The Practical Justifiability of Irrational Aversion to Risk
The Practical Justifiability of Irrational Aversion to Risk
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In our eReader you can find the full English version of the book. Read The Practical Justifiability of Irrational Aversion to Risk Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book The Practical Justifiability of Irrational Aversion to Risk
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Until we learn how to more effectively incorporate necessary cognitive limitations in our decision theory, we should slow in extending its norms and methods to the 15 realm of individual decision-making. Where market mechanisms relieve cognitive constraints, we may proceed with a little more confidence, but even there it would be inappropriate to close our eyes to further diffi- culties.
What can we, as management scientists, do until more progress is made toward effective theoretical recogniti...on of cognitive limits is made?
First, one can concentrate on analyzing situations where large cognitive resources can be concentrated on a domain relatively free of important externalities. Second, when evalaating statistical decision trees where serious externalities are unavoidable, it may be wise to face up to our cognitive limits by incorporating a specific cost or benefit to risk in the analysis .
16 REFERENCES Estes, William K. "Individual Behavior in Uncertain Situations: An Interpretation in Terms of Statistical Association Theory" in Decision Processes, R.
What to read after The Practical Justifiability of Irrational Aversion to Risk?
You can find similar books in the "Read Also" column, or choose other free books by Jarrod W Jarrod Whitfield Wilcox to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Until we learn how to more effectively incorporate necessary cognitive limitations in our decision theory, we should slow in extending its norms and methods to the 15 realm of individual decision-making. Where market mechanisms relieve cognitive constraints, we may proceed with a little more confidence, but even there it would be inappropriate to close our eyes to further diffi- culties.
What can we, as management scientists, do until more progress is made toward effective theoretical recogniti...on of cognitive limits is made?
First, one can concentrate on analyzing situations where large cognitive resources can be concentrated on a domain relatively free of important externalities. Second, when evalaating statistical decision trees where serious externalities are unavoidable, it may be wise to face up to our cognitive limits by incorporating a specific cost or benefit to risk in the analysis .
16 REFERENCES Estes, William K. "Individual Behavior in Uncertain Situations: An Interpretation in Terms of Statistical Association Theory" in Decision Processes, R.
What to read after The Practical Justifiability of Irrational Aversion to Risk?
You can find similar books in the "Read Also" column, or choose other free books by Jarrod W Jarrod Whitfield Wilcox to read onlineMoreLess
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