Herbert Alexander Simon was an American scholar whose work also influenced the fields of computer science,economics,and cognitive psychology. His primary research interest was decision-making within organizations and he is best known for the theories of "bounded rationality" and "satisficing". He received the Turing Award in 1975 and the Nobel Memorial Prize in Economic Sciences in 1978. His research was noted for its interdisciplinary nature,spanning the fields of cognitive science,computer science,public administration,management,and political science. He was at Carnegie Mellon University for most of his career,from 1949 to 2001,where he helped found the Carnegie Mellon School of Computer Science,one of the first such departments in the world.
Edward Christian Prescott was an American economist. He received the Nobel Memorial Prize in Economics in 2004,sharing the award with Finn E. Kydland,"for their contributions to dynamic macroeconomics:the time consistency of economic policy and the driving forces behind business cycles". This research was primarily conducted while both Kydland and Prescott were affiliated with the Graduate School of Industrial Administration at Carnegie Mellon University. According to the IDEAS/RePEc rankings,he was the 19th most widely cited economist in the world in 2013. In August 2014,Prescott was appointed an Adjunct Distinguished Economic Professor at the Australian National University (ANU) in Canberra,Australia. Prescott died of cancer on November 6,2022,at the age of 81.
The Department of Social and Decision Sciences (SDS) is an interdisciplinary academic department within the Dietrich College of Humanities and Social Sciences at Carnegie Mellon University. The Department of Social and Decision Sciences is headquartered in Porter Hall in Pittsburgh,Pennsylvania and is led by Department Head Gretchen Chapman. SDS is known for research and education programs in decision-making in public policy,economics,management,and the behavioral social sciences.
Geoffrey Franklin Miller is an American evolutionary psychologist,author,and associate professor of psychology at the University of New Mexico. He is known for his research on sexual selection in human evolution.
George Loewenstein is an American educator and economist. He is the Herbert A. Simon Professor of Economics and Psychology in the Social and Decision Sciences Department at Carnegie Mellon University and director of the Center for Behavioral Decision Research. He is a leader in the fields of behavioral economics,neuroeconomics,Judgment and Decision Making.
Richard Michael Cyert was an American economist,statistician and organizational theorist,who served as the sixth President of Carnegie Mellon University in Pittsburgh,Pennsylvania,United States. He is known for his seminal 1959 work "A behavioral theory of the firm," co-authored with James G. March.
David Allen Hounshell is an American academic. He is the David M. Roderick Professor of Technology and Social Change in the Department of Social and Decision Sciences,Department of History,and the Department of Engineering and Public Policy at Carnegie Mellon University. He is known for his work of the history of research and development and industrial research in the United States,particularly at DuPont.
Robyn Mason Dawes was an American psychologist who specialized in the field of human judgment. His research interests included human irrationality,human cooperation,intuitive expertise,and the United States AIDS policy. He applied linear models to human decision making,including models with equal weights,a method known as unit-weighted regression. He co-wrote an early textbook on mathematical psychology.
The Carnegie School is a school of economic thought originally formed at the Graduate School of Industrial Administration (GSIA),the current Tepper School of Business,of Carnegie Institute of Technology,the current Carnegie Mellon University,especially during the 1950s to 1970s.
Choice architecture is the design of different ways in which choices can be presented to decision makers,and the impact of that presentation on decision-making. For example,each of the following:
David Klahr is an American psychologist whose research ranges across the fields of cognitive development,psychology of science,and educational psychology and has been a professor at Carnegie Mellon University since 1969. He is the Walter van Dyke Bingham Professor of Cognitive Development and Education Sciences at Carnegie Mellon University and a member of the National Academy of Education,a Fellow of the American Psychological Association,a Charter Fellow of the Association for Psychological Science,on the Governing Board of the Cognitive Development Society,a member of the Society for Research in Child Development,and the Cognitive Science Society. He was an associate editor of Developmental Psychology and has served on the editorial boards of several cognitive science journals,as well as on the National Science Foundation's subcommittee on Memory and Cognitive Processes,and the National Institutes of Health's Human Development and Aging Study Section.
Itamar Simonson is a professor of marketing,holding the Sebastian S. Kresge Chair of Marketing in the Graduate School of Business,Stanford University. He is known for his work on the factors that determine the choices that buyers make. His academic career started at the University of California at Berkeley,where he taught for six years,before he moved to Stanford. Many of his former PhD students hold senior positions at some of the best universities in the world.
Peter McGraw is an American professor of marketing and psychology at the University of Colorado Boulder. As a behavioral scientist his research spans the fields of judgment and decision making,emotion,affect,mood,and behavioral economics.
The Tepper School of Business is the business school of Carnegie Mellon University. It is located in the university's 140-acre (0.57 km2) campus in Pittsburgh,Pennsylvania.
John O'Shaughnessy was a British academic and business writer.
Jonah Berger is a professor at the Wharton School of the University of Pennsylvania,an author,and a viral marketer. He has published over 50 articles in academic journals,and has written for The New York Times,The Wall Street Journal,and Harvard Business Review. More than a million copies of his books Contagious:Why Things Catch On,Invisible Influence:The Hidden Forces that Shape Behavior, and The Catalyst:How to Change Anyone's Mind are in print in over 35 countries.
Utpal Dholakia is an Indian American researcher and professor. He is the George R. Brown Professor of Marketing at the Jones Graduate School of Business,Rice University,and the founder of marketing insights consultancy,Empyrean Insights.
Gretchen Chapman is a cognitive psychologist known for her work on judgment and decision making in health-related contexts,such as clinical decision making and patient preferences,preventive health behavior,and vaccination. She is Professor of Social and Decision Sciences at Carnegie Mellon University. Chapman served as an Editor of the journal Psychological Science and is a Fellow of the Association for Psychological Science.
Russell Stuart Winer is an American econometrician and academic administrator. He is the William Joyce Professor of Marketing at the New York University Stern School of Business and dean of the department of business administration at the University of the People.
The pain of paying is a concept from Behavioral Economics and Behavioral Science,coined in 1996 by Ofer Zellermayer,whilst writing his PhD dissertation at the University of Carnegie Mellon,under supervision of George Loewenstein. The term refers to the negative emotions experienced during the process of paying for a good or service. In other words,to make this simpler to understand,the more a purchase hurts,the less people are willing to make this purchase. During the payment process,the handing over of money is akin to losing money. As most people are loss averse,this is experienced as a negative feeling,and as such can also be used to avoid or reduce spending. In 2023,Farnoush Reshadi and M. Paula Fitzgerald reviewed the literature on pain of payment and offered a new definition of pain of payment that distinguishes between two types of pain of payment:immediate and anticipated. Immediate pain of payment is “the negative psychological affective reaction consumers experience immediately after they become cognizant that they havelost a certain amount of their financial resources.”Anticipated pain of payment is “the negative psychological affective reaction consumers experience when they become cognizant that they will or may lose a certain amount of their financial resources in the future.”These new definitions consider that pain of payment can be experienced both after and before making payments,can be experienced when losing any type of financial resource that can act as a source of security,and is only evoked when consumers become aware of the financial loss. The pain of paying has been tested in several contexts,and has been found to differ per payment method. The pain of paying is often heralded as a tool to curb individuals' spending.
