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Applied to Probabilities, Prioritization, and 'Bayesian Mindset' 4mo ago

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Applied to Model-Based Policy Analysis under Deep Uncertainty 7mo ago

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Applied to Ideal governance (for companies, countries and more) 1y ago

One possibility would be to introduce some form of risk aversion into the decision theory, such as that proposed by Lara ~~Buchak (2013).~~Buchak.^{[1]} Other alternative theories include rank-dependent expected utility theory, prospect theory, and regret theory, although some of these are more commonly used as descriptive theories than normative models.

^{^}Buchak, Lara (2013)

*Risk and Rationality*, Oxford: Oxford University Press.

Wikipedia ~~(2021)~~(2003) Prospect theory, *Wikipedia*, March 16 (updated 2 May 2021).

Wikipedia ~~(2020)~~(2006) Rank-dependent expected utility, *Wikipedia*, August 6 (updated 6 November 2020).

Wikipedia ~~(2020)~~(2008) Regret (decision theory), *Wikipedia*, March 31 (updated 10 December 2020).

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Applied to Potential downsides of using explicit probabilities 2y ago

Tuthill, Jonathan & Darren Frechette (2002) Non-expected utility theories: ~~weighted~~Weighted expected, rank dependent, and, cumulative prospect theory utility, *Proceedings of the NCR-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management*, St. Louis, MO.

Wikipedia (2020) Rank-dependent expected utility, *Wikipedia*.~~.~~

Although expected value theory is the dominant paradigm in decision theory, it has problems, such as those raised by bounded and unbounded ~~values~~~~,~~values, and by causal and evidential ~~approaches~~~~.~~approaches. This leaves open the possibility of discovering an alternative decision theory.

Briggs, ~~Rachael, 2015.~~Rachael (2015) Review of Lara Buchak, *Risk and rationalityRationality*

Buchak, ~~Lara. 2013.~~Lara (2013) *Risk and rationalityRationality*

~~Frechette,~~Tuthill, Jonathan & Darren ~~& Jonathan Tuthill. 2002.~~Frechette (2002) Non-expected utility theories: weighted expected, rank dependent, and, cumulative prospect theory utility~~.~~, *Proceedings of the NCR-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management*, St. Louis, MO.

~~Wikipedia. 2016.~~Wikipedia (2021) Prospect theory, *Wikipedia*.

~~Wikipedia. 2013.~~Wikipedia (2020) Rank-dependent expected utility, *Wikipedia*..

~~Wikipedia. 2016.~~Wikipedia (2020) Regret (decision theory), *Wikipedia*.

cluelessness | decision theory | expected value | value of information

Although expected value theory is the dominant paradigm in decision theory, it has problems, such as those raised by bounded and unbounded values, and by causal and evidential approaches. This leaves open the possibility of discovering an alternative decision theory.

One possibility would be to introduce some form of risk aversion into the decision theory, such as that proposed by Lara Buchak (2013). Other alternative theories include rank-dependent expected utility theory, prospect theory, and regret theory, although some of these are more commonly used as descriptive theories than normative models.

Briggs, Rachael, 2015. Review of *Risk and rationality*.

Buchak, Lara. 2013. *Risk and rationality*. Oxford: Oxford University Press.
*Defends risk aversion as rational.*

Frechette, Darren & Jonathan Tuthill. 2002. Non-expected utility theories: weighted expected, rank dependent, and, cumulative prospect theory utility.

Wikipedia. 2016. Prospect theory.

Wikipedia. 2013. Rank-dependent expected utility.

Wikipedia. 2016. Regret.

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Created by Aaron Gertler at 3y

~~Wikipedia (2003)~~~~Prospect theory~~~~,~~~~Wikipedia~~~~, March 16 (updated 2 May 2021).~~~~Wikipedia (2006)~~~~Rank-dependent expected utility~~~~,~~~~Wikipedia~~~~, August 6 (updated 6 November 2020).~~~~Wikipedia (2008)~~~~Regret (decision theory)~~~~,~~~~Wikipedia~~~~, March 31 (updated 10 December 2020).~~