Comment on "Making Decisions in Large Worlds' by Ken Binmore

Francis Bloch

Annals of Economics and Statistics, 2007, issue 86, 43-45

Abstract: In this brilliant, provocative new piece, KEN BINMORE continues in his efforts to "debayes" game theory. The current paper, given as the ADRES 2006 lecture in Marseilles, is part of a broad research agenda, where Professer BINMORE aims at refounding game the, by questioning some of its basic tenets. In this lecture, he focusses attention on the inadequacy of Bayesian reasoning to handle decision making and strategic interaction in large worlds. The distinction between small and large worlds in SAVAGES Foundation of Statistics, is hardly format or precise. A small world is a situation where the decision maker understands all the contingencies, and Bayesian decision making applies; a large world is characterized by uncertainty (about the events and their likelihood), and ambiguity. Clearly, the tools and methods of Bayesian statistics are inadequate to handle decision-making in large worlds.

Date: 2007
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.jstor.org/stable/20079193 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:adr:anecst:y:2007:i:86:p:43-45

Access Statistics for this article

Annals of Economics and Statistics is currently edited by Laurent Linnemer

More articles in Annals of Economics and Statistics from GENES Contact information at EDIRC.
Bibliographic data for series maintained by Secretariat General () and Laurent Linnemer ().