How Probable and Useful Are Subjective Probability and Utility?

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Abstract

Originally published in Contemporary Psychology: APA Review of Books, 1979, Vol 24(3), 174–175. Reviews the book, Decision Making and Change in Human Affairs: Proceedings of the Fifth Research Conference on Subjective Probability, Utility, and Decision Making, Darmstadt, 1-4 September, 1975 edited by Helmut Jungermann and Gerard de Zeeuw (Eds.) (see record 1979-10319-000). The interdisciplinary and multifaceted nature of research on decision making is nowhere more apparent than in the volume before us. Of the 23 articles in it, five are concerned with formal theories, seven are mainly concerned with the technology of decision aids and two deal with two-person games. We are left with nine papers bearing on psychological theories of decision making. The volume contains several other excellent papers. The authors are quick to point out that this literature is as poor in theory as it is rich in data. Probably no one will want to read it from cover to cover Perhaps it is best to think of it as one volume of a hypothetical journal of behavioral decision theory with some excellent articles in it. (PsycINFO Database Record (c) 2006 APA, all rights reserved)

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