Savage revisited (with discussion)
type: Item
instance of: scholarly article
title: Savage revisited (with discussion)
zbMATH Open document ID: 0613.62002
published in: Statistical Science
publication date: 1986-01-01T00:00:00Z
review text: In his ''The foundations of statistics.'' Wiley (1954; Zbl 0055.12604) \textit{L. J. Savage} showed that, under a certain set of postulates for rational behavior, one should make choices that maximize subjective expected utility. However, there is some empirical evidence that people often violate these postulates. According to the present revision of Savage's arguments, the analysis of a decision problem by subjective expected utility is merely an argument by analogy. It draws an analogy between that decision problem and the problem of a gambler who must decide how to bet in a pure game of chance. Sometimes such arguments are cogent; sometimes they are not. Sometimes other kind of arguments provide a better basis for choosing among acts. Thus, subjective expected utility is just one of several possible tools for constructing a decision.
reviewed by: Kurt Marti
Mathematics Subject Classification ID: 62A01
Mathematics Subject Classification ID: 62C05
zbMATH DE Number: 3992611
zbMATH Keywords: preference
zbMATH Keywords: constructive decision theory
zbMATH Keywords: normative decision theory
zbMATH Keywords: postulates for rational behavior
zbMATH Keywords: subjective expected utility
author: Glenn Shafer
MaRDI profile type: Publication
full work available at URL: https://doi.org/10.1214/ss/1177013518
OpenAlex ID: W4205645523
DOI: 10.1214/SS/1177013518
Recommended article: Revisiting savage in a conditional world
Recommended article: Q3111348
Recommended article: Wolstenholme Revisited
Recommended article: Shewhart Revisited
Recommended article: Savage in the Market
Recommended article: On resolving the Savage-Dickey paradox
Recommended article: Savage for dummies and experts
Recommended article: Rabinowitsch revisited
Recommended article: Rejoinder to the discussion
description: scientific article; zbMATH DE number 3992611