Rational Decisions

Nonfiction, Science & Nature, Mathematics, Game Theory, Business & Finance, Economics, Theory of Economics
Cover of the book Rational Decisions by Ken Binmore, Princeton University Press
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Ken Binmore ISBN: 9781400833092
Publisher: Princeton University Press Publication: December 29, 2008
Imprint: Princeton University Press Language: English
Author: Ken Binmore
ISBN: 9781400833092
Publisher: Princeton University Press
Publication: December 29, 2008
Imprint: Princeton University Press
Language: English

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.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

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.

More books from Princeton University Press

Cover of the book Explaining the Cosmos by Ken Binmore
Cover of the book Experimental Nations by Ken Binmore
Cover of the book The Mushroom at the End of the World by Ken Binmore
Cover of the book The Making of Martin Luther by Ken Binmore
Cover of the book Free Trade under Fire by Ken Binmore
Cover of the book Theories of International Politics and Zombies by Ken Binmore
Cover of the book On Human Nature by Ken Binmore
Cover of the book Waiting for José by Ken Binmore
Cover of the book Envy in Politics by Ken Binmore
Cover of the book The Fascinating World of Graph Theory by Ken Binmore
Cover of the book Byzantine Matters by Ken Binmore
Cover of the book Franz Liszt and His World by Ken Binmore
Cover of the book Collected Works of C.G. Jung, Volume 18 by Ken Binmore
Cover of the book Portfolios of the Poor by Ken Binmore
Cover of the book Social Structures by Ken Binmore
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy