Theory of Decision under Uncertainty

Hardcover (Print)
Buy New
Buy New from BN.com
$95.18
Used and New from Other Sellers
Used and New from Other Sellers
from $84.94
Usually ships in 1-2 business days
(Save 17%)
Other sellers (Hardcover)
  • All (7) from $84.94   
  • New (4) from $84.94   
  • Used (3) from $95.17   

Overview

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.
Read More Show Less

Editorial Reviews

From the Publisher
“This is a fantastic book. It presents an intelligent, rigorous, and thought-provoking treatment of the theory of choice under uncertainty. The combination of philosophical and mathematical approaches is a treat. Graduate students and professional economists alike have much to learn from this book.” – Daron Acemoglu, Massachusetts Institute of Technology

“This is a beautifully written book that I recommend to anyone who is interested in understanding the ‘what,’ ‘how,’ and ‘why’ of decision theory. The balance between conceptual issues, formalism, and philosophical underpinnings is unique. It will become a standard reference and text.” – Larry Epstein, Boston University

“With his seminal works, Itzhak Gilboa is one of the leading figures in the ‘neoclassical’ decision theory that in the past 20 years has considerably expanded the scope of the classical theory pioneered by de Finetti, Ramsey, Savage, and von Neumann. This book provides a superb and much-needed introduction to this exciting research area.” – Massimo Marinacci, Collegio Carlo Alberto, Italy

“At the heart of most economic analysis is a description of how individuals make decisions. There have been fundamental advances in our understanding of decision making in recent years, and this book provides an extremely accessible explanation of the current state of the field. Perhaps more importantly, it lays out the conceptual underpinnings of decision theory: why the various assumptions in modeling decision making are made and how they affect economic predictions.” – Andrew Postlewaite, University of Pennsylvania

“Expected utility theory underlies most of statistics, economics, and finance. But are utility functions and probabilities all that we need to formulate wise decisions? And where do utility functions and probabilities come from? Written by the distinguished creator of new decision theories Itzhak Gilboa, Theory of Decision under Uncertainty is a beautifully written critical account of decision theory that answers these and other important questions. Gilboa’s work opens doors for both theorists and applied workers.” – Thomas Sargent, New York University

Read More Show Less

Product Details

  • ISBN-13: 9780521517324
  • Publisher: Cambridge University Press
  • Publication date: 3/16/2009
  • Series: Econometric Society Monographs Series , #45
  • Pages: 230
  • Product dimensions: 6.10 (w) x 9.10 (h) x 0.80 (d)

Meet the Author

Itzhak Gilboa is Professor in the Berglas School of Economics, Tel-Aviv University, and Professor in the newly established Department of Economics and Decision Science, HEC, Paris. Earlier, he became a chaired professor at Northwestern University in 1992, visited at the Department of Economics, University of Pennsylvania (1995–7), and was a Professor at Boston University (1997–9). Professor Gilboa also served as a Fellow at the Cowles Foundation at Yale University from 2001 to 2007. The recipient of a Sloan Fellowship, among other awards, he has published articles in the leading economic theory journals, primarily on decision under uncertainty. Professor Gilboa coauthored A Theory of Case-Based Decisions with David Schmeidler (Cambridge University Press, 2001). He received his Ph.D. from Tel-Aviv University in 1987.
Read More Show Less

Table of Contents

1. Preface; 2. Motivating examples; 3. Free will and determinism; 4. The principle of indifference; 5. Relative frequencies; 6. Subjective probabilities; 7. A case study; 8. The role of theories; 9. Von Neumann and Morgenstern's theorem; 10. De Finetti's theorem; 11. Savage's theorem; 12. The definition of states; 13. A critique of Savage; 14. Objectivity and rationality; 15. Anscombe-Aumann's theorem; 16. Choquet expected utility; 17. Prospect theory; 18. Maxmin expected utility; 19. Case-based qualitative beliefs; 20. Frequentism revisited; 21. Future research.
Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)