Decision Making Under Uncertainty And Bounded Rationality
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Bounded Rationality
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Author : Gerd Gigerenzer
language : en
Publisher: MIT Press
Release Date : 2002-07-26
Bounded Rationality written by Gerd Gigerenzer and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-07-26 with Business & Economics categories.
In a complex and uncertain world, humans and animals make decisions under the constraints of limited knowledge, resources, and time. Yet models of rational decision making in economics, cognitive science, biology, and other fields largely ignore these real constraints and instead assume agents with perfect information and unlimited time. About forty years ago, Herbert Simon challenged this view with his notion of "bounded rationality." Today, bounded rationality has become a fashionable term used for disparate views of reasoning. This book promotes bounded rationality as the key to understanding how real people make decisions. Using the concept of an "adaptive toolbox," a repertoire of fast and frugal rules for decision making under uncertainty, it attempts to impose more order and coherence on the idea of bounded rationality. The contributors view bounded rationality neither as optimization under constraints nor as the study of people's reasoning fallacies. The strategies in the adaptive toolbox dispense with optimization and, for the most part, with calculations of probabilities and utilities. The book extends the concept of bounded rationality from cognitive tools to emotions; it analyzes social norms, imitation, and other cultural tools as rational strategies; and it shows how smart heuristics can exploit the structure of environments.
Bounded Rationality In Decision Making Under Uncertainty Towards Optimal Granularity
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Author : Joe Lorkowski
language : en
Publisher: Springer
Release Date : 2017-07-01
Bounded Rationality In Decision Making Under Uncertainty Towards Optimal Granularity written by Joe Lorkowski and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-01 with Technology & Engineering categories.
This book addresses an intriguing question: are our decisions rational? It explains seemingly irrational human decision-making behavior by taking into account our limited ability to process information. It also shows with several examples that optimization under granularity restriction leads to observed human decision-making. Drawing on the Nobel-prize-winning studies by Kahneman and Tversky, researchers have found many examples of seemingly irrational decisions: e.g., we overestimate the probability of rare events. Our explanation is that since human abilities to process information are limited, we operate not with the exact values of relevant quantities, but with “granules” that contain these values. We show that optimization under such granularity indeed leads to observed human behavior. In particular, for the first time, we explain the mysterious empirical dependence of betting odds on actual probabilities. This book can be recommended to all students interested in human decision-making, to researchers whose work involves human decisions, and to practitioners who design and employ systems involving human decision-making —so that they can better utilize our ability to make decisions under uncertainty.
Decision Making Under Uncertainty And Bounded Rationality
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Author :
language : en
Publisher:
Release Date : 2005
Decision Making Under Uncertainty And Bounded Rationality written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Risk Choice And Uncertainty
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Author : George G. Szpiro
language : en
Publisher: Columbia University Press
Release Date : 2020-01-07
Risk Choice And Uncertainty written by George G. Szpiro and has been published by Columbia University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-01-07 with Business & Economics categories.
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.
Routledge Handbook Of Bounded Rationality
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Author : Riccardo Viale
language : en
Publisher: Routledge
Release Date : 2020-12-02
Routledge Handbook Of Bounded Rationality written by Riccardo Viale and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-02 with Business & Economics categories.
Herbert Simon’s renowned theory of bounded rationality is principally interested in cognitive constraints and environmental factors and influences which prevent people from thinking or behaving according to formal rationality. Simon’s theory has been expanded in numerous directions and taken up by various disciplines with an interest in how humans think and behave. This includes philosophy, psychology, neurocognitive sciences, economics, political science, sociology, management, and organization studies. The Routledge Handbook of Bounded Rationality draws together an international team of leading experts to survey the recent literature and the latest developments in these related fields. The chapters feature entries on key behavioural phenomena, including reasoning, judgement, decision making, uncertainty, risk, heuristics and biases, and fast and frugal heuristics. The text also examines current ideas such as fast and slow thinking, nudge, ecological rationality, evolutionary psychology, embodied cognition, and neurophilosophy. Overall, the volume serves to provide the most complete state-of-the-art collection on bounded rationality available. This book is essential reading for students and scholars of economics, psychology, neurocognitive sciences, political sciences, and philosophy.
The Art Of Making Decisions Under Uncertainty
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Author : Charles Yoe
language : en
Publisher: CRC Press
Release Date : 2025-09-04
The Art Of Making Decisions Under Uncertainty written by Charles Yoe and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-09-04 with Technology & Engineering categories.
Uncertainty is a part of every decision we make, from the everyday to the high-stakes, from personal choices to professional strategy. The Art of Making Decisions Under Uncertainty offers a clear, practical approach to dealing with the unknown without getting stuck or overwhelmed. Rather than treating uncertainty as a barrier, this book invites readers to see it as a constant companion—something to work with, not work against. Drawing on proven tools, real-world examples, and a wealth of practical insight, it shows how to make thoughtful, informed decisions even when information is incomplete, priorities are competing, and the path forward feels anything but clear. This is not a theory-heavy treatise. It’s a textbook guide for real people facing real decisions. Grounded in decision science but written for a broad audience, it bridges the gap between technical complexity and everyday practicality. Whether you’re leading a team, managing risk, shaping policy, or simply trying to make better personal choices, this book meets you where you are—with tools that work, language that makes sense, and encouragement to move forward with clarity and confidence. Inside you’ll find: Straightforward frameworks to help you recognize and manage different types of uncertainty Practical tools and techniques you can use right away to make sound decisions in fast-moving or high-pressure situations Case studies and examples that bring the concepts to life and show how they apply in work, leadership, and daily life Fresh perspectives on failure, bias, and risk, helping you not only avoid common pitfalls but turn setbacks into sources of insight If you’ve ever hesitated at a crossroads, second-guessed a big decision, or wished for more clarity in a world that rarely offers it, this book is for you. The Art of Making Decisions Under Uncertainty is your companion in making better choices when certainty is out of reach but a good decision is still within your grasp.
Decision Making Under Uncertainty
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Author : Kerstin Preuschoff
language : en
Publisher: Frontiers Media SA
Release Date : 2015-06-16
Decision Making Under Uncertainty written by Kerstin Preuschoff and has been published by Frontiers Media SA this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-06-16 with Biological psychiatry categories.
Most decisions in life are based on incomplete information and have uncertain consequences. To successfully cope with real-life situations, the nervous system has to estimate, represent and eventually resolve uncertainty at various levels. A common tradeoff in such decisions involves those between the magnitude of the expected rewards and the uncertainty of obtaining the rewards. For instance, a decision maker may choose to forgo the high expected rewards of investing in the stock market and settle instead for the lower expected reward and much less uncertainty of a savings account. Little is known about how different forms of uncertainty, such as risk or ambiguity, are processed and learned about and how they are integrated with expected rewards and individual preferences throughout the decision making process. With this Research Topic we aim to provide a deeper and more detailed understanding of the processes behind decision making under uncertainty.
Modeling Bounded Rationality
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Author : Ariel Rubinstein
language : en
Publisher: MIT Press
Release Date : 1998
Modeling Bounded Rationality written by Ariel Rubinstein and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.
The notion of bounded rationality was initiated in the 1950s by Herbert Simon; only recently has it influenced mainstream economics. In this book, Ariel Rubinstein defines models of bounded rationality as those in which elements of the process of choice are explicitly embedded. The book focuses on the challenges of modeling bounded rationality, rather than on substantial economic implications. In the first part of the book, the author considers the modeling of choice. After discussing some psychological findings, he proceeds to the modeling of procedural rationality, knowledge, memory, the choice of what to know, and group decisions.In the second part, he discusses the fundamental difficulties of modeling bounded rationality in games. He begins with the modeling of a game with procedural rational players and then surveys repeated games with complexity considerations. He ends with a discussion of computability constraints in games. The final chapter includes a critique by Herbert Simon of the author's methodology and the author's response. The Zeuthen Lecture Book series is sponsored by the Institute of Economics at the University of Copenhagen.
The Uncertain Foundations Of Post Keynesian Economics
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Author : Stephen Dunn
language : en
Publisher: Routledge
Release Date : 2010-04-05
The Uncertain Foundations Of Post Keynesian Economics written by Stephen Dunn and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-04-05 with Business & Economics categories.
Pt. 1. The uncertain foundations of post Keynesian economics -- pt. 2. The nature of uncertainty -- pt. 3. The future of post Keynesianism.
Theory Of Decision Under Uncertainty
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Author : Itzhak Gilboa
language : en
Publisher: Cambridge University Press
Release Date : 2009-03-16
Theory Of Decision Under Uncertainty written by Itzhak Gilboa and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-03-16 with Business & Economics categories.
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.