A theory of case-based decisions

"Gilboa and Schmeidler provide a new paradigm for modeling decision making under uncertainty. 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 to expected utility theory as well as to rule-based systems."--BOOK JACKET.

Year

2001

Language

English

Publisher

Cambridge University Press

Editions

5

Pages

211

ISBN

9781280162244

Data source: Wikidata