The Effect of Probabilities on the Subjective Evaluation of Lotteries (Classic Reprint) - Brossura

Karmarkar, Uday S.

9781332259014: The Effect of Probabilities on the Subjective Evaluation of Lotteries (Classic Reprint)

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ISBN 10: 1332259014 ISBN 13: 9781332259014

Casa editrice: Forgotten Books, 2018

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Excerpt from The Effect of Probabilities on the Subjective Evaluation of Lotteries

Of course, utility theory is only one part of the expected utility formu lation; the other component is the concept of subjective probabilities. Subjective probabilities are defined in the approach of the Savage axioms in terms of canonical lotteries and our later investigations will take note of this fact. Given the utilities and the subjective probabilities associated with the possible outcomes posterior to each action, the optimal act is said to be that action which maximises expected utility. This optimal act is the one that the decision maker should choose, and presumably the one that he would choose if this rule adequately represented his behavior.

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Editore: Forgotten Books
Data di pubblicazione: 2018
Lingua: Inglese
ISBN 10: 1332259014
ISBN 13: 9781332259014
Rilegatura: Copertina flessibile
Numero di pagine: 87
Contatto del produttore: FB &c Ltd
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9781341637100: The Effect of Probabilities on the Subjective Evaluation of Lotteries

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ISBN 10: 1341637107 ISBN 13: 9781341637100
Casa editrice: Palala Press, 2015
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The Effect of Probabilities on the Subjective Evaluation of Lotteries

Uday S. Karmarkar

Editore: Forgotten Books, 2018

ISBN 10: 1332259014 ISBN 13: 9781332259014

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Paperback. Condizione: New. Print on Demand. Delving into the impact of probabilities on decision-making, this book challenges the limitations of expected utility theory in capturing real-world behavior. The author questions the assumption that choices consistently align with the theory's predictions and suggests that probability plays a significant role in shaping subjective evaluations. Through a simple experiment where subjects evaluated lotteries with varying odds, the author demonstrates a consistent bias towards increasing risk aversion with increasing odds. This suggests that individuals may process probabilities imperfectly, resulting in deviations from the expected utility framework. The book provides a compelling examination of the psychological factors underlying decision-making, offering valuable insights into the complexities of human behavior under uncertainty. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Codice articolo 9781332259014_0

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