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Decision Making and Rationality in the Modern World

Author: Keith E. Stanovich

Publisher: Oxford University Press, USA

Published: 2010

Total Pages: 212

ISBN-13:

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In Decision Making and Rationality in the Modern World, Keith E. Stanovich demonstrates how work in the cognitive psychology of decision making has implications for the large and theoretically contentious debates about the nature of human rationality. Written specifically for undergraduate psychology students, the book presents a very practical approach to decision making, which is too often perceived by students as an artificial set of skills used only in academia and not in the real world. Instead, Stanovich shows how good decision-making procedures support rational behavior that enables people to act most efficiently to fulfill their goals. He explains how the concept of rationality is understood in cognitive science in terms of good decision making and judgment. Books in the Fundamentals of Cognition series serve as ideal instructional resources for advanced courses in cognitive psychology. They provide an up-to-date, well-organized survey of our current understanding of the major theories of cognitive psychology. The books are concise, which allows instructors to incorporate the latest original research and readings into their courses without overburdening their students. Focused without being too advanced--and comprehensive without being too broad--these books are the perfect resource for both students and instructors.

Book Synopsis Decision Making and Rationality in the Modern World by : Keith E. Stanovich

Download or read book Decision Making and Rationality in the Modern World written by Keith E. Stanovich and published by Oxford University Press, USA. This book was released on 2010 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Decision Making and Rationality in the Modern World, Keith E. Stanovich demonstrates how work in the cognitive psychology of decision making has implications for the large and theoretically contentious debates about the nature of human rationality. Written specifically for undergraduate psychology students, the book presents a very practical approach to decision making, which is too often perceived by students as an artificial set of skills used only in academia and not in the real world. Instead, Stanovich shows how good decision-making procedures support rational behavior that enables people to act most efficiently to fulfill their goals. He explains how the concept of rationality is understood in cognitive science in terms of good decision making and judgment. Books in the Fundamentals of Cognition series serve as ideal instructional resources for advanced courses in cognitive psychology. They provide an up-to-date, well-organized survey of our current understanding of the major theories of cognitive psychology. The books are concise, which allows instructors to incorporate the latest original research and readings into their courses without overburdening their students. Focused without being too advanced--and comprehensive without being too broad--these books are the perfect resource for both students and instructors.

Rational Choice in an Uncertain World

Author: Reid Hastie

Publisher: SAGE

Published: 2010

Total Pages: 393

ISBN-13: 1412959039

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In the Second Edition of Rational Choice in an Uncertain World the authors compare the basic principles of rationality with actual behaviour in making decisions. They describe theories and research findings from the field of judgment and decision making in a non-technical manner, using anecdotes as a teaching device. Intended as an introductory textbook for advanced undergraduate and graduate students, the material not only is of scholarly interest but is practical as well. The Second Edition includes: - more coverage on the role of emotions, happiness, and general well-being in decisions - a summary of the new research on the neuroscience of decision processes - more discussion of the adaptive value of (non-rational heuristics) - expansion of the graphics for decision trees, probability trees, and Venn diagrams.

Book Synopsis Rational Choice in an Uncertain World by : Reid Hastie

Download or read book Rational Choice in an Uncertain World written by Reid Hastie and published by SAGE. This book was released on 2010 with total page 393 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the Second Edition of Rational Choice in an Uncertain World the authors compare the basic principles of rationality with actual behaviour in making decisions. They describe theories and research findings from the field of judgment and decision making in a non-technical manner, using anecdotes as a teaching device. Intended as an introductory textbook for advanced undergraduate and graduate students, the material not only is of scholarly interest but is practical as well. The Second Edition includes: - more coverage on the role of emotions, happiness, and general well-being in decisions - a summary of the new research on the neuroscience of decision processes - more discussion of the adaptive value of (non-rational heuristics) - expansion of the graphics for decision trees, probability trees, and Venn diagrams.

Rational Decision-Making

Author: Hamid Noorani

Publisher: Xlibris Corporation

Published: 2010-04-16

Total Pages: 183

ISBN-13: 146912453X

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RATIONAL DECISION-MAKING For a Brighter FutureFor the Love of the World This book shows youthrough examples and application exerciseshow to make rational decisions that will make you more productive. Based on the modern philosophy of Systems-Thinking, the book presents a well-defined path to living a productive life: making rational choices that will help you meet your long-term goals and fulfill your obligations to others. To assist you, the book provides tools and concepts you can use to set your objectives, identify and weigh the options, and evaluate the expected benefits. And the many thought-provoking, real-life situations will show you how to craft strategic initiativeswhether in individual, group, organizational, or public policy decisions.

Book Synopsis Rational Decision-Making by : Hamid Noorani

Download or read book Rational Decision-Making written by Hamid Noorani and published by Xlibris Corporation. This book was released on 2010-04-16 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt: RATIONAL DECISION-MAKING For a Brighter FutureFor the Love of the World This book shows youthrough examples and application exerciseshow to make rational decisions that will make you more productive. Based on the modern philosophy of Systems-Thinking, the book presents a well-defined path to living a productive life: making rational choices that will help you meet your long-term goals and fulfill your obligations to others. To assist you, the book provides tools and concepts you can use to set your objectives, identify and weigh the options, and evaluate the expected benefits. And the many thought-provoking, real-life situations will show you how to craft strategic initiativeswhether in individual, group, organizational, or public policy decisions.

Rational Choice in an Uncertain World

Author: Reid Hastie

Publisher: SAGE

Published: 2001-04-13

Total Pages: 390

ISBN-13: 9780761922759

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First Edition, Winner of the prestigious William James Award from the American Psychological Association An understanding of the principles of rational decision making can help students improve the quality of their lives. Intended as an introductory textbook, the material in Rational Choice in an Uncertain World is not only of scholarly interest, but practical as well. Created specifically for courses on judgement and decision-making, this book makes research readily accessible to both undergraduate and graduate students. This Second Edition of the award-winning book, Rational Choice in an Uncertain World (1988) by Robyn M. Dawes, is sure to interest and enlighten students at all levels. This new edition features: · New student friendly chapter introductions as well as conclusions and cross-references between chapters. · Award-winning authors are respected professors with over 30 years of experience in the field. · Practical, everyday examples from such areas as finance, medicine, law, and engineering. · Comprehensive and up-to-date information keep this edition abreast of the changing ideas within the discipline · Additional discussion of the descriptive, psychological models of decision making to expand upon the original emphasis on normative, rational, `Expected Utility Theory′ models. Equipped with this knowledge and an understanding of the principles of rational decision making, both undergraduate and graduate students can help improve the quality of their choices and, thus, their life.

Book Synopsis Rational Choice in an Uncertain World by : Reid Hastie

Download or read book Rational Choice in an Uncertain World written by Reid Hastie and published by SAGE. This book was released on 2001-04-13 with total page 390 pages. Available in PDF, EPUB and Kindle. Book excerpt: First Edition, Winner of the prestigious William James Award from the American Psychological Association An understanding of the principles of rational decision making can help students improve the quality of their lives. Intended as an introductory textbook, the material in Rational Choice in an Uncertain World is not only of scholarly interest, but practical as well. Created specifically for courses on judgement and decision-making, this book makes research readily accessible to both undergraduate and graduate students. This Second Edition of the award-winning book, Rational Choice in an Uncertain World (1988) by Robyn M. Dawes, is sure to interest and enlighten students at all levels. This new edition features: · New student friendly chapter introductions as well as conclusions and cross-references between chapters. · Award-winning authors are respected professors with over 30 years of experience in the field. · Practical, everyday examples from such areas as finance, medicine, law, and engineering. · Comprehensive and up-to-date information keep this edition abreast of the changing ideas within the discipline · Additional discussion of the descriptive, psychological models of decision making to expand upon the original emphasis on normative, rational, `Expected Utility Theory′ models. Equipped with this knowledge and an understanding of the principles of rational decision making, both undergraduate and graduate students can help improve the quality of their choices and, thus, their life.

Rationality and the Environment

Author: Bo Elling

Publisher: Routledge

Published: 2012-05-04

Total Pages: 298

ISBN-13: 1136559167

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Environmental assessment and management involve the production of scientific knowledge and its use in decision-making processes. The result is that within these essentially rational, political assessment frameworks, experts are creating and applying scientific knowledge for decision and management purposes that actually have strong ethical and aesthetic dimensions. Yet these rational political frameworks lack the tools to provide guidance on ethical and aesthetic issues that affect the wider public. This revolutionary work argues that ethical and aesthetic dimensions can only be brought into environmental politics and policies by citizens actively taking a stand on the specific matters in question. The author draws on Habermas trisection of rationality as cognitive-instrumental, moral-practical and aesthetic-expressive, to suggest that truly effective environmental policy needs to activate all three approaches and not favour only the rational. To achieve this objective, the author argues that public participation in environmental policy and assessment is necessary to counteract the dictatorship of technical and economic instrumentality in environmental policy - the failure to take ethical and aesthetic rationalities into account - and, more importantly, how such policy is applied on the ground to shape our natural and material world.

Book Synopsis Rationality and the Environment by : Bo Elling

Download or read book Rationality and the Environment written by Bo Elling and published by Routledge. This book was released on 2012-05-04 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: Environmental assessment and management involve the production of scientific knowledge and its use in decision-making processes. The result is that within these essentially rational, political assessment frameworks, experts are creating and applying scientific knowledge for decision and management purposes that actually have strong ethical and aesthetic dimensions. Yet these rational political frameworks lack the tools to provide guidance on ethical and aesthetic issues that affect the wider public. This revolutionary work argues that ethical and aesthetic dimensions can only be brought into environmental politics and policies by citizens actively taking a stand on the specific matters in question. The author draws on Habermas trisection of rationality as cognitive-instrumental, moral-practical and aesthetic-expressive, to suggest that truly effective environmental policy needs to activate all three approaches and not favour only the rational. To achieve this objective, the author argues that public participation in environmental policy and assessment is necessary to counteract the dictatorship of technical and economic instrumentality in environmental policy - the failure to take ethical and aesthetic rationalities into account - and, more importantly, how such policy is applied on the ground to shape our natural and material world.

The Rationality Quotient

Author: Keith E. Stanovich

Publisher: MIT Press

Published: 2016-09-30

Total Pages: 479

ISBN-13: 0262034840

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How to assess critical aspects of cognitive functioning that are not measured by IQ tests: rational thinking skills. Why are we surprised when smart people act foolishly? Smart people do foolish things all the time. Misjudgments and bad decisions by highly educated bankers and money managers, for example, brought us the financial crisis of 2008. Smart people do foolish things because intelligence is not the same as the capacity for rational thinking. The Rationality Quotient explains that these two traits, often (and incorrectly) thought of as one, refer to different cognitive functions. The standard IQ test, the authors argue, doesn't measure any of the broad components of rationality—adaptive responding, good judgment, and good decision making. The authors show that rational thinking, like intelligence, is a measurable cognitive competence. Drawing on theoretical work and empirical research from the last two decades, they present the first prototype for an assessment of rational thinking analogous to the IQ test: the CART (Comprehensive Assessment of Rational Thinking). The authors describe the theoretical underpinnings of the CART, distinguishing the algorithmic mind from the reflective mind. They discuss the logic of the tasks used to measure cognitive biases, and they develop a unique typology of thinking errors. The Rationality Quotient explains the components of rational thought assessed by the CART, including probabilistic and scientific reasoning; the avoidance of “miserly” information processing; and the knowledge structures needed for rational thinking. Finally, the authors discuss studies of the CART and the social and practical implications of such a test. An appendix offers sample items from the test.

Book Synopsis The Rationality Quotient by : Keith E. Stanovich

Download or read book The Rationality Quotient written by Keith E. Stanovich and published by MIT Press. This book was released on 2016-09-30 with total page 479 pages. Available in PDF, EPUB and Kindle. Book excerpt: How to assess critical aspects of cognitive functioning that are not measured by IQ tests: rational thinking skills. Why are we surprised when smart people act foolishly? Smart people do foolish things all the time. Misjudgments and bad decisions by highly educated bankers and money managers, for example, brought us the financial crisis of 2008. Smart people do foolish things because intelligence is not the same as the capacity for rational thinking. The Rationality Quotient explains that these two traits, often (and incorrectly) thought of as one, refer to different cognitive functions. The standard IQ test, the authors argue, doesn't measure any of the broad components of rationality—adaptive responding, good judgment, and good decision making. The authors show that rational thinking, like intelligence, is a measurable cognitive competence. Drawing on theoretical work and empirical research from the last two decades, they present the first prototype for an assessment of rational thinking analogous to the IQ test: the CART (Comprehensive Assessment of Rational Thinking). The authors describe the theoretical underpinnings of the CART, distinguishing the algorithmic mind from the reflective mind. They discuss the logic of the tasks used to measure cognitive biases, and they develop a unique typology of thinking errors. The Rationality Quotient explains the components of rational thought assessed by the CART, including probabilistic and scientific reasoning; the avoidance of “miserly” information processing; and the knowledge structures needed for rational thinking. Finally, the authors discuss studies of the CART and the social and practical implications of such a test. An appendix offers sample items from the test.

Simply Rational

Author: Gerd Gigerenzer

Publisher: Oxford University Press

Published: 2015-03-03

Total Pages: 352

ISBN-13: 0199390096

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Statistical illiteracy can have an enormously negative impact on decision making. This volume of collected papers brings together applied and theoretical research on risks and decision making across the fields of medicine, psychology, and economics. Collectively, the essays demonstrate why the frame in which statistics are communicated is essential for broader understanding and sound decision making, and that understanding risks and uncertainty has wide-reaching implications for daily life. Gerd Gigerenzer provides a lucid review and catalog of concrete instances of heuristics, or rules of thumb, that people and animals rely on to make decisions under uncertainty, explaining why these are very often more rational than probability models. After a critical look at behavioral theories that do not model actual psychological processes, the book concludes with a call for a "heuristic revolution" that will enable us to understand the ecological rationality of both statistics and heuristics, and bring a dose of sanity to the study of rationality.

Book Synopsis Simply Rational by : Gerd Gigerenzer

Download or read book Simply Rational written by Gerd Gigerenzer and published by Oxford University Press. This book was released on 2015-03-03 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Statistical illiteracy can have an enormously negative impact on decision making. This volume of collected papers brings together applied and theoretical research on risks and decision making across the fields of medicine, psychology, and economics. Collectively, the essays demonstrate why the frame in which statistics are communicated is essential for broader understanding and sound decision making, and that understanding risks and uncertainty has wide-reaching implications for daily life. Gerd Gigerenzer provides a lucid review and catalog of concrete instances of heuristics, or rules of thumb, that people and animals rely on to make decisions under uncertainty, explaining why these are very often more rational than probability models. After a critical look at behavioral theories that do not model actual psychological processes, the book concludes with a call for a "heuristic revolution" that will enable us to understand the ecological rationality of both statistics and heuristics, and bring a dose of sanity to the study of rationality.

Rational Decision Making

Author: Franz Eisenführ

Publisher:

Published: 2010

Total Pages: 447

ISBN-13: 9783642028519

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Book Synopsis Rational Decision Making by : Franz Eisenführ

Download or read book Rational Decision Making written by Franz Eisenführ and published by . This book was released on 2010 with total page 447 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Modern Developments in Behavioral Economics

Author: John Malcolm Dowling

Publisher: World Scientific

Published: 2007

Total Pages: 459

ISBN-13: 9812701435

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This book examines the field of behavioral economics and provides insights into the following questions: ? Does utility bring happiness?? How do emotions and personal perspectives color our economic decisions?? How do altruism, trust, fairness and justice come into play in game theory?? Why are some organizations so successful in implementing their objectives?? Can advances in neuroeconomics unlock the secrets of how decisions are made?The book looks at decision making and behavior from the point of view of (i) individual behavior and choice; (ii) group and interactive choice; and (iii) collective choices and decision making. In particular, it covers the following aspects: instances when bounded rationality leads to decisions inconsistent with standard economic assumptions; risk and the processes by which investors and consumers make decisions; altruistic and cooperative behavior as alternatives to competition; game theory as a way to explore motives of cooperation versus competition; the determinants of happiness and the relationship between utility and well-being; the concept of social capital, including motivations for charity and being a responsible citizen; how trust and fairness relate to economic actions and the motivation to cooperate rather than compete; behavior such as crime, corruption and bribery from ethical, social and economic viewpoints; and, finally, the decision making process of collective choice and how societies develop rules for governing themselves.This is the first book to bridge economics, psychology, sociology and political sciences and explain the nuanced subtleties of decision making.

Book Synopsis Modern Developments in Behavioral Economics by : John Malcolm Dowling

Download or read book Modern Developments in Behavioral Economics written by John Malcolm Dowling and published by World Scientific. This book was released on 2007 with total page 459 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the field of behavioral economics and provides insights into the following questions: ? Does utility bring happiness?? How do emotions and personal perspectives color our economic decisions?? How do altruism, trust, fairness and justice come into play in game theory?? Why are some organizations so successful in implementing their objectives?? Can advances in neuroeconomics unlock the secrets of how decisions are made?The book looks at decision making and behavior from the point of view of (i) individual behavior and choice; (ii) group and interactive choice; and (iii) collective choices and decision making. In particular, it covers the following aspects: instances when bounded rationality leads to decisions inconsistent with standard economic assumptions; risk and the processes by which investors and consumers make decisions; altruistic and cooperative behavior as alternatives to competition; game theory as a way to explore motives of cooperation versus competition; the determinants of happiness and the relationship between utility and well-being; the concept of social capital, including motivations for charity and being a responsible citizen; how trust and fairness relate to economic actions and the motivation to cooperate rather than compete; behavior such as crime, corruption and bribery from ethical, social and economic viewpoints; and, finally, the decision making process of collective choice and how societies develop rules for governing themselves.This is the first book to bridge economics, psychology, sociology and political sciences and explain the nuanced subtleties of decision making.