Itzhak Gilboa, a Professor of Economics and Decision Sciences at HEC Paris, dives deep into decision theory and its complexities. He discusses how everyday choices, from using navigation apps to major life decisions, are influenced by different decision models. Gilboa critiques the standard Bayesian approach, arguing that rationality is not always defined by it. He explores the challenges of quantifying uncertainty, using climate forecasting as a case study. Alternative frameworks are proposed for dealing with ambiguity, emphasizing the practical role of decision theory in minimizing errors.
