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2019, Œconomia
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13 pages
1 file
AI-generated Abstract
Richard Bradley's "Decision Theory with a Human Face" offers a comprehensive examination of the Bolker-Jeffrey (BJ) approach to decision-making. The book critiques traditional decision theories and advocates for a Bayesian model centered on maximizing expected utility. It discusses various forms of uncertainty and decision criteria, emphasizing the relevance of conditional propositions. While the book presents a rigorous synthesis of BJ theory, its formalism may challenge skeptics of the approach.
Quelle: HHL-Arbeitspapier, 2005
SSRN Electronic Journal, 2000
This paper discusses the evolution of decision theory after Savage's Foundations. Two developments are examined. First, it is presented the rationale of Shackle's proposal to abandon probabilistic decision making. Second, it is discussed the axiomatisation provided by the nonadditive probability approach to account for the experimental evidence originated by the Ellsberg
Decision-making Process, 2009
2006
In this paper, Knight's distinction between risk and uncertainty, and its significance for economic analysis are examined. The paper consists of a survey of some recent developments on the theory of choice under uncertainty and some applications of these theories to problems for which Bayesian Decision Theory has not proved entirely satisfactory. Two problems are examined in detail. The first is that of finance and insurance and the second is that of risktaking behaviour with special emphasis on lotteries.
The European Journal of the History of Economic Thought, 2018
Conditions of uncertainty have increasingly been perverted to describe quantifiable risk.
2001
What a delight to celebrate the achievements of Peter Gärdenfors! His monumental book, Knowledge in Flux, gives new direction to epistemology. His judicious collection of readings, compiled with Nils-Eric Sahlin, Decision, Probability, and Utility, is a standard text for many courses on decision theory. These are just two items from a long list of impressive contributions to philosophy. To highlight some of Gärdenfors's ideas, I will comment on an article from his collection on decision theory. He wrote it with his co-editor. It is entitled "Unreliable Probabilities, Risk Taking, and Decision Making." This article is a treasure of lucid and penetrating insights about rational decision making. I will review and reorganize some of those insights to show off their advantages when viewed from a new angle.
Social Science Research Network, 2000
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