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Modeling Decisions Involving Ambiguous, Vague, or Rare Events

In: The Economics of the Global Environment

Author

Listed:
  • Louis Narens

    (University of California
    University of California)

  • Donald Saari

    (University of California
    University of California)

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.

Suggested Citation

  • Louis Narens & Donald Saari, 2016. "Modeling Decisions Involving Ambiguous, Vague, or Rare Events," Studies in Economic Theory, in: Graciela Chichilnisky & Armon Rezai (ed.), The Economics of the Global Environment, pages 71-87, Springer.
    • Handle: RePEc:spr:steccp:978-3-319-31943-8_4
    DOI: 10.1007/978-3-319-31943-8_4
    as

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