A nontechnical, concise, and rigorous introduction to the rational choice paradigm, focusing on basic insights applicable in fields ranging from economics to philosophy. This book offers a rigorous, concise, and nontechnical introduction to some of the fundamental insights of rational choice theory. It draws on formal theories of microeconomics, decision making, games, and social choice, and on ideas developed in philosophy, psychology, and sociology. Itzhak Gilboa argues that economic theory has provided a set of powerful models and broad insights that have changed the way we think about everyday life. He focuses on basic insights of the rational choice paradigm—the general conceptualization rather than a particular theory—that survive recent (and well-justified) critiques of economic theory's various failures. Gilboa explains the main concepts in language accessible to the nonspecialist, offering a nonmathematical guide to some of the main ideas developed in economic theory in the second half of the twentieth century. Chapters cover feasibility and desirability, utility maximization, constrained optimization, expected utility, probability and statistics, aggregation of preferences, games and equilibria, free markets, and rationality and emotions. Online appendixes offer additional material, including a survey of relevant mathematical concepts.
This book describes the classical axiomatic theories of decision under uncertainty, as well as critiques thereof and alternative theories. It focuses on the meaning of probability, discussing some definitions and surveying their scope of applicability. The behavioral definition of subjective probability serves as a way to present the classical theories, culminating in Savage's theorem. The limitations of this result as a definition of probability lead to two directions - first, similar behavioral definitions of more general theories, such as non-additive probabilities and multiple priors, and second, cognitive derivations based on case-based techniques.
Making Better Decisions introduces readers to some of the principal aspects of decision theory, and examines how these might lead us to make better decisions. Introduces readers to key aspects of decision theory and examines how they might help us make better decisions Presentation of material encourages readers to imagine a situation and make a decision or a judgment Offers a broad coverage of the subject including major insights from several sub-disciplines: microeconomic theory, decision theory, game theory, social choice, statistics, psychology, and philosophy Explains these insights informally in a language that has minimal mathematical notation or jargon, even when describing and interpreting mathematical theorems Critically assesses the theory presented within the text, as well as some of its critiques Includes a web resource for teachers and students
A nontechnical, concise, and rigorous introduction to the rational choice paradigm, focusing on basic insights applicable in fields ranging from economics to philosophy. This book offers a rigorous, concise, and nontechnical introduction to some of the fundamental insights of rational choice theory. It draws on formal theories of microeconomics, decision making, games, and social choice, and on ideas developed in philosophy, psychology, and sociology. Itzhak Gilboa argues that economic theory has provided a set of powerful models and broad insights that have changed the way we think about everyday life. He focuses on basic insights of the rational choice paradigm—the general conceptualization rather than a particular theory—that survive recent (and well-justified) critiques of economic theory's various failures. Gilboa explains the main concepts in language accessible to the nonspecialist, offering a nonmathematical guide to some of the main ideas developed in economic theory in the second half of the twentieth century. Chapters cover feasibility and desirability, utility maximization, constrained optimization, expected utility, probability and statistics, aggregation of preferences, games and equilibria, free markets, and rationality and emotions. Online appendixes offer additional material, including a survey of relevant mathematical concepts.
The book describes formal models of reasoning that are aimed at capturing the way that economic agents, and decision makers in general think about their environment and make predictions based on their past experience. The focus is on analogies (case-based reasoning) and general theories (rule-based reasoning), and on the interaction between them, as well as between them and Bayesian reasoning. A unified approach allows one to study the dynamics of inductive reasoning in terms of the mode of reasoning that is used to generate predictions.
Making Better Decisions introduces readers to some of the principal aspects of decision theory, and examines how these might lead us to make better decisions. Introduces readers to key aspects of decision theory and examines how they might help us make better decisions Presentation of material encourages readers to imagine a situation and make a decision or a judgment Offers a broad coverage of the subject including major insights from several sub-disciplines: microeconomic theory, decision theory, game theory, social choice, statistics, psychology, and philosophy Explains these insights informally in a language that has minimal mathematical notation or jargon, even when describing and interpreting mathematical theorems Critically assesses the theory presented within the text, as well as some of its critiques Includes a web resource for teachers and students
This book describes the classical axiomatic theories of decision under uncertainty, as well as critiques thereof and alternative theories. It focuses on the meaning of probability, discussing some definitions and surveying their scope of applicability. The behavioral definition of subjective probability serves as a way to present the classical theories, culminating in Savage's theorem. The limitations of this result as a definition of probability lead to two directions - first, similar behavioral definitions of more general theories, such as non-additive probabilities and multiple priors, and second, cognitive derivations based on case-based techniques.
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.
Discover the shamanic powers within each of us • Explores ayahuasca rituals in the Amazon, messages from power animals and plant spirits, intuitive dreams, soul retrieval, and holograms of past lives and spirits • Explains the shamanic way of “seeing” to diagnose spiritual, emotional, and physical ailments via candle readings, remote viewing, and shamanic journeys • Details how the author has helped individuals communicate with loved ones who have passed on and release themselves from negative spirits Each and every one of us has shamanic powers. Glimpses of them can arise at any age in the form of intuitive dreams, déjà vu, spontaneous visions, and out-of-body experiences. Most people dismiss these experiences. However, by embracing these gifts, we can unlock our shamanic potential to change ourselves and the world around us. Revealing his transformation from skeptic to respected shamanic healer, Itzhak Beery explains how, after countless prescient dreams and visions throughout his life that he brushed off, a series of synchronistic events led to his first shamanism workshop with Michael Harner, renowned shamanism scholar and teacher. This, in turn, led to a trip to South America with John Perkins to work with indigenous shamanic healers. Beery shares his experiences with ayahuasca rituals in the Amazon, messages from power animals and plant spirits, dreams that foretold future events, and holographic sightings of past lives and spiritual entities, both evil and benign. He details his shamanic way of “seeing” to diagnose spiritual, emotional, and physical ailments via candle readings and remote viewing. Explaining how we are always surrounded by spirits, he recounts helping people communicate with loved ones who have passed on and shares powerful stories of soul retrieval during shamanic journeys to other worlds. Through his true stories of visions that manifested in reality, Beery reveals that we are all shamans. By igniting our natural intuition and developing trust for our inner powers, we can each connect to the oneness of nature where all knowledge is found.
Attachment to host cells or tissues is often the first step in the establishment of bacterial infections. A complex array of recognition, attachment, and virulence factors is involved in this process, which recent research has greatly illuminated. This comprehensive and authoritative volume discusses the specific cell and tissue-specific affinities of pathogenic microorganisms, including bioinorganic surfaces such as teeth, and is an essential reference for researchers and students of host-pathogen interactions.
The area of behavioral finance, though relatively young, has matured and spread beyond its initial objectives: to demonstrate the fallibility of the efficient market hypothesis, to shake the belief in the ubiquity of rational decision making, and to convince the finance world of the importance of psychological biases in decision making. The success of the field in meeting its goals, however, has called into question its continued relevance. Behavioral finance is thus currently at a crossroads, and researchers need to decide which way they should turn for the area to continue to thrive and to meaningfully contribute to financial knowledge.This collection of papers deals with rarely-explored topics to point at new directions that behavioral finance should explore to maintain its viability, along with contributions to traditional topics. Some of these topics include innovations, the psychology of policy-makers, biases of peer-to-peer market participants, the behavior and motivation behind corporate social responsibility, and the design of exchanges. Additionally, well-known topics such as the disposition effect, slow and fast decisions and the availability heuristic are revisited, and surprising new findings are presented.By opening the field to novel avenues of discussion, this book addresses the future of behavioral finance and its transition into a new era.
There is growing interest in Israel's political system from all parts of the world. This Handbook provides a unique comprehensive presentation of political life in Israel from the formative pre-state period to the present. The themes covered include: political heritage and the unresolved issues that have been left to fester; the institutional framework (the Knesset, government, judiciary, presidency, the state comptroller and commissions of inquiry); citizens' political participation (elections, political parties, civil society and the media); the four issues that have bedevilled Israeli democracy since its establishment (security, state and religion, the status of Israel's Arab citizens and economic inequities with concomitant social gaps); and the contours of the political culture and its impact on Israel's democracy. The authors skilfully integrate detailed basic data with an analysis of structures and processes, making the Handbook accessible to both experts and those with a general interest in Israel.
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 describes formal models of reasoning that are aimed at capturing the way that economic agents, and decision makers in general think about their environment and make predictions based on their past experience. The focus is on analogies (case-based reasoning) and general theories (rule-based reasoning), and on the interaction between them, as well as between them and Bayesian reasoning. A unified approach allows one to study the dynamics of inductive reasoning in terms of the mode of reasoning that is used to generate predictions.
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.
The book presents an axiomatic approach to the problems of prediction, classification, and statistical learning. Using methodologies from axiomatic decision theory, and, in particular, the authors' case-based decision theory, the present studies attempt to ask what inductive conclusions can be derived from existing databases. It is shown that simple consistency rules lead to similarity-weighted aggregation, akin to kernel-based methods. It is suggested that the similarity function be estimated from the data. The incorporation of rule-based reasoning is discussed.
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