Rational Decisions

Download or Read eBook Rational Decisions PDF written by Ken Binmore and published by Princeton University Press. This book was released on 2008-12-29 with total page 216 pages. Available in PDF, EPUB and Kindle.
Rational Decisions
Author :
Publisher : Princeton University Press
Total Pages : 216
Release :
ISBN-10 : 9781400833092
ISBN-13 : 1400833094
Rating : 4/5 (92 Downloads)

Book Synopsis Rational Decisions by : Ken Binmore

Book excerpt: It is widely held that Bayesian decision theory is the final word on how a rational person should make decisions. However, Leonard Savage--the inventor of Bayesian decision theory--argued that it would be ridiculous to use his theory outside the kind of small world in which it is always possible to "look before you leap." If taken seriously, this view makes Bayesian decision theory inappropriate for the large worlds of scientific discovery and macroeconomic enterprise. When is it correct to use Bayesian decision theory--and when does it need to be modified? Using a minimum of mathematics, Rational Decisions clearly explains the foundations of Bayesian decision theory and shows why Savage restricted the theory's application to small worlds. The book is a wide-ranging exploration of standard theories of choice and belief under risk and uncertainty. Ken Binmore discusses the various philosophical attitudes related to the nature of probability and offers resolutions to paradoxes believed to hinder further progress. In arguing that the Bayesian approach to knowledge is inadequate in a large world, Binmore proposes an extension to Bayesian decision theory--allowing the idea of a mixed strategy in game theory to be expanded to a larger set of what Binmore refers to as "muddled" strategies. Written by one of the world's leading game theorists, Rational Decisions is the touchstone for anyone needing a concise, accessible, and expert view on Bayesian decision making.


Rational Decisions Related Books

Rational Decisions
Language: en
Pages: 216
Authors: Ken Binmore
Categories: Mathematics
Type: BOOK - Published: 2008-12-29 - Publisher: Princeton University Press

DOWNLOAD EBOOK

It is widely held that Bayesian decision theory is the final word on how a rational person should make decisions. However, Leonard Savage--the inventor of Bayes
Rational Decisions in Organisations
Language: en
Pages: 245
Authors: Frédéric Adam
Categories: Business & Economics
Type: BOOK - Published: 2022-05-30 - Publisher: CRC Press

DOWNLOAD EBOOK

Managers in organisations must make rational decisions. Rational decision making is the opposite of intuitive decision making. It is a strict procedure utilisin
Simply Rational
Language: en
Pages: 329
Authors: Gerd Gigerenzer
Categories: Psychology
Type: BOOK - Published: 2015 - Publisher: Evolution and Cognition

DOWNLOAD EBOOK

Statistical illiteracy can have an enormously negative impact on decision making. This volume of collected papers brings together applied and theoretical resear
Rational Decision Making
Language: en
Pages: 447
Authors: Franz Eisenführ
Categories: Education
Type: BOOK - Published: 2010 - Publisher:

DOWNLOAD EBOOK

Rational Descriptions, Decisions and Designs
Language: en
Pages: 500
Authors: Myron Tribus
Categories: Technology & Engineering
Type: BOOK - Published: 2013-10-22 - Publisher: Elsevier

DOWNLOAD EBOOK

Rational Descriptions, Decisions and Designs is a reference for understanding the aspects of rational decision theory in terms of the basic formalism of informa