By Joe Lorkowski,Vladik Kreinovich
This booklet addresses an fascinating query: are our judgements rational? It explains possible irrational human decision-making habit by means of making an allowance for our restricted skill to strategy details. It additionally exhibits with a number of examples that optimization lower than granularity limit ends up in saw human decision-making. Drawing at the Nobel-prize-winning reviews by way of Kahneman and Tversky, researchers have came upon many examples of probably irrational judgements: e.g., we overestimate the chance of infrequent events.
Our clarification is that seeing that human skills to strategy details are restricted, we function no longer with the precise values of proper amounts, yet with “granules” that comprise those values. We convey that optimization below such granularity certainly results in saw human habit. specifically, for the 1st time, we clarify the mysterious empirical dependence of having a bet odds on genuine probabilities.
This e-book will be urged to all scholars drawn to human decision-making, to researchers whose paintings includes human judgements, and to practitioners who layout and hire structures related to human decision-making —so that they could greater make the most of our skill to make judgements below uncertainty.
Read Online or Download Bounded Rationality in Decision Making Under Uncertainty: Towards Optimal Granularity (Studies in Systems, Decision and Control) PDF
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