By Joe Lorkowski,Vladik Kreinovich
This publication addresses an fascinating query: are our judgements rational? It explains likely irrational human decision-making habit via making an allowance for our restricted skill to method info. It additionally indicates with a number of examples that optimization lower than granularity restrict ends up in saw human decision-making. Drawing at the Nobel-prize-winning reports by means of Kahneman and Tversky, researchers have came across many examples of likely irrational judgements: e.g., we overestimate the chance of infrequent events.
Our rationalization is that due to the fact that human skills to approach details are constrained, we function now not with the precise values of appropriate amounts, yet with “granules” that include those values. We convey that optimization lower than such granularity certainly ends up in saw human habit. specifically, for the 1st time, we clarify the mysterious empirical dependence of having a bet odds on real probabilities.
This publication may be steered to all scholars attracted to human decision-making, to researchers whose paintings includes human judgements, and to practitioners who layout and hire platforms related to human decision-making —so that they could greater make the most of our skill to make judgements below uncertainty.
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Additional resources for Bounded Rationality in Decision Making Under Uncertainty: Towards Optimal Granularity (Studies in Systems, Decision and Control)
Bounded Rationality in Decision Making Under Uncertainty: Towards Optimal Granularity (Studies in Systems, Decision and Control) by Joe Lorkowski,Vladik Kreinovich