Titlebook: Decision Making Under Uncertainty, with a Special Emphasis on Geosciences and Education; Laxman Bokati,Vladik Kreinovich Book 2023 The Edi

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Iain T. Adamson BSc, MSc, AM, PhDumber characterizing the alternative as a whole. In the previous chapters, we described how people estimate the value of each item. In this chapter, we will analyze how they combine these values into a single alternative-wide value.

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Iain T. Adamson BSc, MSc, AM, PhD”, but most current explanations utilize specific features of human memory and/or human perception. We show that the telescoping effect can be explained on a much basic level of decision theory, without the need to invoke any specific ways we perceive and process time.

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https://doi.org/10.1007/978-3-642-70239-6on will get from this item, it should not depend, e.g., on the asking price proposed by the seller. In reality, the price that a person is willing to pay . depend on the asking price; this is known as the anchoring effect. In this chapter, we provide a natural justification for the empirical formula that describes this effect.

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Book 2023emphasis is on situations when it is difficult to decrease uncertainty. For example, it is very difficult to accurately predict human economic behavior, so in economics, it is very important to take this uncertainty into account when making decisions. Other areas where it is difficult to decrease un

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