Advances In Decision Making Under Risk And Uncertainty
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Advances in Decision Making Under Risk and Uncertainty
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.
Advances in Decision Making Under Risk and Uncertainty
Author: Mohammed Abdellaoui
language: en
Publisher: Springer Science & Business Media
Release Date: 2008-09-17
Brings the reader into contact with the accomplished progress in individual decision making through the contributions to uncertainty modeling and behavioral decision making. This work also introduces the reader to the subtle issues to be resolved for rational choice under uncertainty.
Decision Making under Uncertainty
Author: Kerstin Preuschoff
language: en
Publisher: Frontiers Media SA
Release Date: 2015-06-16
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.