Decision Making: Descriptive, Normative, and Prescriptive Interactions

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David E. Bell, Howard Raiffa, Amos Tversky
Cambridge University Press, Oct 28, 1988 - Business & Economics - 623 pages
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The analysis of decision making under uncertainty has again become a major focus of interest. This volume presents contributions from leading specialists in different fields and provides a summary and synthesis of work in this area. It is based on a conference held at the Harvard Business School. The book brings together the different approaches to decision making - normative, descriptive, and prescriptive - which largely correspond to different disciplinary interests. Mathematicians have concentrated on rational procedures for decision making - how people should make decisions. Psychologists have examined how poeple do make decisions, and how far their behaviour is compatible with any rational model. Operations researchers study the application of decision models to actual problems. Throughout, the aim is to present the current state of research and its application and also to show how the different disciplinary approaches can inform one another and thus lay the foundations for the integrated analysis of decision making. The book will be of interest to researchers, teachers - for use as background reading for a decision theory course - students, and consultants and others involved in the practical application of the analysis of decision making. It will be of interest to specialists and students in statistics, mathematics, economics, psychology and the behavioural sciences, operations research, and management science.
  

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Contents

DESCRIPTIVE NORMATIVE AND PRESCRIPTIVE INTERACTIONS IN DECISION MAKING
9
CONCEPTIONS OF CHOICE
31
BOUNDED RATIONALITY AMBIGUITY AND THE ENGINEERING OF CHOICE
33
RATIONALITY AS PROCESS AND AS PRODUCT OF THOUGHT
58
NORMATIVE THEORIES OF DECISION MAKING UNDER RISK AND UNDER UNCERTAINTY
78
RISKY CHOICE REVISITED
99
BEHAVIORAL DECISION THEORY PROCESSES OF JUDGMENT AND CHOICE
113
REPLY TO COMMENTARIES
147
DISAPPOINTMENT IN DECISION MAKING UNDER UNCERTAINTY
358
MARGINAL VALUE AND INTRINSIC RISK AVERSION
384
KNOWING WHAT YOU WANT MEASURING LABILE VALUES
398
SOURCES OF BIAS IN ASSESSMENT PROCEDURES FOR UTILITY FUNCTIONS
422
SIMPLICITY IN DECISION ANALYSIS AN EXAMPLE AND A DISCUSSION
443
VALUEFOCUSED THINKING AND THE STUDY OF VALUES
465
AREAS OF APPLICATION
495
BEHAVIOR UNDER UNCERTAINTY AND ITS IMPLICATIONS FOR POLICY
497

RESPONSE MODE FRAMING AND INFORMATIONPROCESSING EFFECTS IN RISK ASSESSMENT
152
RATIONAL CHOICE AND THE FRAMING OF DECISIONS
167
SAVAGE REVISITED
193
BELIEFS AND JUDGMENTS ABOUT UNCERTAINTIES
235
LANGUAGES AND DESIGNS FOR PROBABILITY JUDGMENT
237
UPDATING SUBJECTIVE PROBABILITY
266
PROBABILITY EVIDENCE AND JUDGMENT
284
THE EFFECTS OF STATISTICAL TRAINING ON THINKING ABOUT
299
VALUES AND UTILITIES
341
THE MIND AS A CONSUMING ORGAN
343
THE RELEVANCE OF QUASI RATIONALITY IN COMPETITIVE MARKETS
508
HOW SENIOR MANAGERS THINK
525
PROBLEMS IN PRODUCING USABLE KNOWLEDGE FOR IMPLEMENTING LIBERATING ALTERNATIVES
540
ON THE FRAMING OF MEDICAL DECISIONS
562
WHETHER OR NOT TO ADMINISTER AMPHOTERICIN TO AN IMMUNOSUPPRESSED PATIENT WITH HEMATOLOGIC MALIGNANCY A...
569
THE EFFECTS OF PRIVATE ATTITUDES ON PUBLIC POLICY PRENATAL SCREENING FOR NEURAL TUBE DEFECTS AS A PROTOTYPE
588
DISCUSSION AGENDA FOR THE SESSION ON MEDICAL DECISION MAKING
599
Index
613
Copyright

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About the author (1988)

Tversky is Professor of Psychology, Stanford University.

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