On the eve of the 11th annual D-Tea (promoting Dialogues between Theory, Experimental findings and Applications of decision-making, hence the acronym), we talk to its co-organizer Professor Itzhak Gilboa. Last year, Itzhak was ranked by Stanford University in the world’s top six theoretical economists. His main interest is in decision under uncertainty and decision models whereby uncertainty can’t be quantified. That is called non-Bayesian decision models – as opposed to the Bayesian approach which assigns probabilities based on experience or best guesses. Itzhak questions these axioms, or self-evident truths. He believes his research can help answer unforeseen crises, called black swans, like the war in Ukraine, health pandemics or the climate crisis.

 

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