This is the first collection to include chapters on this topic, and it can thus serve as an introduction to researchers who are new to the field as well as a graduate course textbook. With this goal in mind, the book contains survey introductions that are aimed at a graduate level student, and help explain the main ideas, and put them in perspective."--BOOK JACKET.
This work, a paradigm for modelling decision-making under uncertainty, describes the general theory and its relationship to planning, repeated choice problems, inductive inference, and learning; and highlights its mathematical and philosophical foundations.
The book deals with the way economic agents reason about uncertainty. It is thus at the foundations of economic theory, touching upon general issues that are common also to statistics, philosophy, psychology, and artificial intelligence. Two modes of reasoning are at the heart of the discussion: reasoning by general rules, or theories, and reasoning by analogies to specific cases. The book offers mathematical models of each type of reasoning, and a unifiedmodel that captures both, in a way that allows a formal analysis of modes of reasoning and their evolution.
Gilboa and Schmeidler provide a new paradigm for modelling decision making under uncertainty, one which suggests that people make decisions by analogies to past cases. The authors describe the general theory and its relationship to planning, repeated choice problems, inductive inference, and learning.
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