Foundations Of Rational Choice Under Risk

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Foundations Of Rational Choice Under Risk

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Author : Paul Anand
language : en
Publisher: Oxford University Press on Demand
Release Date : 1995

Foundations Of Rational Choice Under Risk written by Paul Anand and has been published by Oxford University Press on Demand this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Business & Economics categories.

In this book, Paul Anand examines the normative interpretation of Subjective Expected Utility (SEU). He tests the philosophical and logical basis for associating SEU with rational choice. Decision theorists have increasingly come to accept the experimental evidence that subjects systematicallyviolate the axiomatic assumptions of SEU, and as a result the past decade has witnessed an explosion of mathematical models that seek to capture this behaviour. A current issue is whether axioms of SEU really are canons of rationality. Anand discusses whether the new decision-theoretic models aremore than just accounts of irrational behaviour. The main themes of the book are that, empirically, SEU is false, and that normatively it imposes unnecessary constraints on rational agency. Problems with Bayesianism are introduced and it is shown that useful distinctions between risk and uncertainty (in a Keynesian sense) can be made. Some of theradical methodological changes in economics that underpin theoretical developments in decision theory and economics are also discussed.

Foundations Of Rational Choice Under Risk

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Author : Paul Anand
language : en
Publisher: Oxford University Press, USA
Release Date : 1993

Foundations Of Rational Choice Under Risk written by Paul Anand and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.

Describes and evaluates a number of existing criticisms of the formal theory of rationality and subjective expected utility theory. The author argues that rationality is not a behavioural entity, but rather has to do with the relation between an agent's preferences and his or her behaviour.

Expected Utility Hypotheses And The Allais Paradox

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Author : M. Allais
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-03-14

Expected Utility Hypotheses And The Allais Paradox written by M. Allais and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-14 with Social Science categories.

Utility theory or, value theory in general, is certainly the cornerstone of decision theory, game theory, microecon~mics, and all social and political theories which deal with public decisions. Recently the American School of utility, founded by von N eumann Morgenstern, encountered a far-going criticism by the French School of utility represented by its founder Allais. The whole basis of the theory of decisions involving risk has been shaken and put into question. Consequently, basic research in the fundamentals of utility and value theory evolved into a crisis. Like any crisis in basic research, and this one was not an exception, it was very fruitful. One may simply say: Allais versus von Neumann-Morgenstern, or the French School of utility versus the American School, became one of the battlefields of scientific development which proved to be a most creative source of new advances and new developments in all those sciences which are based on evaluation of utilities.

Handbook Of The Fundamentals Of Financial Decision Making

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Author : Leonard C. MacLean
language : en
Publisher: World Scientific
Release Date : 2013

Handbook Of The Fundamentals Of Financial Decision Making written by Leonard C. MacLean and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Business & Economics categories.

This handbook in two parts covers key topics of the theory of financial decision making. Some of the papers discuss real applications or case studies as well. There are a number of new papers that have never been published before especially in Part II.Part I is concerned with Decision Making Under Uncertainty. This includes subsections on Arbitrage, Utility Theory, Risk Aversion and Static Portfolio Theory, and Stochastic Dominance. Part II is concerned with Dynamic Modeling that is the transition for static decision making to multiperiod decision making. The analysis starts with Risk Measures and then discusses Dynamic Portfolio Theory, Tactical Asset Allocation and Asset-Liability Management Using Utility and Goal Based Consumption-Investment Decision Models.A comprehensive set of problems both computational and review and mind expanding with many unsolved problems are in an accompanying problems book. The handbook plus the book of problems form a very strong set of materials for PhD and Masters courses both as the main or as supplementary text in finance theory, financial decision making and portfolio theory. For researchers, it is a valuable resource being an up to date treatment of topics in the classic books on these topics by Johnathan Ingersoll in 1988, and William Ziemba and Raymond Vickson in 1975 (updated 2 nd edition published in 2006).

Cognitive Economics

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Author : Paul Bourgine
language : en
Publisher: Springer Science & Business Media
Release Date : 2004-01-08

Cognitive Economics written by Paul Bourgine and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-01-08 with Business & Economics categories.

The social sciences study knowing subjects and their interactions. A "cognitive turn", based on cognitive science, has the potential to enrich these sciences considerably. Cognitive economics belongs within this movement of the social sciences. It aims to take into account the cognitive processes of individuals in economic theory, both on the level of the agent and on the level of their dynamic interactions and the resulting collective phenomena. This book is a result of a three-year experiment in interdisciplinary cooperation in cognitive economics. It has the advantage of reflecting joint, long-term work between economists, specialists in cognitive science, physicists, mathematicians and computer scientists. The main aim of the book is to enable any researcher interested in cognitive economics, whatever his or her original speciality, to grasp essential landmarks in this emerging field. Part I of the book provides disciplinary bases, Part II is focused on advanced research.

Prospect Theory

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Author : Daniel Kahneman
language : en
Publisher:
Release Date : 1979

Prospect Theory written by Daniel Kahneman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with Utility theory categories.

Rational Decisions

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Author : Ken Binmore
language : en
Publisher: Princeton University Press
Release Date : 2008-12-29

Rational Decisions written by Ken Binmore and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-12-29 with Mathematics categories.

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.

Fuzziness And Approximate Reasoning

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Author : Kofi Kissi Dompere
language : en
Publisher: Springer
Release Date : 2009-07-28

Fuzziness And Approximate Reasoning written by Kofi Kissi Dompere and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-07-28 with Mathematics categories.

We do not perceive the present as it is and in totality, nor do we infer the future from the present with any high degree of dependability, nor yet do we accurately know the consequences of our own actions. In addition, there is a fourth source of error to be taken into account, for we do not execute actions in the precise form in which they are imaged and willed. Frank H. Knight [R4.34, p. 202] The “degree” of certainty of confidence felt in the conclusion after it is reached cannot be ignored, for it is of the greatest practical signi- cance. The action which follows upon an opinion depends as much upon the amount of confidence in that opinion as it does upon fav- ableness of the opinion itself. The ultimate logic, or psychology, of these deliberations is obscure, a part of the scientifically unfathomable mystery of life and mind. Frank H. Knight [R4.34, p. 226-227] With some inaccuracy, description of uncertain consequences can be classified into two categories, those which use exclusively the language of probability distributions and those which call for some other principle, either to replace or supplement.

Rational Choice Theory And Organizational Theory

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Author : Mary Zey
language : en
Publisher: SAGE Publications, Incorporated
Release Date : 1998-01-12

Rational Choice Theory And Organizational Theory written by Mary Zey and has been published by SAGE Publications, Incorporated this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-01-12 with Business & Economics categories.

An ambitious new work by a well-respected economic sociologist, Rational Choice Theory and Organizational Theory: A Critique, offers a new perspective on the strategy and actions of organizations. In merging economic, psychological, and sociological literature as they focus on organizations, author Mary Zey contends that a historical political economy contingency theory provides the key to understanding how organizations function and the relationships between individuals and organizations in which they work. She brings to our attention that economic and other types of organizations differ in their behavior from rational individuals and rational markets. Zey integrates macro- and micro-levels of analysis while drawing together internal and external contingencies to explain how decisions are taken. Zey interprets, synthesizes, and critiques the important work of renowned scholars of rational choice, finance, and organizations including James March, Michael Jensen, and Oliver Williamson to analyze corporate decision making, differentiating it from individual decision making. The analysis is distinguished by inclusive thinking and new approaches to issues that have long confronted those who think about, theorize about, work with, and manage organizations. Mary ZeyÆs work expands the understanding of decision making by presenting evidence that points to the wide range and complexity of human decision making. The rational choice theorists, led most notably by Oliver Williamson and James Coleman, adhere to the tenets of transaction cost analysis and agency theory when looking at micro- and macro-level decisions made by people and organizations. Other models of decision making (habit, emotion, moral and ethical values, among others) have been labeled as deviations from formal rationality. Mary Zey calls these "deviations" alternative motives behind decision making, and her books are an attempt to present the leading work from this point of view. Rational Choice Theory and Organizational Theory: A Critique is the first single-authored volume to analyze and present an alternative model to decision making theory and serves as a companion to Decision Making (Sage, 1992). Rational Choice Theory and Organizational Theory will be useful to professors and students of decision making theory, organizational theory, sociology of organizations, and social theory.

Realistic Decision Theory

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Author : Paul Weirich
language : en
Publisher: Oxford University Press
Release Date : 2004-09-16

Realistic Decision Theory written by Paul Weirich and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-09-16 with Philosophy categories.

Within traditional decision theory, common decision principles -- e.g. the principle to maximize utility -- generally invoke idealization; they govern ideal agents in ideal circumstances. In Realistic Decision Theory, Paul Weirch adds practicality to decision theory by formulating principles applying to nonideal agents in nonideal circumstances, such as real people coping with complex decisions. Bridging the gap between normative demands and psychological resources, Realistic Decision Theory is essential reading for theorists seeking precise normative decision principles that acknowledge the limits and difficulties of human decision-making.