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Rational Decisions

3.92  ·  Rating details ·  51 ratings  ·  8 reviews
It is widely held that Bayesian decision theory is the final word on how a rational person should make decisions. However, Leonard Savage--the inventor of Bayesian decision theory--argued that it would be ridiculous to use his theory outside the kind of small world in which it is always possible to look before you leap. If taken seriously, this view makes Bayesian decision ...more
Hardcover, 200 pages
Published January 18th 2009 by Princeton University Press (first published January 1st 2008)
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Hélio Steven
Sep 19, 2020 rated it really liked it
Binmore is a well known authority on game theory, especially its classical version. In this book he takes a step back to tackle issues in decision theory -- more specifically, he's interested in developing an approach to how agents can make rational decisions in large worlds, which are worlds with a whole lot more of complexity and noise, and thus riddled with risk and uncertainty. To this end, Binmore goes back to the foundations of decision theory and starts off by clearing the conceptual grou ...more
Dio Mavroyannis
Apr 22, 2020 rated it it was amazing
This is a great little book, lots of paradoxes, a great way of explaining things. Goes through small/large world distinctions, Bayesian decision theory etc. I consider most of the content here to be approachable by a non-expert in decision theory(though to be realistic, you probably need some math background to be comfortable from the first to the last chapter). The technical appendix is also brilliantly written with some absolutely fantastic measure-theoretic examples. No book like it!
Adrien Mogenet
Sep 25, 2020 rated it liked it
Lots of insights on the different paradigms ruling the decision theories. I don't necessarily agree with all of Ken's views on rationality, but his theories on the limitations of bayesianism are definitely worth a read. It's well written, and it's easy to spot the sections you want to dig and the ones you can skip without losing the essence of the theories. A great recipe! ...more
Dec 26, 2020 rated it liked it
Worth reading if you are interested in decision theory, but lacks any (?) real world applicability. Granted while I didn’t skim trough it, I could have read it more thoroughly but it was just to boring for that.

As for real world applicability you are much better served reading Nassim Taleb or even the behavioral economists.
Denis Vasilev
Aug 22, 2017 rated it really liked it
Recommended to Denis by: Nassim Taleb
Сложновато без серьезной подготовки в Теории игр и Теории вероятностей
Jul 24, 2018 rated it really liked it
First read through was mostly skimming. Should read deeply second time around.
Ai Herrera huerta
Nov 12, 2012 is currently reading it
Creo que será un buen libro para entender las decisiones
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Professor of Economics at UCL, after holding corresponding positions at LSE and the University of Pennsylvania and Michigan. Onetime Professor of Mathematics at LSE.

Author of 77 published papers and 11 books. Research in evolutionary game theory, bargaining theory, experimental economics, political philosophy, mathematics and statistics.

Grants from National Science Foundation (3), ESRC (1), STICER

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“I'm in a weird place because the book is about to come out. So I'm basically just walking around like a raw nerve and I'm not sure that I...
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