Foundations Of Rational Choice Under Risk
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Foundations of Rational Choice Under Risk
Author | : Paul Anand |
Publsiher | : Oxford University Press, USA |
Total Pages | : 186 |
Release | : 1993 |
Genre | : Business & Economics |
ISBN | : STANFORD:36105004045931 |
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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.
The Limits of Rationality
Author | : Karen Schweers Cook,Margaret Levi |
Publsiher | : University of Chicago Press |
Total Pages | : 436 |
Release | : 2008-10-03 |
Genre | : Political Science |
ISBN | : 9780226742410 |
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Prevailing economic theory presumes that agents act rationally when they make decisions, striving to maximize the efficient use of their resources. Psychology has repeatedly challenged the rational choice paradigm with persuasive evidence that people do not always make the optimal choice. Yet the paradigm has proven so successful a predictor that its use continues to flourish, fueled by debate across the social sciences over why it works so well. Intended to introduce novices to rational choice theory, this accessible, interdisciplinary book collects writings by leading researchers. The Limits of Rationality illuminates the rational choice paradigm of social and political behavior itself, identifies its limitations, clarifies the nature of current controversies, and offers suggestions for improving current models. In the first section of the book, contributors consider the theoretical foundations of rational choice. Models of rational choice play an important role in providing a standard of human action and the bases for constitutional design, but do they also succeed as explanatory models of behavior? Do empirical failures of these explanatory models constitute a telling condemnation of rational choice theory or do they open new avenues of investigation and theorizing? Emphasizing analyses of norms and institutions, the second and third sections of the book investigate areas in which rational choice theory might be extended in order to provide better models. The contributors evaluate the adequacy of analyses based on neoclassical economics, the potential contributions of game theory and cognitive science, and the consequences for the basic framework when unequal bargaining power and hierarchy are introduced.
Thinking about Acting
Author | : John L. Pollock |
Publsiher | : Oxford University Press |
Total Pages | : 292 |
Release | : 2006-07-27 |
Genre | : Business & Economics |
ISBN | : 0195304810 |
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This work aims to construct a theory of rational decision making for real, resource-bounded, agents. Such decision making must be based on objective probabilities rather than subjective probabilities, and can't be done by choosing single action with maxmimal expected values.
Handbook of the Fundamentals of Financial Decision Making
Author | : Leonard C. MacLean,William T. Ziemba |
Publsiher | : World Scientific |
Total Pages | : 941 |
Release | : 2013 |
Genre | : Business & Economics |
ISBN | : 9789814417358 |
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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).
Expected Utility Hypotheses and the Allais Paradox
Author | : M. Allais,G.M. Hagen |
Publsiher | : Springer Science & Business Media |
Total Pages | : 706 |
Release | : 2013-03-14 |
Genre | : Social Science |
ISBN | : 9789401576291 |
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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.
Cognitive Economics
Author | : Paul Bourgine,Jean-Pierre Nadal |
Publsiher | : Springer Science & Business Media |
Total Pages | : 479 |
Release | : 2013-03-20 |
Genre | : Business & Economics |
ISBN | : 9783540247081 |
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The social sciences study knowing subjects and their interactions. A "cog nitive 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 is an ambitious research programme that aims to link two levels of com plexity: the level of cognitive phenomena as studied and tested by cognitive science, and the level of collective phenomena produced by the economic in teractions between agents. Such an objective requires cooperation, not only between economists and cognitive scientists but also with mathematicians, physicists and computer scientists, in order to renew, study and simulate models of dynamical systems involving economic agents and their cognitive mechanisms. The hard core of classical economics is the General Equilibrium Theory, based on the optimising rationality of the agent and on static concepts of equilibrium, following a point of view systemised in the framework of Game Theory. The agent is considered "rational" if everything takes place as if he was maximising a function representing his preferences, his utility function.
Prospect Theory
![Prospect Theory](https://youbookinc.com/wp-content/uploads/2024/06/cover.jpg)
Author | : Daniel Kahneman,Amos Tversky |
Publsiher | : Unknown |
Total Pages | : 27 |
Release | : 1979 |
Genre | : Utility theory |
ISBN | : OCLC:503388246 |
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Foundations of Utility and Risk Theory with Applications
Author | : Bernt P. Stigum,Fred Wenstøp |
Publsiher | : Springer Science & Business Media |
Total Pages | : 487 |
Release | : 2013-03-09 |
Genre | : Social Science |
ISBN | : 9789401715904 |
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In this volume we present some o~ the papers that were delivered at FUR-82 - the First International Con~erence on Foundations o~ Utility and Risk Theory in Oslo, June 1982. The purpose o~ the con~erence was to provide a ~orum within which scientists could report on interesting applications o~ modern decision theory and exchange ideas about controversial issues in the ~oundations o~ the theory o~ choice under un certainty. With that purpose in mind we have selected a mixture of applied and theoretical papers that we hope will appeal to a wide spectrum o~ readers ~rom graduate students in social science departments and business schools to people involved in making hardheaded decisions in business and government. In an introductory article Ole Hagen gives an overview o~ various paradoxes in utility and risk theory and discusses these in the light o~ scientific methodology. He concludes the article by calling ~or joint efforts to provide decision makers with warkable theories. Kenneth Arrow takes up the same issue on a broad basis in his paper where he discusses the implications o~ behavior under uncertainty for policy. In the theoretical papers the reader will ~ind attempts at de~initive Statements of the meaning o~ old concepts and suggestions for the adoption o~ new concepts. For instance, Maurice Allais discusses four di~ferent interpretations o~ the axioms o~ probability and explains the need ~or an empirical characterization o~ the concept of chance.