Cognitive Mapping and Decision Support in Economic Systems
Summary
Cognitive mapping offers a structured, visual means of representing complex economic systems through networks of concepts and causal links. By capturing the interdependencies among variables—such as market indicators, regulatory factors and agent behaviours—these maps facilitate a holistic understanding of dynamic economic processes. When combined with decision support methodologies, including multi-criteria analysis and fuzzy logic, cognitive maps enable policymakers, investors and analysts to explore scenarios, quantify trade-offs and anticipate systemic risks under uncertainty. Applications span real estate valuation, credit risk assessment, urban planning and sustainable finance, where the ability to integrate qualitative insights with quantitative modelling enhances transparency and supports evidence-based choices. Advances in computational tools have further refined the calibration of cognitive maps, improving their predictive capacity and adaptability to evolving data streams. As economic systems grow in complexity and global interconnection intensifies, cognitive mapping and decision support frameworks provide crucial instruments for navigating uncertainty and informing strategic interventions.
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Cognitive Mapping and Decision Support in Economic Systems publication trend
The graph below shows the total number of articles in cognitive mapping and decision support in economic systems across all publications each year (not limited to Nature Index journals).
Technical terms
Cognitive map: A graphical representation of concepts (nodes) and their causal relationships (edges) used to model complex systems.
Fuzzy cognitive mapping (FCM): An extension of cognitive maps that employs fuzzy logic to quantify the strength and uncertainty of inter-concept relationships.
Multi-criteria decision analysis (MCDA): A suite of methods for evaluating alternatives against multiple, often conflicting criteria, providing structured trade-off assessments.
Decision support system (DSS): An interactive software tool combining data, models and analytical techniques to aid decision makers in exploring options and outcomes.
References
- A fuzzy knowledge-based framework for risk assessment of residential real estate investments. Technological and Economic Development of Economy (2017).
- An idiosyncratic decision support system for credit risk analysis of small and medium-sized enterprises. Technological and Economic Development of Economy (2015).
- Factors influencing urban investment attractiveness: an FCM-SD approach. International Journal of Strategic Property Management (2020).
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