Decision Making: Uncertainty, Imperfection, Deliberation and Scalability

0436371 - ÚTIA 2015 RIV DE eng M - Monography Chapter
Kárný, Miroslav - Guy, Tatiana Valentine
On the Origins of Imperfection and Apparent Non-Rationality.
Decision Making: Uncertainty, Imperfection, Deliberation and Scalability. Cham: Springer, 2014 - (Guy, T.; Kárný, M.; Wolpert, D.), s. 57-92. Studies in Computational Intelligence, 538. ISBN 978-3-319-15143-4
R&D Projects: GA ČR GA13-13502S
Institutional support: RVO:67985556
Keywords : Bayesian decision making * non-rationality * fully probabilistic design of decision strategies * deliberation effort
Subject RIV: BB - Applied Statistics, Operational Research
http://library.utia.cas.cz/separaty/2014/AS/karny-0436371.pdf

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.
Permanent Link: http://hdl.handle.net/11104/0242039