4 found
  1. Known, Unknown, and Unknowable Uncertainties.Rakesh K. Sarin & Clare Chua Chow - 2002 - Theory and Decision 52 (2):127-138.
    In normative decision theory, the weight of an uncertain event in a decision is governed solely by the probability of the event. A large body of empirical research suggests that a single notion of probability does not accurately capture peoples' reactions to uncertainty. As early as the 1920s, Knight made the distinction between cases where probabilities are known and where probabilities are unknown. We distinguish another case –- the unknowable uncertainty –- where the missing information is unavailable to all. We (...)
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    Just society.Rakesh K. Sarin - 2021 - Theory and Decision 91 (4):417-444.
    I examine the foundations of a just society using the lens of decision theory. The conception of just society is from an individual’s viewpoint: where would I rather live if I have an equal chance of being any individual? Three alternative designs for a just society are examined. These are: laissez-faire, maximin and social minimum. Two assumptions about human nature clarify the distinction among three societies. The first assumption is that a representative individual’s utility function is concave. The second assumption (...)
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    Some extensions of Luce's measures of risk.Rakesh K. Sarin - 1987 - Theory and Decision 22 (2):125-141.
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    Evaluating Time Streams of Income: Discounting What? [REVIEW]Manel Baucells & Rakesh K. Sarin - 2007 - Theory and Decision 63 (2):95-120.
    For decisions whose consequences accrue over time, there are several possible techniques to compute total utility. One is to discount utilities of future consequences at some appropriate rate. The second is to discount per-period certainty equivalents. And the third is to compute net present values (NPVs) of various possible streams and to then apply the utility function to these net present values. We find that the best approach is to first compute NPVs of various possible income streams and then take (...)
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