The Effect of Probabilities on the Subjective Evaluation of Lotteries (Classic Reprint) - Couverture souple
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Excerpt from The Effect of Probabilities on the Subjective Evaluation of Lotteries
Of course, utility theory is only one part of the expected utility formu lation; the other component is the concept of subjective probabilities. Subjective probabilities are defined in the approach of the Savage axioms in terms of canonical lotteries and our later investigations will take note of this fact. Given the utilities and the subjective probabilities associated with the possible outcomes posterior to each action, the optimal act is said to be that action which maximises expected utility. This optimal act is the one that the decision maker should choose, and presumably the one that he would choose if this rule adequately represented his behavior. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.Les informations fournies dans la section « Synopsis » peuvent faire référence à une autre édition de ce titre.
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The Effect of Probabilities on the Subjective Evaluation of Lotteries
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Paperback. Etat : New. Print on Demand. Delving into the impact of probabilities on decision-making, this book challenges the limitations of expected utility theory in capturing real-world behavior. The author questions the assumption that choices consistently align with the theory's predictions and suggests that probability plays a significant role in shaping subjective evaluations. Through a simple experiment where subjects evaluated lotteries with varying odds, the author demonstrates a consistent bias towards increasing risk aversion with increasing odds. This suggests that individuals may process probabilities imperfectly, resulting in deviations from the expected utility framework. The book provides a compelling examination of the psychological factors underlying decision-making, offering valuable insights into the complexities of human behavior under uncertainty. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. N° de réf. du vendeur 9781332259014_0
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The Effect of Probabilities on the Subjective Evaluation of Lotteries (Classic Reprint)
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The Effect of Probabilities on the Subjective Evaluation of Lotteries (Classic Reprint)
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PAP. Etat : New. New Book. Shipped from UK. Established seller since 2000. N° de réf. du vendeur LW-9781332259014
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The Effect of Probabilities on the Subjective Evaluation of Lotteries (Classic Reprint)
Edité par
Forgotten Books Nov 2018, 2018
ISBN 10 : 1332259014
ISBN 13 : 9781332259014
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Taschenbuch. Etat : Neu. Neuware. N° de réf. du vendeur 9781332259014
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The Effect of Probabilities on the Subjective Evaluation of Lotteries (Classic Reprint)
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Forgotten Books, 2015
ISBN 10 : 1332259014
ISBN 13 : 9781332259014
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The Effect of Probabilities on the Subjective Evaluation of Lotteries (Classic Reprint)
Edité par
Forgotten Books, 2015
ISBN 10 : 1332259014
ISBN 13 : 9781332259014
Ancien ou d'occasion
Couverture souple
Vendeur : Buchpark, Trebbin, Allemagne
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