A new model, rejecting solutions optimal only for a single preciselydefined future, generates answers representing the best compromisebetween risks and opportunities in all likely futures.

Sometimes we believe that others receive harmful information.However, Marschak’s value of information framework alwaysassigns non-negative value under expected utility: it starts from the decisionmaker’s beliefs – and one can never anticipate information’s harmfulnessfor oneself. The...

Als Reaktion auf Kritik am Rational Choice-Ansatz zur realistischen Modellierung von Verstehenund Problemlösen ökonomischer Individuen wird in der Diskussion um beschränkteRationalität verstärkt auf regelbasiertes Entscheiden abgestellt. Solche Ansätze modellierenkognitive Leistungen...

In contrast to companies that are run by their owners, business decisions in companies run by management boards are made by groups of individuals with different qualifications and heterogeneous objectives that may differ from those of the owners. The members of the board will assess alternative...

Ausgangspunkt sind die bekannten empirischen Verstöße gegen Axiome der Bernoulli-Rationalität und die Diskussion um seine präskriptive Ausschließlichkeit. Der Beitrag teilt Nichterwartungsnutzenkalküle in Kategorien ein, die sich für eine Modellierung unterschiedlicher Arten von...

Decision making in the rational choice domain requires the decision problem at hand to appear in closed form. Closed form here means that it is based on a well defined set of alternative courses of action (acts) to choose from that for their part are connected to well defined, probably uncertain...

Für Entscheidungsprobleme jenseits von Bernoulli-Rationalität und subjektivem Erwartungsnutzenexistieren zahlreiche Kalküle. Besondere Bedeutung hat der auf eine AxiomatisierungSchmeidlers zurückgehende CEU-Kalkül. Dieser ist gleichzeitig sehr allgemein,aufwendig und schwierig...

The productivity of (human) information processing as an economicactivity is a question that is raising some interest. Using Marschak’s evaluationframework, Radner and Stiglitz have shown that, under certain conditions,the production function of this activity has increasingmarginal returns in...

In the context of decision making under risk, additional information can be seen as a resource for the improvement of decision quality. The value of this improved quality is usually measured using Marschak´s concept of the value of information. From this point of view, human information...

The productivity of (human) information processing as an economicactivity is a question raising some interest. Using Marschak’s evaluationframework, Radner and Stiglitz have shown that under certainconditions the production function of this activity has increasing marginalreturns in the...