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Choice under Uncertainty: Problems Solved and Unsolved

Mark J. Machina

in The Environment and Emerging Development Issues: Volume 1

Published in print:
2000
Published Online:
September 2007
ISBN:
9780199240692
eISBN:
9780191714269
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199240692.003.0009
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter begins with a description of a model of individual choice under uncertainty, namely, the expected utility model of preferences for lotteries. A number of problems are examined from the ... More


Optimizing and Its Offspring

Paul Weirich

in Realistic Decision Theory: Rules for Nonideal Agents in Nonideal Circumstances

Published in print:
2004
Published Online:
November 2004
ISBN:
9780195171259
eISBN:
9780199834976
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019517125X.003.0002
Subject:
Philosophy, Logic/Philosophy of Mathematics

Decision principles aim at optimization, or realization of an act better than alternative acts. Given uncertainty, an agent’s subjective utility assignment to options assesses an option’s prospects ... More


Applications of Non‐Expected Utility

Han Bleichrodt and Ulrich Schmidt

in The Handbook of Rational and Social Choice

Published in print:
2009
Published Online:
May 2009
ISBN:
9780199290420
eISBN:
9780191710506
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199290420.003.0004
Subject:
Economics and Finance, Public and Welfare

Expected utility is the dominant framework for analyzing decisions under risk and uncertainty. Many empirical studies show that people deviate systematically from expected utility. To accommodate ... More


The Moral Skeptic

Anita M. Superson

Published in print:
2009
Published Online:
May 2009
ISBN:
9780195376623
eISBN:
9780199871551
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195376623.001.0001
Subject:
Philosophy, Feminist Philosophy

This book challenges the traditional picture of the skeptic who asks, “Why be moral?” and demands a demonstration that acting in morally required ways is rationally required. It argues that we defeat ... More


Party Policies and Voter Choices

Anthony F. Heath, Roger M. Jowell, and John K. Curtice

in The Rise of New Labour: Party Policies and Voter Choices

Published in print:
2001
Published Online:
November 2003
ISBN:
9780199245116
eISBN:
9780191599453
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199245118.003.0009
Subject:
Political Science, UK Politics

The authors offer a multiplicative model that provides a comprehensive framework to place the main findings of the volume. The model is based on the standard ‘expected utility maximization’ model of ... More


Behavior in the Face of Risk

John P. Burkett

in Microeconomics: Optimization, Experiments, and Behavior

Published in print:
2006
Published Online:
October 2011
ISBN:
9780195189629
eISBN:
9780199850778
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195189629.003.0020
Subject:
Economics and Finance, Microeconomics

This chapter examines the factors that influence an individual's behavior in the face of risk. It analyzes the application of the expected value and expected utility theories in answering the ... More


Ranking Actions: Prioritarianism under Uncertainty

Matthew D. Adler

in Well-Being and Fair Distribution: Beyond Cost-Benefit Analysis

Published in print:
2011
Published Online:
January 2012
ISBN:
9780195384994
eISBN:
9780199918348
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195384994.003.0008
Subject:
Law, Philosophy of Law, Constitutional and Administrative Law

The prior four chapters focused on developing tools for constructing and morally ranking an outcome set: tools that include an account of well-being, principles for measuring well-being using a set U ... More


Expected Utility Theory *

Simon Grant and Timothy Van Zandt

in The Handbook of Rational and Social Choice

Published in print:
2009
Published Online:
May 2009
ISBN:
9780199290420
eISBN:
9780191710506
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199290420.003.0002
Subject:
Economics and Finance, Public and Welfare

This chapter reviews classic normative expected utility theory. The goal is to frame the subsequent chapters (which consider more modern extensions to and deviations from this classic theory) in a ... More


Instrumental Rationality

Joseph Heath

in Following the Rules: Practical Reasoning and Deontic Constraint

Published in print:
2008
Published Online:
January 2009
ISBN:
9780195370294
eISBN:
9780199871230
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195370294.003.0002
Subject:
Philosophy, Logic/Philosophy of Mathematics

This chapter examines how the consequentialism postulate, namely, the view that actions are valued only for the sake of their consequences, came to be enshrined in modern rational choice theory. It ... More


Interest‐Relative Invariantism

Jason Stanley

in Knowledge and Practical Interests

Published in print:
2005
Published Online:
May 2006
ISBN:
9780199288038
eISBN:
9780191603679
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199288038.003.0006
Subject:
Philosophy, Metaphysics/Epistemology

This chapter explains and develops a version of Interest-Relative Invariantism about knowledge, according to which whether or not someone knows that p at a certain time depends in part on what is at ... More


Rank‐Dependent Utility *

Mohammed Abdellaoui

in The Handbook of Rational and Social Choice

Published in print:
2009
Published Online:
May 2009
ISBN:
9780199290420
eISBN:
9780191710506
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199290420.003.0003
Subject:
Economics and Finance, Public and Welfare

Rank‐dependent utility (RDu) is among the most popular generalizations of the standard model of expected utility. It takes into account the main violations of expected utility (Allais paradox, ... More


Decision Technology

Jie W Weiss and David J Weiss

in A Science of Decision Making: The Legacy of Ward Edwards

Published in print:
2008
Published Online:
January 2009
ISBN:
9780195322989
eISBN:
9780199869206
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195322989.003.0032
Subject:
Psychology, Cognitive Psychology

This chapter focuses on decision technology—the rules and tools that help us make wiser decisions. It begins by reviewing the three rules that are at the heart of most traditional decision ... More


Hard-EU and the Rudiments of a Standard Model

Paul W. Glimcher

in Foundations of Neuroeconomic Analysis

Published in print:
2010
Published Online:
January 2011
ISBN:
9780199744251
eISBN:
9780199863433
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199744251.003.0008
Subject:
Psychology, Neuropsychology

This chapter demonstrates how to directly link a pre-existing utility-based theory of choice to pre-existing neurobiological descriptions of the brain mechanisms that produce choice. It presents, in ... More


Blaise and Bayes

Alan Hájek

in Probability in the Philosophy of Religion

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199604760
eISBN:
9780191741548
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199604760.003.0009
Subject:
Philosophy, Philosophy of Religion, Metaphysics/Epistemology

Pascal presents at least three ‘wagers’ for believing in God. Hacking provides three reconstructions of them using the apparatus of Bayesian decision theory — dominance reasoning and calculations of ... More


Alternative Decision Criteria

Christian Gollier

in Pricing the Planet's Future: The Economics of Discounting in an Uncertain World

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691148762
eISBN:
9781400845408
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691148762.003.0011
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter describes a sample of the alternative decision criteria that have features which are normatively attractive. A standard critique made to the discounted expected utility (DEU) model that ... More


Ambiguity

Jürgen Eichberger and David Kelsey

in The Handbook of Rational and Social Choice

Published in print:
2009
Published Online:
May 2009
ISBN:
9780199290420
eISBN:
9780191710506
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199290420.003.0005
Subject:
Economics and Finance, Public and Welfare

Ambiguity refers to a decision situation under uncertainty where there is incomplete information about the likelihood of events. Different formal models of this notion have been developed with ... More


Preferences

Claus Munk

in Financial Asset Pricing Theory

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199585496
eISBN:
9780191751790
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199585496.003.0005
Subject:
Economics and Finance, Econometrics

Asset prices are ultimately determined by the asset supply and demand of individuals and to study that we need to model the preferences of individuals. This chapter presents alternative ... More


Can it be Rational to Have Faith?

Lara Buchak

in Probability in the Philosophy of Religion

Published in print:
2012
Published Online:
September 2012
ISBN:
9780199604760
eISBN:
9780191741548
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199604760.003.0012
Subject:
Philosophy, Philosophy of Religion, Metaphysics/Epistemology

This chapter provides an account of what it is to have faith in a proposition p, in both religious and mundane contexts. It is argued that faith in p doesn’t require adopting a degree of belief that ... More


Quantities of Lifetime Wellbeing

John Broome

in Weighing Lives

Published in print:
2004
Published Online:
October 2005
ISBN:
9780199243761
eISBN:
9780191602900
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019924376X.003.0005
Subject:
Philosophy, Moral Philosophy

This chapter defines a quantitative notion of a person’s lifetime wellbeing. It does so on the basis of betterness among uncertain prospects, using expected utility theory (which the chapter ... More


Samuelson and Investment for the Long Run

Harry M. Markowitz

in Samuelsonian Economics and the Twenty-First Century

Published in print:
2006
Published Online:
January 2009
ISBN:
9780199298839
eISBN:
9780191711480
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199298839.003.0018
Subject:
Economics and Finance, History of Economic Thought

This chapter examines a debate with Samuelson regarding which criteria the long-run investor should maximize in their portfolio. It provides the example of receiving either 6% per year with certainty ... More


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