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The Contribution Of Case Based Decision Theory To The Theory Of Choice Under Uncertainty
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Book Synopsis A Theory of Case-Based Decisions by : Itzhak Gilboa
Download or read book A Theory of Case-Based Decisions written by Itzhak Gilboa and published by Cambridge University Press. This book was released on 2001-07-26 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work, a paradigm for modelling decision-making under uncertainty, describes the general theory and its relationship to planning, repeated choice problems, inductive inference, and learning; and highlights its mathematical and philosophical foundations.
Book Synopsis The Contribution of "case-based Decision Theory" to the Theory of Choice Under Uncertainty by : Emilio Asaro
Download or read book The Contribution of "case-based Decision Theory" to the Theory of Choice Under Uncertainty written by Emilio Asaro and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Uncertain Decisions by : Luigi Luini
Download or read book Uncertain Decisions written by Luigi Luini and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Uncertain Decisions: Bridging Theory and Experiments presents advanced directions of thinking on decision theory - in particular the more recent contributions on non-expected utility theory, fuzzy decision theory and case-based theory. This work also provides theoretical insights on measures of risk aversion and on new problems for general equilibrium analysis. It analyzes how the thinking that underlies the theories described above spills over into real decisions, and how the thinking that underlies these real decisions can explain the discrepancies between theoretical approaches and actual behavior. This work elaborates on how the most recent laboratory experiments have become an important source both for evaluating the leading theory of choice and decision, and for contributing to the formation of new models regarding the subject.
Book Synopsis Theory of Decision Under Uncertainty by : Itzhak Gilboa
Download or read book Theory of Decision Under Uncertainty written by Itzhak Gilboa and published by Cambridge University Press. This book was released on 2009-03-16 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes the classical axiomatic theories of decision under uncertainty, as well as critiques thereof and alternative theories. It focuses on the meaning of probability, discussing some definitions and surveying their scope of applicability. The behavioral definition of subjective probability serves as a way to present the classical theories, culminating in Savage's theorem. The limitations of this result as a definition of probability lead to two directions - first, similar behavioral definitions of more general theories, such as non-additive probabilities and multiple priors, and second, cognitive derivations based on case-based techniques.
Book Synopsis Making Better Decisions by : Itzhak Gilboa
Download or read book Making Better Decisions written by Itzhak Gilboa and published by John Wiley & Sons. This book was released on 2010-10-19 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: Making Better Decisions introduces readers to some of the principal aspects of decision theory, and examines how these might lead us to make better decisions. Introduces readers to key aspects of decision theory and examines how they might help us make better decisions Presentation of material encourages readers to imagine a situation and make a decision or a judgment Offers a broad coverage of the subject including major insights from several sub-disciplines: microeconomic theory, decision theory, game theory, social choice, statistics, psychology, and philosophy Explains these insights informally in a language that has minimal mathematical notation or jargon, even when describing and interpreting mathematical theorems Critically assesses the theory presented within the text, as well as some of its critiques Includes a web resource for teachers and students
Book Synopsis Theory of Case-Based Decisions by : Itzhak Gilboa
Download or read book Theory of Case-Based Decisions written by Itzhak Gilboa and published by . This book was released on 2001 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gilboa and Schmeidler provide a new paradigm for modelling decision making under uncertainty, one which suggests that people make decisions by analogies to past cases. The authors describe the general theory and its relationship to planning, repeated choice problems, inductive inference, and learning.
Book Synopsis Completing the Forecast by : National Research Council
Download or read book Completing the Forecast written by National Research Council and published by National Academies Press. This book was released on 2006-10-09 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: Uncertainty is a fundamental characteristic of weather, seasonal climate, and hydrological prediction, and no forecast is complete without a description of its uncertainty. Effective communication of uncertainty helps people better understand the likelihood of a particular event and improves their ability to make decisions based on the forecast. Nonetheless, for decades, users of these forecasts have been conditioned to receive incomplete information about uncertainty. They have become used to single-valued (deterministic) forecasts (e.g., "the high temperature will be 70 degrees Farenheit 9 days from now") and applied their own experience in determining how much confidence to place in the forecast. Most forecast products from the public and private sectors, including those from the National Oceanographic and Atmospheric Administration's National Weather Service, continue this deterministic legacy. Fortunately, the National Weather Service and others in the prediction community have recognized the need to view uncertainty as a fundamental part of forecasts. By partnering with other segments of the community to understand user needs, generate relevant and rich informational products, and utilize effective communication vehicles, the National Weather Service can take a leading role in the transition to widespread, effective incorporation of uncertainty information into predictions. "Completing the Forecast" makes recommendations to the National Weather Service and the broader prediction community on how to make this transition.
Book Synopsis Decision Making Under Uncertainty by : Mykel J. Kochenderfer
Download or read book Decision Making Under Uncertainty written by Mykel J. Kochenderfer and published by MIT Press. This book was released on 2015-07-24 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: An introduction to decision making under uncertainty from a computational perspective, covering both theory and applications ranging from speech recognition to airborne collision avoidance. Many important problems involve decision making under uncertainty—that is, choosing actions based on often imperfect observations, with unknown outcomes. Designers of automated decision support systems must take into account the various sources of uncertainty while balancing the multiple objectives of the system. This book provides an introduction to the challenges of decision making under uncertainty from a computational perspective. It presents both the theory behind decision making models and algorithms and a collection of example applications that range from speech recognition to aircraft collision avoidance. Focusing on two methods for designing decision agents, planning and reinforcement learning, the book covers probabilistic models, introducing Bayesian networks as a graphical model that captures probabilistic relationships between variables; utility theory as a framework for understanding optimal decision making under uncertainty; Markov decision processes as a method for modeling sequential problems; model uncertainty; state uncertainty; and cooperative decision making involving multiple interacting agents. A series of applications shows how the theoretical concepts can be applied to systems for attribute-based person search, speech applications, collision avoidance, and unmanned aircraft persistent surveillance. Decision Making Under Uncertainty unifies research from different communities using consistent notation, and is accessible to students and researchers across engineering disciplines who have some prior exposure to probability theory and calculus. It can be used as a text for advanced undergraduate and graduate students in fields including computer science, aerospace and electrical engineering, and management science. It will also be a valuable professional reference for researchers in a variety of disciplines.
Book Synopsis Risk, Choice, and Uncertainty by : George G. Szpiro
Download or read book Risk, Choice, and Uncertainty written by George G. Szpiro and published by Columbia University Press. This book was released on 2020-01-07 with total page 413 pages. Available in PDF, EPUB and Kindle. Book excerpt: At its core, economics is about making decisions. In the history of economic thought, great intellectual prowess has been exerted toward devising exquisite theories of optimal decision making in situations of constraint, risk, and scarcity. Yet not all of our choices are purely logical, and so there is a longstanding tension between those emphasizing the rational and irrational sides of human behavior. One strand develops formal models of rational utility maximizing while the other draws on what behavioral science has shown about our tendency to act irrationally. In Risk, Choice, and Uncertainty, George G. Szpiro offers a new narrative of the three-century history of the study of decision making, tracing how crucial ideas have evolved and telling the stories of the thinkers who shaped the field. Szpiro examines economics from the early days of theories spun from anecdotal evidence to the rise of a discipline built around elegant mathematics through the past half century’s interest in describing how people actually behave. Considering the work of Locke, Bentham, Jevons, Walras, Friedman, Tversky and Kahneman, Thaler, and a range of other thinkers, he sheds light on the vast scope of discovery since Bernoulli first proposed a solution to the St. Petersburg Paradox. Presenting fundamental mathematical theories in easy-to-understand language, Risk, Choice, and Uncertainty is a revelatory history for readers seeking to grasp the grand sweep of economic thought.
Book Synopsis Decision Theory with a Human Face by : Richard Bradley
Download or read book Decision Theory with a Human Face written by Richard Bradley and published by Cambridge University Press. This book was released on 2017-10-26 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explores how decision-makers can manage uncertainty that varies in both kind and severity by extending and supplementing Bayesian decision theory.
Book Synopsis Handbook of the Economics of Risk and Uncertainty by : Mark Machina
Download or read book Handbook of the Economics of Risk and Uncertainty written by Mark Machina and published by Newnes. This book was released on 2013-11-14 with total page 897 pages. Available in PDF, EPUB and Kindle. Book excerpt: The need to understand the theories and applications of economic and finance risk has been clear to everyone since the financial crisis, and this collection of original essays proffers broad, high-level explanations of risk and uncertainty. The economics of risk and uncertainty is unlike most branches of economics in spanning from the individual decision-maker to the market (and indeed, social decisions), and ranging from purely theoretical analysis through individual experimentation, empirical analysis, and applied and policy decisions. It also has close and sometimes conflicting relationships with theoretical and applied statistics, and psychology. The aim of this volume is to provide an overview of diverse aspects of this field, ranging from classical and foundational work through current developments. - Presents coherent summaries of risk and uncertainty that inform major areas in economics and finance - Divides coverage between theoretical, empirical, and experimental findings - Makes the economics of risk and uncertainty accessible to scholars in fields outside economics
Book Synopsis Decision Making under Uncertainty by : R.W. Scholz
Download or read book Decision Making under Uncertainty written by R.W. Scholz and published by Elsevier. This book was released on 1983-11-01 with total page 457 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume contains the revised papers of an international symposium on research on fallacies, biases, and the development of decision behavior under uncertainty. The papers are organized in five main sections.The Introduction outlines the conceptual framework and how three of the sections - Cognitive Decision Research, Social Interaction, and Development and Epistemology - are interrelated and also how new fields, such as research into developmental questions, can be productively integrated.In the fifth section Comments are collected, which evaluate the impact of the contributions on decision research itself, and also on cognitive psychology, social psychology, economic theory, ant the discipline of mathematics education.
Book Synopsis Uncertain Computation-based Decision Theory by : Rafik Aziz ogly Aliev
Download or read book Uncertain Computation-based Decision Theory written by Rafik Aziz ogly Aliev and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Uncertain computation is a system of computation and reasoning in which the objects of computation are not values of variables but restrictions on values of variables. --
Book Synopsis Generalized Expected Utility Theory by : John Quiggin
Download or read book Generalized Expected Utility Theory written by John Quiggin and published by Springer Science & Business Media. This book was released on 1993 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic analysis of choice under uncertainty has been dominated by the expected utility (EU) model, yet the EU model has never been without critics. Psychologists accumulated evidence that individual choices under uncertainty were inconsistent with the predictions of the EU model. Applied work in areas such as finance was dominated by the simpler mean-variance analysis. In the 1980s this skepticism was dispelled as a number of generalizations of EU were proposed, most of which were capable of explaining evidence inconsistent with EU, while preserving transitivity and dominance. Generalized expected utility is now a flourishing subfield of economics, with dozens of competing models and considerable literature exploring their theoretical properties and comparing their empirical performance. But the EU model remains the principal tool for the analysis of choice under uncertainty. There is a view that generalized models are too difficult to handle or incapable of generating sharp results. This creates a need to show that the new models can be used in the kinds of economic analysis for which EU has been used, and that they can yield new and interesting results. This book meets this need by describing one of the most popular generalized models -- the rank-dependent expected utility model (RDEU), also known as anticipated utility, EU with rank-dependent preferences, the dual theory of choice under uncertainty, and simply as rank-dependent utility. As the many names indicate, the model has been approached in many ways by many scientists and for this reason, consideration of a single model sheds light on many of the concerns that have motivated the development of generalized utility models. The popularity of the RDEU model rests on its simplicity and tractability. The standard tools of analysis developed for EU theory may be applied to the RDEU model, but since RDEU admits behavior inconsistent with EU, the field of potential applications is widened. As such, the RDEU model is not as much a competitor to EU as an extension based on less restrictive assumptions.
Book Synopsis Foundations and Applications of Decision Theory by : C.A. Hooker
Download or read book Foundations and Applications of Decision Theory written by C.A. Hooker and published by Springer Science & Business Media. This book was released on 1978-04-30 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: 1. INTRODUCTION In the Spring of 1975 we held an international workshop on the Foundations and Application of Decision Theory at the University of Western Ontario. To help structure the workshop into ordered and manageable sessions we distri buted the following statement of our goals to all invited participants. They in turn responded with useful revisions and suggested their own areas of interest. Since this procedure provided the eventual format of the sessions, we include it here as the most appropriate introduction to these collected papers result ing from the workshop. The reader can readily gauge the approximation to our mutual goals. 2. STATEMENT OF OBJECTIVES AND RATIONALE (Attached to this statement is a bibliography; names of persons cited in the statement and writing in this century will be found referenced in the biblio graphy - certain 'classics' aSide. ) 2. 1. Preamble We understand in the following the Theory of Decisions in a broader sense than is presently customary, construing it to embrace a general theory of decision-making, including social, political and economic theory and applica tions. Thus, we subsume the Theory of Games under the head of Decision Theory, regarding it as a particularly clearly formulated version of part of the general theory of decision-making.
Book Synopsis The Foundations of Causal Decision Theory by : James M. Joyce
Download or read book The Foundations of Causal Decision Theory written by James M. Joyce and published by Cambridge University Press. This book was released on 1999-04-13 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book defends the view that any adequate account of rational decision making must take a decision maker's beliefs about causal relations into account. The early chapters of the book introduce the non-specialist to the rudiments of expected utility theory. The major technical advance offered by the book is a 'representation theorem' that shows that both causal decision theory and its main rival, Richard Jeffrey's logic of decision, are both instances of a more general conditional decision theory. The book solves a long-standing problem for Jeffrey's theory by showing for the first time how to obtain a unique utility and probability representation for preferences and judgements of comparative likelihood. The book also contains a major new discussion of what it means to suppose that some event occurs or that some proposition is true. The most complete and robust defence of causal decision theory available.
Book Synopsis Theories of Choice by : Stefan Grundmann
Download or read book Theories of Choice written by Stefan Grundmann and published by Oxford University Press. This book was released on 2021-01-14 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: Choice is a key concept of our time. It is a foundational mechanism for every legal order in societies that are, politically, constituted as democracies and, economically, built on the market mechanism. Thus, choice can be understood as an atomic structure that grounds core societal processes. In recent years, however, the debate over the right way to theorize choice - for example, as a rational or a behavioral type of decision making - has intensified. This collection provides an in-depth discussion of the promises and perils of specific types of theories of choice. It shows how the selection of a specific theory of choice can make a difference for concrete legal questions, in particular in the regulation of the digital economy or in choosing between market, firm, or network. In its first part, the volume provides an accessible overview of the current debates about rational versus behavioral approaches to theories of choice. The remainder of the book structures the vast landscape of theories of choice along with three main types: individual, collective, and organizational decision making. As theories of choice proliferate and become ever more sophisticated, however, the process of choosing an adequate theory of choice becomes increasingly intricate. This volume addresses this selection problem for the various legal arenas in which individual, organizational, and collective decisions matter. By drawing on economic, technological, political, and legal points of view, the volume shows which theories of choice are at the disposal of the legally relevant decision-maker, and how they can be operationalized for the solution of concrete legal problems. The editors acknowledge the kind support of the Fritz Thyssen Foundation for an exploratory conference on the subject of the book.
