Advances in Decision Making Under Risk and Uncertainty

Advances in Decision Making Under Risk and Uncertainty

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Whether we like it or not we all feel that the world is uncertain. From choosing a new technology to selecting a job, we rarely know in advance what outcome will result from our decisions. Unfortunately, the standard theory of choice under uncertainty developed in the early forties and fifties turns out to be too rigid to take many tricky issues of choice under uncertainty into account. The good news is that we have now moved away from the early descriptively inadequate modeling of behavior. This book brings the reader into contact with the accomplished progress in individual decision making through the most recent contributions to uncertainty modeling and behavioral decision making. It also introduces the reader into the many subtle issues to be resolved for rational choice under uncertainty.Since its appearance in the literature, Monty Halla#39;s three doors a€œanomalya€ has attracted the attention of scientists from ... for such attention may be explained by the fact that this a€œanomalya€ relies on a simple, even if counterintuitive, problem.

Title:Advances in Decision Making Under Risk and Uncertainty
Author:Mohammed Abdellaoui, John D. Hey
Publisher:Springer Science & Business Media - 2008-08-29


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