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.

Whilst a great deal of progress has been made in recent decades, concerns persist about the course of the social sciences. Progress in these disciplines is hard to assess and core scientific goals such as discovery, transparency, reproducibility, and cumulation remain frustratingly out of reach. Despite having technical acumen and an array tools at their disposal, today's social scientists may be only slightly better equipped to vanquish error and construct an edifice of truth than their forbears - who conducted analyses with slide rules and wrote up results with typewriters. This volume considers the challenges facing the social sciences, as well as possible solutions. In doing so, we adopt a systemic view of the subject matter. What are the rules and norms governing behavior in the social sciences? What kinds of research, and which sorts of researcher, succeed and fail under the current system? In what ways does this incentive structure serve, or subvert, the goal of scientific progress?

When making decisions, people naturally face uncertainty about the potential consequences of their actions due in part to limits in their capacity to represent, evaluate or deliberate. Nonetheless, they aim to make the best decisions possible. In Decision Theory with a Human Face, Richard Bradley develops new theories of agency and rational decision-making, offering guidance on how 'real' agents who are aware of their bounds should represent the uncertainty they face, how they should revise their opinions as a result of experience and how they should make decisions when lacking full awareness of, or precise opinions on relevant contingencies. He engages with the strengths and flaws of Bayesian reasoning, and presents clear and comprehensive explorations of key issues in decision theory, from belief and desire to semantics and learning. His book draws on philosophy, economics, decision science and psychology, and will appeal to readers in all of these disciplines.

Today's instantaneous and ever-present news stream frequently presents a sensationalized or otherwise distorted view of the world, demanding constant critical engagement on the part of everyday citizens. The Critical Thinker's Guide to Bias, Lies, and Politics in the News reveals the power of critical thinking to make sense of overwhelming and often subjective media by detecting ideology, slant, and spin at work. Building off the Richard Paul and Linda Elder framework for critical thinking, Elder focuses on the internal logic of the news as well as societal influences on the media while illustrating essential elements of trustworthy journalism. With up-to-date discussions of social media, digital journalism, and political maneuvering inside and outside the fourth estate, Fact or Fake is an essential handbook for those who want to stay informed but not influenced by our modern news reporting systems.

Current edition description Written by two of the leading experts in critical thinking, this book focuses on an integrated, universal concept of critical thinking that is both substantive and applicable to any and every situation in which human thinking is necessary. It provides readerse with the basic intellectual tools needed for life-long learning, helping them understand the mind and how its three functions - thinking, feeling, motivation - influence and are influenced by one another. This book fosters the development of fair-minded critical thinking. Features the intellectual standards: clarity, precision, accuracy, logicalness, significance, depth, breadth, and fairness; The importance of good questioning; and intellectual tools to read for deep and lasting comprehension, and to write in ways that show clarity of reasonability of thought. For all that want to improve their critical thinking skills to apply to their job or life. The text features: Think for Yourself activities - throughout each chapter. (Ex. pp 29, 127). ~Help students take ownership of basic concepts as they learn them. Practical and learnable format. ~Simplifies complex ideas to make learning easier for students. Focus on thinking across the disciplines. (Ex. pp 119-120). ~Helps students to think within the various disciplines, rather than memorizing facts. Students are taught to learn to think like an historian, like a scientist, like a psychologist, etc. Critical thinking focus - When students internalize intellectual standards - such as clarity, precision, accuracy, logicalness, significance, depth, breadth, and fairness - they use them on a daily basis to upgrade their thinking, and to assess the thinking of others. (Ex. 12, 152). ~Gives students intellectual standards they can use in every dimension of their thinking. Features intellectual tools to read for deep and lasting comprehension, and to write in ways that show clarity of reasonability of thought. (Ex. 133). ~Teaches students to read closely and write substantively. Good questions are the key to good thinking - Thinkers who know how to ask relevant questions in context are better able to think their way through complex issues. (Ex. pp 83, 87, 93). ~Teaches students to ask the questions the best thinkers ask. Website - www.criticalthinking.org. ~Links students to the world's largest and most prestigious critical thinking website and provides forums for student and faculty discussions. International approach - with translations into German, French, Spanish, Japanese, Chinese, Russian, and Malay. ~Provides students with the opportunity to read portions of the text in their native language. "This book is well-written, lucid and contains abundant examples and applications that not only enliven the subject matter but present relevant contexts for building understanding and advanced critical thinking. In addition, it is faithful to the complexity and work required to improve one's thinking. It does not soft-pedal the challenge but actually throws down the gauntlet to the worthy Reader to pick it up." --Stephen J. Knopp, Ph.D., Ohio University "This concise version is a more comprehensive and robust textbook. Many Critical Thinking books cover thinking from a narrow angle, but Paul and Elder offer a model of critical thinking that can be applied not only to academic disciplines but also to life in general." --Connie Wolfe, Surry Community College

Now revised and updated, this introduction to decision theory is both accessible and comprehensive, covering topics including decision making under ignorance and risk, the foundations of utility theory, the debate over subjective and objective probability, Bayesianism, causal decision theory, game theory, and social choice theory. No mathematical skills are assumed, with all concepts and results explained in non-technical and intuitive as well as more formal ways. There are now over 140 exercises with solutions, along with a glossary of key terms and concepts. This second edition includes a new chapter on risk aversion as well as updated discussions of numerous central ideas, including Newcomb's problem, prisoner's dilemmas, and Arrow's impossibility theorem. The book will appeal particularly to philosophy students but also to readers in a range of disciplines, from computer science and psychology to economics and political science.

Planning and management is increasingly problematic in the real-world environment of spiralling change and uncertainty. Knowledge is incomplete, values are in dispute and the decisions of others are often unpredictable.

Problem structuring methods (PSMs) are now widely accepted within Operational Research and the systems movement, and have generated an impressive record of high-profile applications. This new edition provides easier access to PSMs. Each of five methods is presented from both a theoretical and a practical perspective. The justification for each approach is explained, and an illustration of applying each method is given in a practical case study. New topics in line with the many advances in the field of problem structuring methods are explored and multimethodology is introduced for the first time.

This book does not peddle methods for optimum solutions, but instead shows you how to facilitate an enriched and fluid decision-making process. Participatory methods are explained to assist the formulation and re-formulation of problem solving in an uncertain world.

Offering contributions from leading thinkers in the field and building on the success of the first edition, this theoretical guide and practical source will prove invaluable to students of management, systems and OR and to practitioners negotiating real-life problems in today's complex, conflicting and uncertain business climate.

Reviews of the first edition:

'.....probably the most referenced book by JORS authors over the last 10 years.'
J. Ranyard, Journal of Operational Research Society 51 (12), 2001

' . . . a thought provoking collection of articles, delivering a strong message about the way decision analysis is moving.'
Helen Couclelis, University of California at Santa Barbara, USA

' . . .sets out extremely clearly what soft OR is about . . . the editor and authors deserve all credit.'
M.C. Jackson, Systems Practice

Behind heart disease and cancer, medical error is now listed as one of the leading causes of death. Of the many medical errors that may lead to injury and death, diagnostic failure is regarded as the most significant. Generally, the majority of diagnostic failures are attributed to the clinicians directly involved with the patient, and to a lesser extent, the system in which they work. In turn, the majority of errors made by clinicians are due to decision making failures manifested by various departures from rationality. Of all the medical environments in which patients are seen and diagnosed, the emergency department is the most challenging. It has been described as a "wicked" environment where illness and disease may range from minor ailments and complaints to severe, life-threatening disorders. The Cognitive Autopsy is a novel strategy towards understanding medical error and diagnostic failure in 42 clinical cases with which the author was directly involved or became aware of at the time. Essentially, it describes a cognitive approach towards root cause analysis of medical adverse events or near misses. Whereas root cause analysis typically focuses on the observable and measurable aspects of adverse events, the cognitive autopsy attempts to identify covert cognitive processes that may have contributed to outcomes. In this clinical setting, no cognitive process is directly observable but must be inferred from the behavior of the individual clinician. The book illustrates unequivocally that chief among these cognitive processes are cognitive biases and other flaws in decision making, rather than knowledge deficits.

The Handbook of Rational and Social Choice provides an overview of issues arising in work on the foundations of decision theory and social choice over the past three decades. Drawing on work by economic theorists mainly, but also with contributions from political science, philosophy and psychology, the collection shows how the related areas of decision theory and social choice have developed in their applications and moved well beyond the basic models of expected utility and utilitarian approaches to welfare economics.
Containing twenty-three contributions, in many cases by leading figures in their fields, the handbook shows how the normative foundations of economics have changed dramatically as more general and explicit models of utility and group choice have been developed. This is perhaps the first time these developments have been brought together in a manner that seeks to identify and make accessible the recent themes and developments that have been of particular interest to researchers in recent years. The collection will be of particular value to researchers in economics with interests in utility or welfare but it will also be of interest to any social scientist or philosopher interested in theories of rationality or group decision-making.

Nils Brunsson is one of the leading European organization theorists who has written and researched decision-making in organizations. He has often questioned the rationality of decision-making, and argued that it is as important to understand other consequences of decision-making apart from choice - such things as mobilizing action, allocating responsibility, and legitimizing organizations. These consequences of decisions can influence decision-making and the assumptions about feasible norms that provide their context. Decisions often run counter to actions and are part of what Brunsson calls organizational hypocrisy. Decisions can substitute for action, or decrease the probability of the action they call for. The norm of rationality is far from obvious: sometimes decision-makers can recommend systematic irrationality. This book collects together a wide-range of Nils Brunsson's most important writing on decision-making, brought together in one volume for the first time, with an introduction from the author.

Classical decision theory evaluates entire worlds, specified so as to include everything a decision-maker cares about. Thus applying decision theory requires performing computations far beyond an ordinary decision-maker's ability. In this book Paul Weirich explains how individuals can simplify and streamline their choices. He shows how different 'parts' of options (intrinsic, temporal, spatiotemporal, causal) are separable, so that we can know what difference one part makes to the value of an option, regardless of what happens in the other parts. He suggests that the primary value of options is found in basic intrinsic attitudes towards outcomes: desires, aversions, or indifferences. And using these two facts he argues that we need only compare small parts of the options we face in order to make a rational decision. This important book will interest readers in decision theory, economics, and the behavioral sciences.

Featuring a substantial new introduction and two new chapters in the Postscript, this new edition makes one of the most significant works on power available in paperback and online for the first time. The author extensively engages with a body of new literature to elucidate and expand upon the original work, using rational choice theory to provide: * An examination of how, due to the collective action problem, groups can be powerless despite not facing any resistance * Timely engagement with feminist accounts of power * An explanation of the relationship of structure and agency and how to measure power comparatively across societies This book's unique interaction with both classical and contemporary debates makes it an essential resource for anyone teaching or studying power in the disciplines of sociology, philosophy, politics or international relations.

Game theory explains how to make good choices when different decision makers have conflicting interests. The classical approach assumes that decision makers are committed to making the best choices for themselves regardless of the effect on others, but such an approach is less appropriate when cooperation, compromise and negotiation are important. This book describes conditional games, a form of game theory that accommodates multiple stakeholder decision-making scenarios where cooperation and negotiation are significant issues and where notions of concordant group behavior are important. Using classical binary preference relations as a point of departure, the book extends the concept of a preference ordering that permits stakeholders to modulate their preferences as functions of the preferences of others. As these conditional preferences propagate through a group of decision makers, they create social bonds that lead to notions of group concordance. This book is intended for all students and researchers of decision theory and game theory.

'An endlessly fascinating tour of the many different factors influencing our decision-making and reasoning' David Robson, author of The Intelligence Trap 'An eye-opening and engaging richness of information that gives us a detailed insight into the strengths and weaknesses of human behaviour' Melissa Hogenboom, author of The Motherhood Complex Do emotions really cloud your thinking? Are habits holding you back? Is AI manipulating your mind? Does IQ help you think better? Every one of our thoughts, actions, moods and decisions is shaped by a whole array of factors, most of which we don't pay any attention to. From culture, time and language to genetics, technology and the microorganisms living inside us - even our own unconscious routines and habits - it's clear that we aren't always in the driving seat. The good news is that by better understanding the external and internal forces at work, we can minimise their impact on our lives. Drawing on rigorous interdisciplinary research, leading science journalists Miriam Frankel and Matt Warren bring us extraordinary stories and studies that open our eyes to the inner workings of the mind, challenge our thought processes and improve our decision-making. Most of all, Are You Thinking Clearly? is a rallying cry to know yourself, think broadly, think boldly - and to listen. 'Essential reading for anyone who wants to understand why their beliefs, mistakes, emotions and intuitions are the way they are' Richard Gray, BBC Future

While there are many features of a response-to-intervention framework, two stand out as solid reasons why school personnel should be familiar with its basic structure. One reason is that it provides a sound protocol to account for the performance of every student. A second reason is that it provides a structure that is useful for figuring out how to refine instruction so that it is individualized to meet each student's needs. While this book can be useful to both beginning and experienced teachers, as well as other professionals who provide direct and indirect services to students, it has been written first and foremost with preservice teachers in mind. It should prove to be useful to these teachers by enabling them to identify the following: 1. the knowledge and skills they need to acquire in their preparation program, 2. the questions they need to be prepared to ask and answer during a job interview, and 3. the work they need to perform in the role they will fill in a school that uses a response-to-intervention framework.

This book illustrates how to access the right information for making the best decisions during turbulent times. It is written from an experienced-based perspective that is beneficial for those looking for the development and improvement of the decision-making process. The approach is centered on the author's experience in developing and implementing effective and efficient approaches to decision-making in business and government. Based on those experiences, this book provides insights into how to improve the decision making process of your organization, whether it be large or small. For decision makers and those providing market information for making decisions, this book provide guidelines for a framework which includes systems thinking. For those interested in change management and corporate governance, the book presents examples where it was done well and some examples where it was not and the ensuring consequences. Praise for Systems Thinking Decision-Making Process... "This is an absolutely incredible book by a distinguished practitioner. The range of knowledge and experience that Vince Barabba has had is astounding. I urge everyone who is interested in complex, messy problems to read this amazing book." --Ian I. Mitroff "...Vince has masterfully blended the art of organizational respect with the science of data inquiry to drive change and realize strategic vision. A master storyteller, he does not just teach, his book brings his learnings to life in a meaningful way that if carefully listened to, can change the course of a career." -- Paul D'Alessandro Principal, Health Industries, PwC US "In his latest book, Vince Barabba integrates his vast knowledge from 50 years of dedicated work in both the public and private sectors in order to provide leaders with an actionable framework for radically improving how their organizations collect and use information to make the best decisions for all the wicked messes that now appear in our global village... This book can save your company from living in the dark with false assumptions about all your key stakeholders." -- Ralph H. Kilmann, Ph.D. CEO, Kilmann Diagnostics Co-Author, The Thomas-Kilmann Conflict Mode Instrument (TKI) "Absorbing just a few of the many smart ideas in this book will make you a better leader and decision maker. Thinking systemically about how the hard-earned lessons from Vince Barabba's brilliant career apply to your enterprise could make you a great one." - Chunka Mui Co-Author, A Brief History of a Perfect Future and Billion Dollar Lessons "...if you are interested in 'thinking in systems,' this book is for you. The 'On Star' story demonstrates to you how the initial product-centered thinking was proselytized to 'thinking in systems'." -- John Pourdehnad Visiting Professor, IESE Business School and Faulty of Systems Leadership, Thomas Jefferson University "In writing Systems Thinking Decision-Making Process: How to Avoid Burnt Toast, Vince Barabba is addressing the limits of knowledge management systems which enable 'organizations as usual' to share best practices on how to scrape toast faster and cheaper... The examples shared by Vince, from his first-hand experiences in corporate America or his services as a marketing consultant, contribute invaluable clarity to his goal of providing a "sketch of an Inquiry Center Learning and Support System" for those with the ambition to lead efforts to work smarter, not harder, firmly against the grain of 'organizations as usual'..." -- Bill Bellows, Ph.D., President, InThinking Services Adjunct Professor, California State University, Northridge and Southern Utah University Advisory Council Member and Former Deputy Director, The W. Edwards Deming Institute (R) "In his 'last book', Vince weaves the experiences and learning of a lifetime into whole cloth of insight and wisdom. He helps us to find relevant information from a rapidly changing world and apply it to making good decisions. This is a masterpiece of knowledge presented in a very entertaining way." -- Carl Spetzler Chairman, Strategic Decisions Group International LLC "This is a truly inspiring and mind changing book directly relevant for our times... Vince has shown through his remarkable work that business and government are a force for good when leaders think long term, work with, not against nature, and use their influence and resources for the many, not the few..." -- Osvald Bjelland Founder and President, Xynteo Founder, The Performance Theatre Foundation

Chance inevitably plays a role in law but it is not often that we consciously try to import an element of randomness into a legal process. Random Justice: On Lotteries and Legal Decision-Making explores the potential for the use of lotteries in social, and particularly legal, decision-making contexts. Utilizing a variety of disciplines and materials, Neil Duxbury considers in detail the history, advantages, and drawbacks of deciding issues of social significance by lot and argues that the value of the lottery as a legal decision-making device has generally been underestimated. The very fact that there exists widespread resistance to the use of lotteries for legal decision-making purposes betrays a commonly held belief that legal processes are generally more important than are legal outcomes. Where, owing to the existence of indeterminacy, the process of reasoning is likely to be excessively protracted and the reasons provided strongly contestable, the most cost-efficient and impartial decision-making strategy may well be recourse to lot. Aversion to this strategy, while generally understandable, is not necessarily rational. Yet in law, as Professor Duxbury demonstrates, reason is generally valued more highly than is rationality. The lottery is often conceived to be a decision-making device that operates in isolation. Yet lotteries can frequently and profitably be incorporated into other decision-frameworks. The book concludes by controversially considering how lotteries might be so incorporated and also advances the thesis that it may sometimes be sensible to require that adjudication takes place in the shadow of a lottery.

Of all cancers, probably breast cancer is one of the most emotive. Increasingly patients with breast cancer are participating in the surgical and/or medical decision about their treatment. This involvement raises ethical issues about the rights of patients and their ability to give an informed consent, concerns about the process of communication betwen the medical staff and the patient, and also issues about the psychology of not only the woman with breast cancer, but also the doctor. This book addresses these issues relating to shared decision making and in particular those areas where a choice of treatment option involves some degree of risk/benefit analysis. It covers the ethical principles and then looks at the evidence that women who wish to participate and who are fully informed and who have taken part in the decision making process regarding their treatment, and who have a positive attitude towards their illness, tend to do better in the long run. Appropriate experts have contributed sections on the different treatment options to provide a brief overview of the treatments available and highlight the issues that should be considered by the woman and the doctor in the decision making process. There is also a section on the patients perspective and vignettes throughout to illustrate dilemmas the paitent faces and the importance of communication. Written for the surgical, medical and clinical oncologists who deal with breast cancer patients and senior nurses in breast cancer units, this book will also be of interest to trainees practising oncologists, and the women themselves who are interested in the shared decision making process in oncology generally.

Behavioural studies have shown that while humans may be the best decision makers on the planet, we are not quite as good as we think we are. We are regularly subject to biases, inconsistencies and irrationalities in our decision making. Decision Behaviour, Analysis and Support, published in 2009, explores perspectives from many different disciplines to show how we can help decision makers to deliberate and make better decisions. It considers both the use of computers and databases to support decisions as well as human aids to building analyses and some fast and frugal tricks to aid more consistent decision making. In its exploration of decision support it draws together results and observations from decision theory, behavioural and psychological studies, artificial intelligence and information systems, philosophy, operational research and organisational studies. This provides a valuable resource for managers with decision-making responsibilities and students from a range of disciplines, including management, engineering and information systems.

This book presents recent advances in the theory and application of the Best-Worst Method (BWM). It includes selected papers from the Second International Workshop on Best-Worst Method (BWM2021), held in Delft, The Netherlands from 10-11 June, 2021, and provides valuable insights on why and how to use BWM in a diverse range of applications including health, energy, supply chain management, and engineering. The book highlights the use of BWM in different settings including single decision-making vs group decision-making, and complete information vs incomplete and uncertain situations. The papers gathered here will benefit academics and practitioners who are involved in multi-criteria decision-making and decision analysis.

This book presents a consistent methodology for making decisions under uncertain conditions, as is almost always the case. Tools such as value of information and value of flexibility are explored as a means to make more complex and nuanced decisions. The book develops the complete formalism for assessing the value of acquiring information with two novel approaches. Firstly, it integrates the fuzzy characteristics of data, and secondly develops a methodology for assessing data acquisition actions that optimize the value of projects from a holistic perspective. The book also discusses the formalism for including flexibility in the project decision assessment. Practical examples of oil- and gas-related decision problems are included and discussed to facilitate the learning process. This book provides valuable advice and case studies applicable to engineers, researchers, and graduate students, particularly in the oil and gas industry and pharmaceutic industry.

Prospect Theory: For Risk and Ambiguity provides the first comprehensive and accessible textbook treatment of the way decisions are made both when we have the statistical probabilities associated with uncertain future events (risk) and when we lack them (ambiguity). The book presents models, primarily prospect theory, that are both tractable and psychologically realistic. A method of presentation is chosen that makes the empirical meaning of each theoretical model completely transparent. Prospect theory has many applications in a wide variety of disciplines. The material in the book has been carefully organized to allow readers to select pathways through the book relevant to their own interests. With numerous exercises and worked examples, the book is ideally suited to the needs of students taking courses in decision theory in economics, mathematics, finance, psychology, management science, health, computer science, Bayesian statistics, and engineering.