Micro Theory Reading Group

Title is  Rationality in Enlivened Decision Trees

Abstract: Limits to the possibilities an agent can imagine, let alone analyse, typically force consideration of a bounded decision tree whose shortcomings could suddenly become all too obvious at any subsequent time.That bounded tree is therefore subject to an enlivening process leading to revisions whose details, by definition, cannot be modelled even as unforeseen events. Nevertheless, one can model uncertainty about the ultimate retrospective value of each possible decision that must be made within the current tree.

Then it is prescriptively befitting, and perhaps even descriptively fitting, to extend the standard normative criterion of subjective expected utility maximization to this framework.

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