Lecture Making hard decisions with the decision tool suite (3e) - Chapter 15: Utility Axioms, Paradoxes, and Implications. After completing this section, you will understand knowledge about the axiomatic foundations of utility theory; certain paradoxes from cognitive psychology that affect decision making; why and how people do not make choices that are perfectly consistent with the axioms; yet they agree that the axioms are reasonable!; implications and paradoxes of decision making, . |
