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Description for Rational Decisions
Paperback. Explains the foundations of Bayesian decision theory and shows why Savage restricted the theory's application to small worlds. This title discusses the various philosophical attitudes related to the nature of probability and offers resolutions to paradoxes believed to hinder further progress. Series: The Gorman Lectures in Economics. Num Pages: 216 pages, 43 line illus. BIC Classification: GPQ; KCA; PBUD. Category: (P) Professional & Vocational; (U) Tertiary Education (US: College). Dimension: 154 x 235 x 13. Weight in Grams: 312.
It is widely held that Bayesian decision theory is the final word on how a rational person should make decisions. However, Leonard Savage--the inventor of Bayesian decision theory--argued that it would be ridiculous to use his theory outside the kind of small world in which it is always possible to "look before you leap." If taken seriously, this view makes Bayesian decision theory inappropriate for the large worlds of scientific discovery and macroeconomic enterprise. When is it correct to use Bayesian decision theory--and when does it need to be modified? Using a minimum of mathematics, Rational Decisions clearly explains the ... Read more
It is widely held that Bayesian decision theory is the final word on how a rational person should make decisions. However, Leonard Savage--the inventor of Bayesian decision theory--argued that it would be ridiculous to use his theory outside the kind of small world in which it is always possible to "look before you leap." If taken seriously, this view makes Bayesian decision theory inappropriate for the large worlds of scientific discovery and macroeconomic enterprise. When is it correct to use Bayesian decision theory--and when does it need to be modified? Using a minimum of mathematics, Rational Decisions clearly explains the ... Read more
Product Details
Publisher
Princeton University Press United States
Number of pages
216
Format
Paperback
Publication date
2011
Series
The Gorman Lectures in Economics
Condition
New
Weight
312g
Number of Pages
216
Place of Publication
New Jersey, United States
ISBN
9780691149899
SKU
V9780691149899
Shipping Time
Usually ships in 7 to 11 working days
Ref
99-1
About Binmore
Ken Binmore is a mathematician turned economist and philosopher. He has held chairs at the London School of Economics and Political Science as well as other universities, and is professor emeritus of economics at University College London. His recent books include "Natural Justice, Does Game Theory Work?", and "A Very Short Introduction to Game Theory".
Reviews for Rational Decisions
"This short, ambitious book is intended to appeal to the presumed curiosity of economists, statisticians, and philosophers as to what constitutes rationality in scientific induction. Binmore, a game theorist aware of the daunting complexity of his subject matter for nonspecialists, has gone to great pains in making his work accessible, even offering marginal symbols to indicate the substantial portions of ... Read more