Discount Utility, Probability, and Human Decision Making

Utility, Probability, and Human Decision Making
By:Dirk Wendt,C.A. Vlek
Published on 2012-12-06 by Springer Science & Business Media

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Human decision making involves problems which are being studied with increasing interest and sophistication. They range from controversial political decisions via individual consumer decisions to such simple tasks as signal discriminations. Although it would seem that decisions have to do with choices among available actions of any kind, there is general agreement that decision making research should pertain to choice prob lems which cannot be solved without a predecisional stage of finding choice alternatives, weighing evidence, and judging values. The ultimate objective of scientific research on decision making is two-fold: (a) to develop a theoretically sound technology for the optimal solution of decision problems, and (b) to formulate a descriptive theory of human decision making. The latter may, in tum, protect decision makers from being caught in the traps of their own limitations and biases. Recently, in decision making research the strong emphasis on well defined laboratory tasks is decreasing in favour of more realistic studies in various practical settings. This may well have been caused by a growing awareness of the fact that decision-behaviour is strongly determined by situational factors, which makes it necessary to look into processes of interaction between the decision maker and the relevant task environ ment. Almost inevitably there is a parallel shift of interest towards problems of utility measurement and the evaluation of consequences.

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Book ID of Utility, Probability, and Human Decision Making's Books is 4bTwCAAAQBAJ, Book which was written byDirk Wendt,C.A. Vlekhave ETAG "UaR40iVJq28"

Book which was published by Springer Science & Business Media since 2012-12-06 have ISBNs, ISBN 13 Code is 9789401018340 and ISBN 10 Code is 9401018340

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Book which have "432 Pages" is Printed at BOOK under CategorySocial Science

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