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Publication details

On the Origins of Imperfection and Apparent Non-Rationality

Monography Chapter

Kárný Miroslav, Guy Tatiana Valentine


serial: Decision Making: Uncertainty, Imperfection, Deliberation and Scalability, p. 57-92 , Eds: Guy Tatiana V., Kárný Miroslav, Wolpert David H.

project(s): GA13-13502S, GA ČR

keywords: Bayesian decision making, non-rationality, fully probabilistic design of decision strategies, deliberation effort

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abstract (eng):

Decision making (DM) is a preferences-driven choice among available actions. Under uncertainty, Savage’s axiomatisation singles out Bayesian DM as the adequate normative framework. It constructs strategies generating the optimal actions, while assuming that the decision maker rationally tries to meet her preferences. Descriptive DMt heories have observed numerous deviations of the real DM from normative recommendations. The explanation of decision-makers’ imperfection or non-rationality, possibly followed by rectification, is the focal point of contemporary DM research. This chapter falls into this stream and claims that the neglecting a part of the behaviour of the closed DM loop is the major cause of these deviations.

RIV: BB

2012-12-21 16:10