My interest in statistics stems from my work on the axiomatization of bounded rationality as a formal representation of actual decision-making. The neoclassic paradigm of rational man is based on the subjective utility theory developed by the famous statistician, Savage (1950). Thus, the economic modeling of behavior has an essential connection with the fundamental theories of probability in statistics.

Currently, I pursue two active lines of research: the application of Markov chain models to designing CUSUM control charts for correlated binary data; and, theorizing the science of fast and frugal heuristics through an analytical approach.


Defining Wisdom Project Description

Research into heuristic strategies as practically wise decision tools has revealed evidence, for the first time, that “less can be more.” Whereas mainstream empirical wisdom literature has equated wisdom with expert knowledge, these findings suggest that under real life uncertainties, intuitive heuristics can allow for successful navigation of the state of ignorance, which entails partial but effective information. The next step of this project will specify conditions under which this counterintuitive finding is valid, and hence can be used to develop real-world decision aids.