Wiley-Blackwell Making Better Decisions: Decision Theory in Practice

Making Better Decisions introduces readers to some of the principal aspects of decision theory, and examines how these might lead us to make better decisions. Introduces readers to key aspects of decision theory and examines how they might help us make better decisionsPresentation of material encourages readers to imagine a situation and make a decision or a judgmentOffers a broad coverage of the subject including major insights from several sub-disciplines: microeconomic theory, decision theory, game theory, social choice, statistics, psychology, and philosophyExplains these insights informally in a language that has minimal mathematical notation or jargon, even when describing and interpreting mathematical theoremsCritically assesses the theory presented within the text, as well as some of its critiquesIncludes a web resource for teachers and students Review “The book is a modern take on decision making. The innovative scope will inspire instructors by encouraging them to include a combination rather than a subset of decision-theoretic, statistical, behavioral, and philosophical concepts in their courses." —Marzena J. Rostek, University of Wisconsin “Written by a leading authority and teacher in the area of decision theory, this is a terrific combined textbook–handbook for students and practitioners of management. Indeed, it is a terrific book for everyone interested in ‘making better decisions.’" —Adam Brandenburger, New York University“This book is extremely effective for anyone who wants to acquire quick, basic understanding of old and new concepts of decision theory, with a minimum level of technical details.” —Ehud Kalai, Northwestern University"Gilboa is one of the leaders of the revolution that has swept through the field of decision theory in the past few decades, in which mathematical methods of statistics and economics have been integrated with findings from modern psychology. In this book he provides an accessible and practical survey of the state of the art, which encourages readers to reflect on – and try to sharpen – their intuitions and habits of decision making.  It would make an excellent primary or supplementary text for an undergraduate- or masters-level course in decision theory. It should also be useful and enjoyable reading for anyone who wants to learn about concepts that can be used and mistakes that should be avoided when taking calculated risks." —Robert Nau, Duke University"Itzhak Gilboa is one of the deepest thinkers in modern decision theory. In this fascinating and wonderfully written book he uses the fundamental models of decision making as a basis for reflection upon several systematic patterns revealed by our everyday choices. He strikes a nice balance between analytical models, psychological insights, and pragmatism with the end goals of improving our decision making and better understanding the decisions of others." —Tomasz Strzalecki, Harvard University From the Inside Flap Making Better Decisions: Decision Theory in Practice introduces readers to some of the principal ideas from decision theory and examines how they might help us make better decisions. The presentation is designed to appeal to students and the general reader; based on problems, readers are encouraged to imagine a situation, and then make a decision or a judgment. The problems are chosen to exemplify some principles developed in decision theory, as well as violations of these principles derived from the psychological literature. Making Better Decisions offers explanations of both the theories we would like to adopt in order to make better decisions, and the theories that explain how those around us behave. In doing so, the book presents crucial insights into the decision-making process that can influence and change our behavior and our ability to interact with those around us. From the Back Cover Making Better Decisions: Decision Theory in Practice introduces readers t