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Excerpt from The Practical Justifiability of "Irrational" Aversion to Risk
My aim is to persuade management scientists, and social scientists generally, of a specific need for modification of decision theory as a prescriptive guide to real - world decision-making. The issue raised here was raised and apparently resolved in the early nineteen - fifties. It reappears when one recognizes the necessity of explicitly confronting cognitive limitations in a prescriptive theory of management.
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The Practical Justifiability of "Irrational" Aversion to Risk (Classic Reprint)
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Paperback. Condizione: New. Print on Demand. This book challenges the validity of the expected utility hypothesis in the face of the cognitive limitations of real-world decision-makers. The author argues that when individuals confront local problems within a larger global context, they may justifiably depart from the assumptions of monotonicity (the preference for risk-aversion). The book explores situations where these deviations occur, arguing that decision theory should consider cognitive limitations and provide alternative frameworks for prescriptive guidance. This book offers a valuable analysis of the complexities of real-world decision-making and its implications for normative theory and empirical research on individual decisions and microeconomics. 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 9781334301490_0
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PRAC JUSTIFIABILITY OF IRRATIO
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Condizione: New. KlappentextrnrnExcerpt from The Practical Justifiability of Irrational Aversion to RiskMy aim is to persuade management scientists, and social scientists generally, of a specific need for modification of decision theory as a prescripti. Codice articolo 2148131174
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