Modeling Decisions Involving Ambiguous, Vague, or Rare Events

Louis Narens () and Donald Saari
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Louis Narens: University of California
Donald Saari: University of California

A chapter in The Economics of the Global Environment, 2016, pp 71-87 from Springer

Abstract: Abstract Almost all models of decision making assume an underlying boolean space of events. This gives a logical structure to events that matches the structure of propositions of classical logic. This chapter takes a different approach, employing events that form a topology instead of a boolean algebra. This allows for new modeling concepts for judgmental heuristics, rare events, and the influence of context on decisions.

Keywords: Probability Function; Boolean Algebra; Intuitionistic Logic; Topological Algebra; Probability Judgment (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1007/978-3-319-31943-8_4

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