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Rational Decisions

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ISBN-10: 0691149895

ISBN-13: 9780691149899

Edition: 2009

Authors: Ken Binmore

List price: $30.00
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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 Decisionsclearly explains the foundations of Bayesian decision theory and shows why Savage…    
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Book details

List price: $30.00
Copyright year: 2009
Publisher: Princeton University Press
Publication date: 3/25/2011
Binding: Paperback
Pages: 216
Size: 6.18" wide x 9.17" long x 0.50" tall
Weight: 0.066