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Risk and Rationality

2013-11 Business & Economics
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Release : 2013-11
Genre : Business & Economics
Kind : eBook
Book Rating : 164/5 ( reviews)

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Book Synopsis Risk and Rationality by : Lara Buchak

Download or read book Risk and Rationality written by Lara Buchak. This book was released on 2013-11. Available in PDF, EPUB and Kindle. Book excerpt: Lara Buchak sets out a new account of rational decision-making in the face of risk. She argues that the orthodox view (expected utility theory) is too narrow, and suggests an alternative, more permissive theory: one that allows individuals to pay attention to the worst-case or best-case scenario, and vindicates the ordinary decision-maker.

Risk and Rationality

2013-11-28 Mathematics
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Release : 2013-11-28
Genre : Mathematics
Kind : eBook
Book Rating : 326/5 ( reviews)

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Book Synopsis Risk and Rationality by : Lara Buchak

Download or read book Risk and Rationality written by Lara Buchak. This book was released on 2013-11-28. Available in PDF, EPUB and Kindle. Book excerpt: Lara Buchak sets out an original account of the principles that govern rational decision-making in the face of risk. A distinctive feature of these decisions is that individuals are forced to consider how their choices will turn out under various circumstances, and decide how to trade off the possibility that a choice will turn out well against the possibility that it will turn out poorly. The orthodox view is that there is only one acceptable way to do this: rational individuals must maximize expected utility. Buchak's contention, however, is that the orthodox theory (expected utility theory) dictates an overly narrow way in which considerations about risk can play a role in an individual's choices. Combining research from economics and philosophy, she argues for an alternative, more permissive, theory of decision-making: one that allows individuals to pay special attention to the worst-case or best-case scenario (among other 'global features' of gambles). This theory, risk-weighted expected utility theory, better captures the preferences of actual decision-makers. Furthermore, it isolates the distinct roles that beliefs, desires, and risk-attitudes play in decision-making. Finally, contra the orthodox view, Buchak argues that decision-makers whose preferences can be captured by risk-weighted expected utility theory are rational. Thus, Risk and Rationality is in many ways a vindication of the ordinary decision-maker—particularly his or her attitude towards risk—from the point of view of even ideal rationality.

Risk and Rationality

2017-05-18
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Release : 2017-05-18
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Kind : eBook
Book Rating : 283/5 ( reviews)

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Book Synopsis Risk and Rationality by : Lara Buchak

Download or read book Risk and Rationality written by Lara Buchak. This book was released on 2017-05-18. Available in PDF, EPUB and Kindle. Book excerpt: Lara Buchak sets out a new account of rational decision-making in the face of risk. She argues that the orthodox view (expected utility theory) is too narrow, and suggests an alternative, more permissive theory: one that allows individuals to pay attention to the worst-case or best-case scenario, and vindicates the ordinary decision-maker.

Risk, Uncertainty, and Rational Action

2001 Business & Economics
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Release : 2001
Genre : Business & Economics
Kind : eBook
Book Rating : 623/5 ( reviews)

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Book Synopsis Risk, Uncertainty, and Rational Action by : Carlo Jaeger

Download or read book Risk, Uncertainty, and Rational Action written by Carlo Jaeger. This book was released on 2001. Available in PDF, EPUB and Kindle. Book excerpt: Risk as we now know it is a wholly new phenomenon, the by-product of our ever more complex and powerful technologies. In business, policy making, and in everyday life, it demands a new way of looking at technological and environmental uncertainty.In this definitive volume, four of the world's leading risk researchers present a fundamental critique of the prevailing approaches to understanding and managing risk - the 'rational actor paradigm'. They show how risk studies must incorporate the competing interests, values, and rationalities of those involved and find a balance of trust and acceptable risk. Their work points to a comprehensive and significant new theory of risk and uncertainty and of the decision making process they require. The implications for social, political, and environmental theory and practice are enormous. Winner of the 2000-2002 Outstanding Publication Award of the Section on Environment and Technology of the American Sociological Association

Risk, Decision and Rationality

2012-12-06 Business & Economics
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Release : 2012-12-06
Genre : Business & Economics
Kind : eBook
Book Rating : 19X/5 ( reviews)

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Book Synopsis Risk, Decision and Rationality by : Bertrand Munier

Download or read book Risk, Decision and Rationality written by Bertrand Munier. This book was released on 2012-12-06. Available in PDF, EPUB and Kindle. Book excerpt: Decision Theory has considerably developed in the late 1970's and the 1980's. The evolution has been so fast and far-r2aching that it has become increasingly difficult to keep track of the new state of the art. After a decade of new contributions, there was a need for an overview' of the field. This book is intended to fill the gap. The reader will find here thirty~nine selected papers which were given at FUR-III, the third international confe rence on the Foundations and applications of Utility, Risk and decision theories, held in Aix-en-Provence in June 1986. An introductory chapter will provide an overview of the main questions raised on the subject since the 17th Century and more particularly so in the last thirty years, as well as some elementary information on the experimental and theoretical results obtained. It is thus hoped that any reader with some basic background in either Economics, Hanagement or Operations Research will be able to read profitably the thirty-nine other chapters. Psychologists, Sociologists, Social Philosophers and other specialists of the social sciences will also read this book with interest, as will high-level practitioners of decision~making and advanced students in one of the abovementioned fields. An expository survey of this volume will be found at the end of the introductory chapter, so that any of the seven parts of the book can be put by the reader in due perspective.

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