Bounded Rationality in Decision Making Under Uncertainty: Towards Optimal Granularity
Language: English
Published by Springer International Publishing, 2018
Series: Book 103 of 378 - Studies in Systems, Decision and Control
- Softcover
- New
Condition: New
£ 91.18
Quantity: 1 available
Add to basketItem description from seller
Explains seemingly irrational human decision-making by taking into account our limited ability to process informationShows with several examples that optimization under granularity restriction leads to observed human decision-makingDemonstr.
Seller Inventory # 448760537
- Title
- Bounded Rationality in Decision Making Under Uncertainty: Towards Optimal Granularity
- Author
- Joe Lorkowski|Vladik Kreinovich
- Publisher
- Springer International Publishing
- Publication year
- 2018
- Condition
- New
- Binding
- Soft cover
- Language
- English
- ISBN 10
- 3319872605
- ISBN 13
- 9783319872605
- Series
- Book 103 of 378: Studies in Systems, Decision and Control
- Seller catalogs
- Mathematik/Naturwissenschaften/Technik/Medizin
This book addresses an intriguing question: are our decisions rational? It explains seemingly irrational human decision-making behavior by taking into account our limited ability to process information. It also shows with several examples that optimization under granularity restriction leads to observed human decision-making. Drawing on the Nobel-prize-winning studies by Kahneman and Tversky, researchers have found many examples of seemingly irrational decisions: e.g., we overestimate the probability of rare events.
Our explanation is that since human abilities to process information are limited, we operate not with the exact values of relevant quantities, but with “granules” that contain these values. We show that optimization under such granularity indeed leads to observed human behavior. In particular, for the first time, we explain the mysterious empirical dependence of betting odds on actual probabilities.
This book can be recommended to all students interested in human decision-making, to researchers whose work involves human decisions, and to practitioners who design and employ systems involving human decision-making ―so that they can better utilize our ability to make decisions under uncertainty.
"Synopsis" may belong to another edition of this title.
From the Back Cover
This book addresses an intriguing question: are our decisions rational? It explains seemingly irrational human decision-making behavior by taking into account our limited ability to process information. It also shows with several examples that optimization under granularity restriction leads to observed human decision-making. Drawing on the Nobel-prize-winning studies by Kahneman and Tversky, researchers have found many examples of seemingly irrational decisions: e.g., we overestimate the probability of rare events.
Our explanation is that since human abilities to process information are limited, we operate not with the exact values of relevant quantities, but with “granules” that contain these values. We show that optimization under such granularity indeed leads to observed human behavior. In particular, for the first time, we explain the mysterious empirical dependence of betting odds on actual probabilities.
This book can be recommended to all students interestedin human decision-making, to researchers whose work involves human decisions, and to practitioners who design and employ systems involving human decision-making ―so that they can better utilize our ability to make decisions under uncertainty.
"About the title" may belong to another edition of this title.
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