A recent book by co-authors Tatiana Guy, Miroslav Karny, and SFI External Professor David Wolpert, Decision Making and Imperfection (Springer, 2012), explores how decisions made in both natural and artificial systems often differ from those recommended by the axiomatically well-grounded normative Bayesian decision theory.
The book identifies sources of imperfection and ways to decrease discrepancies between the prescriptive theory and real-life decision making.
And it considers such questions as how a crowd of imperfect decision makers outperforms expert decisions; how to decrease the decision maker's imperfection by reducing knowledge available; how a human's limited willingness to master available decision-support tools is an additional source of imperfection; and how the decision maker's emotional state influences rationality.
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