Bounded Rationality in Decision Making Under Uncertainty: Towards Optimal Granularity

Name: Bounded Rationality in Decision Making Under Uncertainty: Towards Optimal Granularity
Brand: Springer Nature
SKU: 9783319622132
Availability: InStock

Best Price:
Buy Bounded Rationality in Decision Making Under Uncertainty: Towards Optimal Granularity for $84.99 at @ Link.springer.com
No coupon is required — this is the standard retail price.

Set a price drop alert to never miss an offer.

1 Offer Price Range: $84.99 - $84.99

BEST PRICE

Single Product Purchase

$84.99

@ Link.springer.com BUY Now

Price Comparison

Seller	Contact Seller	List Price	On Sale	Shipping	Best Promo	Final Price	Volume Discount	Financing	Availability	Seller's Page
BEST PRICE 1 Product Purchase @ Link.springer.com		$84.99	$84.99			$84.99		See Site	In stock	Visit Store

Product Details

Brand

Springer Nature

Manufacturer

N/A

Part Number

GTIN

9783319622132

Condition

New

Product Description

This book addresses an intriguing question: are our decisions rational? It explains seemingly irrational human decision-making behavior by taking into account our limited ability to process information. It also shows with several examples that optimization under granularity restriction leads to observed human decision-making. Drawing on the Nobel-prize-winning studies by Kahneman and Tversky, researchers have found many examples of seemingly irrational decisions: e.g., we overestimate the probability of rare events. Our explanation is that since human abilities to process information are limited, we operate not with the exact values of relevant quantities, but with granules that contain these values. We show that optimization under such granularity indeed leads to observed human behavior. In particular, for the first time, we explain the mysterious empirical dependence of betting odds on actual probabilities. This book can be recommended to all students interested in human decision-making, to researchers whose work involves human decisions, and to practitioners who design and employ systems involving human decision-making so that they can better utilize our ability to make decisions under uncertainty.

Available Colors

N/A

Available Sizes

N/A