Decision making under synchronous time stress among bilateral decision makers

Abstract

In this chapter, we discuss a theory on process for decision making under time stress which is common or synchronous constraint among two or bilateral decision makers. Its typical application is found in a system that analyzes the pricing mechanism of group-or-collaborative behaviors among multi-party using multi-agents. The problem on time stress is to evaluate cost of time or value of the entire duration of a certain process for decision making.We propose a formula to compute cost of time by introduction of opportunity cost to its evaluation. We also propose a formula on strategic points for decision making to minimize cost of time for a certain process for decision making under time stress as synchronous constraint. A strategic point is always located at the one-third of the entire or remaining duration for decision procedures, instead of a heuristic point of its half time. We have conducted a feasibility check on the proposed formulas on cost of time and strategic points in their applications to a case study. © 2011 Springer-Verlag Berlin Heidelberg.