Decision Making Under Uncertainty The Effects Of Role And Ambiguity Revision
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Decision Making Under Uncertainty The Effects Of Role And Ambiguity Revision
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Author : Robin M. Hogarth
language : en
Publisher:
Release Date : 1990
Decision Making Under Uncertainty The Effects Of Role And Ambiguity Revision written by Robin M. Hogarth and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with categories.
In many important decisions, people are uncertain or ambiguous concerning the magnitude of the probabilities of events that can affect outcomes. The classic theory of decision making argues that people's decisions should not be affected by whether knowledge of a probability is precise or ambiguous. This chapter presents a descriptive model of how people cope with ambiguous probabilities in decision making. The model predicts that ambiguity matters. 'Decision weights' associated with ambiguous probabilities are assumed to be reached via an anchoring-and-adjustment process in which people anchor on an estimate of the probability and then adjust this as a result of mentally stimulating alternative values of the probability. The mental simulation process is affected by both the amount of ambiguity and whether outcomes are large or small gains and/or losses. One important factor that determines people's attitudes toward ambiguity is the nature of the role they assume in making decisions. Keywords: Decision making, Attitudes(psychology), Ambiguity, Subjective probability, Risk adverse, Roles. (CP).
Decision Making Under Uncertainty
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Author : Robin M. Hogarth
language : en
Publisher:
Release Date : 1989
Decision Making Under Uncertainty written by Robin M. Hogarth and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with categories.
Ambiguity And Competitive Decision Making Some Implications And Tests Revision
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Author : Robin M. Hogarth
language : en
Publisher:
Release Date : 1988
Ambiguity And Competitive Decision Making Some Implications And Tests Revision written by Robin M. Hogarth and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with categories.
Contrary to most formal models of decision making under risk and uncertainty that are built on the basis of prescriptive behavioral principles or axioms, this paper derives a descriptive model of decision making under ambiguity based on principles of behavior, i.e., principles that describe how people behave as opposed to how they should behave. The model assumes that people evaluate the impact of ambiguous probabilities by first anchoring on a given value of the unknown probability and then adjusting this by the net effect of imagining or trying out other values the probability could take. The mental simulation process incorporates giving differential weight to the ranges of probability values above and below the anchor where such weight reflects individual and situational variables. In particular, the assumption that people are cautious as opposed to reckless in making decisions, leads to attributing more weight to possible values of probabilities below the anchor when considering potential gains, and the reverse when faced with potential losses. (kr).
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.
Judgment And Decision Making Under Uncertainty Descriptive Normative And Prescriptive Perspectives
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Author : David R. Mandel
language : en
Publisher: Frontiers Media SA
Release Date : 2019-09-26
Judgment And Decision Making Under Uncertainty Descriptive Normative And Prescriptive Perspectives written by David R. Mandel 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 2019-09-26 with categories.
Decision Making Under Uncertainty
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Author : Mykel J. Kochenderfer
language : en
Publisher: MIT Press
Release Date : 2015-07-24
Decision Making Under Uncertainty written by Mykel J. Kochenderfer and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-07-24 with Computers categories.
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.
Coping With Uncertainty In Investigative Decision Making
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Author : Bernadette Doran
language : en
Publisher:
Release Date : 2005
Coping With Uncertainty In Investigative Decision Making written by Bernadette Doran and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Dissertations, Academic categories.
Decision Making Under Uncertainty
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Author : Jeffrey Boon Seng Lim
language : en
Publisher:
Release Date : 2012
Decision Making Under Uncertainty written by Jeffrey Boon Seng Lim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Consumer behavior categories.
An Annotated Bibliography Of Selected Works In Ambiguity And Its Effect On Decision Making
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Author : V. P. Luchsinger
language : en
Publisher:
Release Date : 1971
An Annotated Bibliography Of Selected Works In Ambiguity And Its Effect On Decision Making written by V. P. Luchsinger and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1971 with categories.
The bibliography represents the results of research efforts over several years. The chief thrust was to study the effects of ambiguity or uncertainty on the decision making behavior of humans operating individually or as groups. (Author).
Affective Decision Making Under Uncertainty
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Author : Donald J. Brown
language : en
Publisher: Springer Nature
Release Date : 2020-12-18
Affective Decision Making Under Uncertainty written by Donald J. Brown and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-18 with Business & Economics categories.
This book is an exploration of the ubiquity of ambiguity in decision-making under uncertainty. It presents various essays on behavioral economics and behavioral finance that draw on the theory of Black Swans (Taleb 2010), which argues for a distinction between unprecedented events in our past and unpredictable events in our future. The defining property of Black Swan random events is that they are unpredictable, i.e., highly unlikely random events. In this text, Mandelbrot’s (1972) operational definition of risky random unpredictable events is extended to Black Swan assets – assets for which the cumulative probability distribution or conditional probability distribution of random future asset returns is a power distribution. Ambiguous assets are assets for which the uncertainties of future returns are not risks. Consequently, there are two disjoint classes of Black Swan assets: Risky Black Swan assets and Ambiguous Black Swan assets, a new class of ambiguous assets with unpredictable random future outcomes. The text is divided into two parts, the first of which focuses on affective moods, introduces affective utility functions and discusses the ambiguity of Black Swans. The second part, which shifts the spotlight to affective equilibrium in asset markets, features chapters on affective portfolio analysis and Walrasian and Gorman Polar Form Equilibrium Inequalities. In order to gain the most from the book, readers should have completed the standard introductory graduate courses on microeconomics, behavioral finance, and convex optimization. The book is intended for advanced undergraduates, graduate students and post docs specializing in economic theory, experimental economics, finance, mathematics, computer science or data analysis.