A Theory of Case-Based Decisions

Cambridge University Press (2001)
  Copy   BIBTEX

Abstract

Gilboa and Schmeidler provide a paradigm for modelling decision making under uncertainty. Unlike the classical theory of expected utility maximization, case-based decision theory does not assume that decision makers know the possible 'states of the world' or the outcomes, let alone the decision matrix attaching outcomes to act-state pairs. Case-based decision theory suggests that people make decisions by analogies to past cases: they tend to choose acts that performed well in the past in similar situations, and to avoid acts that performed poorly. It is an alternative to expected utility theory when both states of the world and probabilities are neither given in the problem nor can be easily constructed. The authors describe the general theory and its relationship to planning, repeated choice problems, inductive inference, and learning; they highlight its mathematical and philosophical foundations and compare it with expected utility theory as well as with rule-based systems.

Links

PhilArchive



    Upload a copy of this work     Papers currently archived: 92,075

External links

Setup an account with your affiliations in order to access resources via your University's proxy server

Through your library

Similar books and articles

Conditional utility and its place in decision theory.Paul Weirich - 1980 - Journal of Philosophy 77 (11):702-715.
Rationality revisited.Reed Richter - 1984 - Australasian Journal of Philosophy 62 (4):392 – 403.
Real-Life Decisions and Decision Theory.John R. Welch - 2012 - In Sabine Roeser, Rafaela Hillerbrand, Per Sandin & Martin Peterson (eds.), Handbook of Risk Theory. Springer.
Risk and Rationality.Lara Buchak - 2013 - Oxford, GB: Oxford University Press.
Risk and Tradeoffs.Lara Buchak - 2014 - Erkenntnis 79 (S6):1091-1117.

Analytics

Added to PP
2016-09-10

Downloads
9 (#1,256,001)

6 months
7 (#433,721)

Historical graph of downloads
How can I increase my downloads?