Massimo Marinacci
Collegio Carlo Alberto, Italy
Book Recommendations:
Recommended by Massimo Marinacci
“With his seminal works, Itzhak Gilboa is one of the leading figures in the ‘neoclassical’ decision theory that in the past 20 years has considerably expanded the scope of the classical theory pioneered by de Finetti, Ramsey, Savage, and von Neumann. This book provides a superb and much-needed introduction to this exciting research area.” (from Amazon)
by Itzhak Gilboa·You?
by Itzhak Gilboa·You?
This book describes the classical axiomatic theories of decision under uncertainty, as well as critiques thereof and alternative theories. It focuses on the meaning of probability, discussing some definitions and surveying their scope of applicability. The behavioral definition of subjective probability serves as a way to present the classical theories, culminating in Savage's theorem. The limitations of this result as a definition of probability lead to two directions – first, similar behavioral definitions of more general theories, such as non-additive probabilities and multiple priors, and second, cognitive derivations based on case-based techniques.