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Books > Social sciences > Psychology > Cognition & cognitive psychology
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Risk and Rationality (Paperback)
Loot Price: R1,224
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Risk and Rationality (Paperback)
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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.
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