Rapid development of information and computer technology as well as availability of multiple, very frequently incompatible, informational sources have caused that decision makers (both humans and devices) are overloaded with information. Their imperfectness (i.e. limited cognitive, informational and evaluational capabilities) is confronted with decision making (DM) of growing complexity with incomplete DM preferences and imprecise DM goals.

In this situation even separation of important and unimportant information may require a significant deliberation effort. The success of normative DM theories under information overload and uncertainty heavily depends on whether a deliberation effort of decision makers is respected.

The project aims to contribute to solution of the bounded rationality problem for multiple decision makers performing complex dynamic DM under uncertainty and incomplete knowledge in both cooperative and competitive settings. The desired solution should be used within normative Bayesian decentralised dynamic DM under a flat cooperation structure without a facilitator.

Duration: 2014 – 2017

Funding agency: EEA/Norwegian Financial Mechanism

Contract number: 7F14287

Principal investigator: Václav Šmídl