made at time t + 1.

Results

Conclusion