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Rational Decisions (Paperback) Loot Price: R787
Discovery Miles 7 870
Rational Decisions (Paperback): Ken Binmore

Rational Decisions (Paperback)

Ken Binmore

Series: The Gorman Lectures in Economics

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Loot Price R787 Discovery Miles 7 870 | Repayment Terms: R74 pm x 12*

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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 foundations of Bayesian decision theory and shows why Savage restricted the theory's application to small worlds.

The book is a wide-ranging exploration of standard theories of choice and belief under risk and uncertainty. Ken Binmore discusses the various philosophical attitudes related to the nature of probability and offers resolutions to paradoxes believed to hinder further progress. In arguing that the Bayesian approach to knowledge is inadequate in a large world, Binmore proposes an extension to Bayesian decision theory--allowing the idea of a mixed strategy in game theory to be expanded to a larger set of what Binmore refers to as "muddled" strategies.

Written by one of the world's leading game theorists, "Rational Decisions" is the touchstone for anyone needing a concise, accessible, and expert view on Bayesian decision making.

General

Imprint: Princeton University Press
Country of origin: United States
Series: The Gorman Lectures in Economics
Release date: March 2011
First published: 2008
Authors: Ken Binmore
Dimensions: 235 x 152 x 13mm (L x W x T)
Format: Paperback - Trade
Pages: 216
ISBN-13: 978-0-691-14989-9
Categories: Books > Business & Economics > Economics > Economic theory & philosophy
Books > Reference & Interdisciplinary > Communication studies > Decision theory > General
Books > Science & Mathematics > Mathematics > Optimization > Game theory
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LSN: 0-691-14989-5
Barcode: 9780691149899

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