Rational Choice in an Uncertain World: The Psychology of by Reid Hastie

By Reid Hastie

"The authors are hugely revered as top figures within the box of judgment and selection making. there are numerous current books on subject matters concerning judgment and choice making, yet this e-book makes a different contribution to this box as a result of its systematic and scholarly process, and its breadth of coverage."
Robert Goldstone, Indiana college

"Reid Hastie and Robyn Dawes are of the main eminent researchers within the box. i do know those authors to be very good writers and i've without doubt that their writing kind should be compatible for my students."
―William Goldstein, University of Chicago

In the hot variation of this award-winning textual content, popular authors Reid Hastie and Robyn Dawes examine and distinction the elemental rules of rationality with genuine habit in making judgements. This e-book explores theories and learn findings from the sphere of judgment and determination making in a non-technical demeanour, utilizing anecdotes as a instructing gadget. meant as an introductory textbook for complicated undergraduate and graduate scholars, the fabric not just is of scholarly curiosity yet is useful to boot.

New to This Edition

  • Chapter introductions, conclusions, and cross-references among chapters make the textual content extra pupil pleasant
  • An abundance of examples from parts equivalent to finance, medication, legislations, and engineering anchor innovations to the true global
  • Increased attention of descriptive, mental types of selection making augment the unique emphasis on normative, rational, "Expected software thought" types, deliver the booklet modern
  • Balance one of the 3 significant methods to judgment and determination making: cognitive mental analyses of psychological approaches and heuristics, descriptive algebraic types of judgment and choice tactics, and rational types of choice making

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Extra info for Rational Choice in an Uncertain World: The Psychology of Judgment and Decision Making

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6 The Invention of Modern Decision Theory Where does this idea of rationality come from? It began in Renaissance Italy, for example, in the analysis of the practice of gambling by scholars such as Girolamo Cardano (1501–1576), a true Renaissance man who was simultaneously a mathematician, physician, accountant, and inveterate gambler. ) In spite of his profound insights into risky decision making, he tended to lose, because his analyses of the numerical structure of random situations were accompanied by lousy arithmetic skills.

A doctor whose probabilistic reasoning follows automatic thinking principles rather than the rules of probability could decide that a patient both should and should not have an operation; or a juror could decide that a defendant was both guilty and innocent. Because reality is not contradictory, contradictory thinking is irrational thinking. A proposition about reality cannot be both true and false. 6 The Invention of Modern Decision Theory Where does this idea of rationality come from? It began in Renaissance Italy, for example, in the analysis of the practice of gambling by scholars such as Girolamo Cardano (1501–1576), a true Renaissance man who was simultaneously a mathematician, physician, accountant, and inveterate gambler.

In fact, we hope the reader who finishes this book will have a heightened appreciation of the relative advantages of the two modes of thinking and when to trust one or the other. 3 The Computational Model of the Mind There has been a modest revolution in the sciences of the mind during the past half-century. A new field has emerged, named cognitive science, with a new conceptual paradigm for theorizing about human thought and behavior (Gardner, 1985; Pinker, 1997). The computational model of the mind is based on the assumption that the essence of thinking can be captured by describing what the brain does as manipulating symbols.

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