Bounded Rationality in Decision Making Under Uncertainty : Towards Optimal Granularity / Joe Lorkowski, Vladik Kreinovich.
Lorkowski, Joseph A., author.; Kreinovich, Vladik, author.
2018
BF448
Available Online

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Title Bounded Rationality in Decision Making Under Uncertainty : Towards Optimal Granularity / Joe Lorkowski, Vladik Kreinovich.
Author Lorkowski, Joseph A., author.
ISBN 9783319622149 (electronic book)
3319622145 (electronic book)
9783319622132
DOI https://doi.org/10.1007/978-3-319-62214-9
Published Cham, Switzerland : Springer, [2018]
Language English
Description 1 online resource.
Item Number 10.1007/978-3-319-62214-9 doi
Call Number BF448
Dewey Decimal Classification 153.83
Summary 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.
Bibliography, etc. Note Includes bibliographical references and index.
Access Note Access limited to authorized users.
Digital File Characteristics text file PDF
Source of Description Online resource; title from PDF title page (viewed July 13, 2017).
Added Author Kreinovich, Vladik, author.
Series Studies in systems, decision and control ; v. 99.
Available in Other Form Print version: 9783319622132
Linked Resources Online Access
Record Appears in Online Resources > Ebooks
All Resources
Human Decisions Are Often Suboptimal: Phenomenon of Bounded Rationality
Towards Explaining Other Aspects of Human Decision Making
Towards Explaining Heuristic Techniques (Such as Fuzzy) in Expert Decision Making
Decision Making Under Uncertainty and Restrictions on Computation Resources: From Heuristic to Optimal Techniques
Conclusions and Future Work.

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