Theory of Decision under Uncertainty
2009
First Published
4.11
Average Rating
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This book describes the classical axiomatic theories of decision under uncertainty, as well as critiques thereof and alternative theories. It focuses on the meaning of probability, discussing some definitions and surveying their scope of applicability. The behavioral definition of subjective probability serves as a way to present the classical theories, culminating in Savage's theorem. The limitations of this result as a definition of probability lead to two directions – first, similar behavioral definitions of more general theories, such as non-additive probabilities and multiple priors, and second, cognitive derivations based on case-based techniques.
Avg Rating
4.11
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Author
Itzhak Gilboa
Author · 3 books
Itzhak Gilboa works in decision theory and other fields in economic theory such as game theory and social choice. His main interest is in decision under uncertainty, focusing on the definition of probability, notions of rationality, non-Bayesian decision models, and related issues. He is Professor at Eitan Berglas School of Economics, Tel-Aviv University and Professor of Economics and Decision Sciences, HEC, Paris, as well as Fellow of the Cowles Foundation for Research in Economics, Yale University (part time).
