Buchak, Lara

Risk and Rationality

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ISBN 13:: 9780198801283
author:: Buchak, Lara
format:: Paperback
publisher:: Oxford University Press, USA
language:: English
Publication Year:: 2017
Pages:: 272
Dimensions:: 23.11 x 15.49 x 1.52 centimetres
Genre:: Nonfiction, Psychology, Cognitive
Condition:: New
Availability:: Item usually sent within 10 working days

£45.52

Current Stock: 5

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Description

Description

Lara Buchak presents an original account of rational decision-making in the face of risk. Her theory challenges the conventional view that individuals should maximize expected utility to make choices. Buchak argues that this approach is too narrow, and instead proposes a more permissive theory of decision-making that takes into account global features of gambles, such as worst-case or best-case scenarios. This new framework better captures the preferences of actual decision-makers and isolates the distinct roles of beliefs, desires, and risk-attitudes in decision-making. By exploring this alternative approach, Buchak vindicates the ordinary decision-maker's attitude towards risk from an ideal rationality perspective.

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