Risk and Rationality

Risk and Rationality

AngličtinaPevná vazbaTisk na objednávku
Buchak, Lara
Oxford University Press
EAN: 9780199672165
Tisk na objednávku
Předpokládané dodání ve čtvrtek, 25. července 2024
2 687 Kč
Běžná cena: 2 985 Kč
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Podrobné informace

Lara Buchak sets out an original account of the principles that govern rational decision-making in the face of risk. A distinctive feature of these decisions is that individuals are forced to consider how their choices will turn out under various circumstances, and decide how to trade off the possibility that a choice will turn out well against the possibility that it will turn out poorly. The orthodox view is that there is only one acceptable way to do this: rational individuals must maximize expected utility. Buchak's contention, however, is that the orthodox theory (expected utility theory) dictates an overly narrow way in which considerations about risk can play a role in an individual's choices. Combining research from economics and philosophy, she argues for an alternative, more permissive, theory of decision-making: one that allows individuals to pay special attention to the worst-case or best-case scenario (among other 'global features' of gambles). This theory, risk-weighted expected utility theory, better captures the preferences of actual decision-makers. Furthermore, it isolates the distinct roles that beliefs, desires, and risk-attitudes play in decision-making. Finally, contra the orthodox view, Buchak argues that decision-makers whose preferences can be captured by risk-weighted expected utility theory are rational. Thus, Risk and Rationality is in many ways a vindication of the ordinary decision-maker--particularly his or her attitude towards risk--from the point of view of even ideal rationality.
EAN 9780199672165
ISBN 0199672164
Typ produktu Pevná vazba
Vydavatel Oxford University Press
Datum vydání 28. listopadu 2013
Stránky 274
Jazyk English
Rozměry 239 x 162 x 23
Země United Kingdom
Autoři Buchak, Lara