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The Resource Bounded Rationality in Decision Making Under Uncertainty : Towards Optimal Granularity, Joe Lorkowski, Vladik Kreinovich

Bounded Rationality in Decision Making Under Uncertainty : Towards Optimal Granularity, Joe Lorkowski, Vladik Kreinovich

Label
Bounded Rationality in Decision Making Under Uncertainty : Towards Optimal Granularity
Title
Bounded Rationality in Decision Making Under Uncertainty
Title remainder
Towards Optimal Granularity
Statement of responsibility
Joe Lorkowski, Vladik Kreinovich
Creator
Contributor
Author
Subject
Language
eng
Summary
This book addresses an intriguing question: are our decisions rational? It explains seemingly irrational human decision-making behavior by taking into account our limited ability to process information. It also shows with several examples that optimization under granularity restriction leads to observed human decision-making. Drawing on the Nobel-prize-winning studies by Kahneman and Tversky, researchers have found many examples of seemingly irrational decisions: e.g., we overestimate the probability of rare events. Our explanation is that since human abilities to process information are limited, we operate not with the exact values of relevant quantities, but with zgranulesy that contain these values. We show that optimization under such granularity indeed leads to observed human behavior. In particular, for the first time, we explain the mysterious empirical dependence of betting odds on actual probabilities. This book can be recommended to all students interested in human decision-making, to researchers whose work involves human decisions, and to practitioners who design and employ systems involving human decision-making ?so that they can better utilize our ability to make decisions under uncertainty
Member of
Cataloging source
N$T
http://library.link/vocab/creatorName
Lorkowski, Joseph A
Dewey number
153.83
Index
index present
LC call number
BF448
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
http://library.link/vocab/relatedWorkOrContributorName
Kreinovich, Vladik
Series statement
Studies in Systems, Decision and Control
Series volume
volume 99
http://library.link/vocab/subjectName
  • Decision making
  • Uncertainty
  • Irrationalism (Philosophy)
  • Heuristic
Label
Bounded Rationality in Decision Making Under Uncertainty : Towards Optimal Granularity, Joe Lorkowski, Vladik Kreinovich
Instantiates
Publication
Bibliography note
Includes bibliographical references and index
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Contents
Human Decisions Are Often Suboptimal: Phenomenon of Bounded Rationality -- Towards Explaining Other Aspects of Human Decision Making -- Towards Explaining Heuristic Techniques (Such as Fuzzy) in Expert Decision Making -- Decision Making Under Uncertainty and Restrictions on Computation Resources: From Heuristic to Optimal Techniques -- Conclusions and Future Work
Control code
SPR992988876
Dimensions
unknown
Extent
1 online resource.
Form of item
online
Isbn
9783319622132
Media category
computer
Media MARC source
rdamedia
Media type code
c
Other control number
10.1007/978-3-319-62214-9
Specific material designation
remote
System control number
  • ocn992988876
  • (OCoLC)992988876
Label
Bounded Rationality in Decision Making Under Uncertainty : Towards Optimal Granularity, Joe Lorkowski, Vladik Kreinovich
Publication
Bibliography note
Includes bibliographical references and index
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Contents
Human Decisions Are Often Suboptimal: Phenomenon of Bounded Rationality -- Towards Explaining Other Aspects of Human Decision Making -- Towards Explaining Heuristic Techniques (Such as Fuzzy) in Expert Decision Making -- Decision Making Under Uncertainty and Restrictions on Computation Resources: From Heuristic to Optimal Techniques -- Conclusions and Future Work
Control code
SPR992988876
Dimensions
unknown
Extent
1 online resource.
Form of item
online
Isbn
9783319622132
Media category
computer
Media MARC source
rdamedia
Media type code
c
Other control number
10.1007/978-3-319-62214-9
Specific material designation
remote
System control number
  • ocn992988876
  • (OCoLC)992988876

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