Abstract
Barton L. Lipman of Boston University reviews “Theory of Decision under Uncertainty” by Itzhak Gilboa,. The EconLit Abstract of the reviewed work begins “Textbook for a graduate-level class in decision under uncertainty examines the classical axiomatic theories of decision under uncertainty and considers critiques and alternative theories. Discusses motivating examples; free will and determinism; the principle of indifference; relative frequencies; subjective probabilities; a case study; the role of theories; von Neumann-Morgenstern’s theorem; De Finetti’s theorem; Savage’s theorem; the definition of states; a critique of Savage; objectivity and rationality; Anscombe-Aumann’s theory; Choquet expected utility; prospect theory; maxmin expected utility; case-based qualitative beliefs; and frequentism revisited. Gilboa is Professor in the Berglas School of Economics at Tel-Aviv University and Professor in the Department of Economics and Decision Science at HEC Paris. Index.”
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