Models of Decision-Making

Simplifying Choices

Paul Weirich (University of Missouri, Columbia)

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Hardback

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English

Cambridge University Press
05 February 2015

Decision theory: general; Economic theory & philosophy; Optimisation; Philosophy of science

Classical decision theory evaluates entire worlds, specified so as to include everything a decision-maker cares about. Thus applying decision theory requires performing computations far beyond an ordinary decision-maker's ability. In this book Paul Weirich explains how individuals can simplify and streamline their choices. He shows how different 'parts' of options (intrinsic, temporal, spatiotemporal, causal) are separable, so that we can know what difference one part makes to the value of an option, regardless of what happens in the other parts. He suggests that the primary value of options is found in basic intrinsic attitudes towards outcomes: desires, aversions, or indifferences. And using these two facts he argues that we need only compare small parts of the options we face in order to make a rational decision. This important book will interest readers in decision theory, economics, and the behavioral sciences.

By: Paul Weirich (University of Missouri Columbia)
Imprint: Cambridge University Press
Country of Publication: United Kingdom
Dimensions: Height: 236mm, Width: 160mm, Spine: 22mm
Weight: 540g
ISBN: 9781107077799
ISBN 10: 1107077796
Pages: 276
Publication Date: 05 February 2015
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

Preface; Introduction; 1. Separability; 2. Expected utility; 3. Intrinsic utility; 4. Temporal utility; 5. Spatiotemporal utility; 6. Causal utility; Conclusion.

Paul Weirich is a Curators' Professor in the Department of Philosophy at the University of Missouri. His previous books include Collective Rationality (2010), Realistic Decision Theory (2004), Decision Space (Cambridge, 2001) and Equilibrium and Rationality (Cambridge, 1998).