Sentences with phrase «decisions under conditions of uncertainty»

They looked at the way in which people make decisions under conditions of uncertainty and found that their behavior violated expected utility theory — a fundamental assumption of economic theory that holds that decision - makers reason instrumentally about how to maximize their gains.

One is almost always — the «almost» is really an academic fudge — making important decisions under conditions of uncertainty, as Sunstein well recognizes.

In making such decisions under conditions of uncertainty (Ruth Macklin calls them conditions of ignorance), the construction of best - possible and worst - possible scenarios will probably depend in no small part on the basic orientation of the individuals constructing them.

Not exact matches

Economists and systems analysts have devoted considerable attention to «decision - making under conditions of uncertainty,» and fairly sophisticated ethical machinery has been developed for dealing with these macroethical problems.

The type of decisions that serious poker players have to make under conditions of stress and uncertainty bear a number of similarities to those that investors are faced with.

Investing equals decision making under the condition of uncertainty.

My statements on policy relate to how think about policy decisions under conditions of deep scientific uncertainty, and to to assess whether policy responses will have their intended / desired effect and what their unintended consequences will be.

Attempting to use climate information in the context of expected utility can lead to bad decisions; there are much better ways to approach the decision making under conditions of deep uncertainty.

Looking at other decision making frameworks that are more suitable under conditions of deep uncertainty motivates a different type of analysis and emphasizes assessment of uncertainty and areas of ignorance.

One might (or might not) argue for such a relation if the models were empirically adequate, but given nonlinear models with large systematic errors under current conditions, no connection has been even remotely established for relating the distribution of model states under altered conditions to decision - relevant probability distributions... There may well exist thresholds, or tipping points (Kemp 2005), which lie within this range of uncertainty.

For more information about real options analysis, see Tom Copeland and Vladimir Antikarov, Real Options, Revised Edition: A Practitioner's Guide, Texere, 2003; and Glenn S. Daily and Laurence J. Kotlikoff, «Decision Making Under Conditions of Uncertainty: A (Second) Wakeup Call for the Financial Planning Profession,» 2006 (www.glenndaily.com/documents/wakeupcall.pdf)