Taking Chances: Essays on Rational Choice (Cambridge Studies in Probability, Induction and Decision Theory)

by Jordan Howard Sobel

The essays in this book develop and explore the Bayesian idea that rational actions maximize expected values, where an action's expected value is a weighted average of its agent's values for its possible total outcomes. The author establishes principles for distinguishing options in decision problems and pays much attention to games--both isolated and iterated. The book also views critically Gauthier's revisionist ideas about maximizing rationality.

392 pages, Paperback

First published April 29, 1994