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Case-Based Decision Theory: From the Choice of Actions to Reasoning about Theories

Author

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  • Jürgen Eichberger
  • Ani Guerdjikova

Abstract

In the 1990s, David Schmeidler and Itzhak Gilboa initiated the study of decision-making under uncertainty in a completely new framework, without states but with data sets as the information on which to build choice behavior. While the first formulations of case-based decision theory (CBDT) aimed at applications in economic decision-making, this theory which takes data as a primitive concept provides an alternative foundation for deriving beliefs and driving the choice of predictions. This opened a new perspective on old questions in statistics and artificial intelligence. In this review, we summarize these developments in CBDT and highlight the immensely innovative nature of David Schmeidler?s academic work. JEL Codes: C18, D80, D81.

Suggested Citation

  • Jürgen Eichberger & Ani Guerdjikova, 2020. "Case-Based Decision Theory: From the Choice of Actions to Reasoning about Theories," Revue économique, Presses de Sciences-Po, vol. 71(2), pages 283-306.
  • Handle: RePEc:cai:recosp:reco_712_0283
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    More about this item

    Keywords

    case-based decisions; similarity; beliefs; predictions; modes of reasoning;
    All these keywords.

    JEL classification:

    • C18 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Methodolical Issues: General
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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