Rational Choice in an Uncertain World: The Psychology of Judgement and Decision Making

Front Cover
SAGE, Apr 13, 2001 - Psychology - 372 pages
11 Reviews
First Edition, Winner of the prestigious William James Award from the American Psychological Association

An understanding of the principles of rational decision making can help students improve the quality of their lives. Intended as an introductory textbook, the material in Rational Choice in an Uncertain World is not only of scholarly interest, but practical as well. Created specifically for courses on judgement and decision-making, this book makes research readily accessible to both undergraduate and graduate students. This Second Edition of the award-winning book, Rational Choice in an Uncertain World (1988) by Robyn M. Dawes, is sure to interest and enlighten students at all levels.

This new edition features:

New student friendly chapter introductions as well as conclusions and cross-references between chapters.

Award-winning authors are respected professors with over 30 years of experience in the field.

Practical, everyday examples from such areas as finance, medicine, law, and engineering.

Comprehensive and up-to-date information keep this edition abreast of the changing ideas within the discipline

Additional discussion of the descriptive, psychological models of decision making to expand upon the original emphasis on normative, rational, `Expected Utility Theory' models.

Equipped with this knowledge and an understanding of the principles of rational decision making, both undergraduate and graduate students can help improve the quality of their choices and, thus, their life.

  

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Review: Rational Choice in an Uncertain World: The Psychology of Judgement and Decision Making

User Review  - Kelly - Goodreads

This seems like a very thorough and accessible introduction to the subject. I was pleasantly surprised at the amount of it that wasn't simply review for me, but even what was review was presented very ... Read full review

Review: Rational Choice in an Uncertain World: The Psychology of Judgement and Decision Making

User Review  - Bethnadine - Goodreads

Not bad, but very philosophical. I had a hard time getting through chapters and understanding the point the author was trying to make. Read full review

Contents

Thinking and Deciding
1
What Is Decision Making?
25
A General Framework for Judgment
47
Judgments From Memory
73
Anchoring and Adjustment
99
Judgment by Similarity
111
Judging by Scenarios and Explanations
129
Thinking About Randomness and Causation
153
Complex Values and Attitudes
227
A Normative Rational Decision Theory
249
A Descriptive Psychological Decision Theory
289
In Praise of Uncertainty
313
The Principles of Probability Theory
339
Beliefs That Violate the Principles of Probability Theory
347
Index
357
About the Authors
371

Thinking Rationally About Uncertainty
167
Simple Values
199

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About the author (2001)

Cass R. Sunstein is the Karl N. Llewellyn Distinguished Service Professor of Jurisprudence in the Law School and the Department of Political Science at the University of Chicago.
Reid Hastie is a professor of behavioral science in the Graduate School of Business at the University of Chicago.
John W. Payne is the Joseph J. Ruvane Jr. Professor of Management, professor of psychology, and research professor of statistics and decision sciences at the Fuqua School of Business at Duke University.
David A. Schkade is the Herbert D. Kelleher Regents Professor of Business at the University of Texas at Austin.
W. Kip Viscusi is the John F. Cogan Jr. Professor of Law and Economics at Harvard Law School.

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