Titlebook: Decision Making Under Uncertainty, with a Special Emphasis on Geosciences and Education; Laxman Bokati,Vladik Kreinovich Book 2023 The Edi

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Iain T. Adamson BSc, MSc, AM, PhDIn general, biased perception of time leads decision makers to non-optimal solutions. One of the possible cases of such behavior is the case of temptation. In this chapter, we show that temptation can be explained by decision theory.

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Iain T. Adamson BSc, MSc, AM, PhDIn the idealized description of decision making, people have a perfect knowledge of each other’s utility. In practice, however, their perceptions are biased. In this chapter, we provide an explanation for this bias and show that this explains the phenomenon of reciprocity–which seems to contradict the idealized decision making recommendations.

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(Rational) Individual Decision Making: Main IdeasTraditional decision theory (see, e.g., [.,.,.,.,.]) describes preferences of rational agents.

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The “No Trade Theorem” ParadoxAnother consequence of the fact that people have only approximate estimates of economics-related quantities is that different people come up with different prices for the same item.

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