To save content items to your account,
please confirm that you agree to abide by our usage policies.
If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account.
Find out more about saving content to .
To save content items to your Kindle, first ensure no-reply@cambridge.org
is added to your Approved Personal Document E-mail List under your Personal Document Settings
on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part
of your Kindle email address below.
Find out more about saving to your Kindle.
Note you can select to save to either the @free.kindle.com or @kindle.com variations.
‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi.
‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.
Decision theory and decision making are multidisciplinary topics. Decision theory includes psychology, especially cognitive psychology, because decisions are cognitive processes. Decision theory also includes math, especially probability, as people often make decisions based on likelihood. Decision making is an applied topic pertaining to business, engineering, science, politics, other disciplines, and of course to personal decisions.
Descriptive models of decision theory explain decisions as cognitive processes, how and why people make the choices they do. Normative decision models describe how people should conceptualize a decision. Prescriptive models include mathematically based analyses that provide actionable solutions to real-world problems.
Decisions are made in one of three environments. Under certainty, the decision maker can make a choice and be sure what the outcome will be. Under risk, the decision maker will make a choice knowing in advance the probabilities of various outcomes. Under uncertainty, the possible outcomes and probabilities are unknown.
This chapter develops a view that casts moral heroism as a specific kind of moral achievement and argues it is superior to the virtue approach to moral heroism. I begin the discussion with J. O. Urmson’s account of moral heroism as overcoming fear, registering the limitations of that account before moving on to Gwen Bradford’s account of achievement as such, which centers on overcoming difficulty. She defends a view of difficulty that consists in the expending of effort, rather than in the surmounting of complexity. Her highly developed account is a good model for analyzing moral achievement, yet it is in need of significant modification in order to function in a specifically moral context. In order to give an account of moral achievement, I argue that Bradford’s key notion of difficulty should be replaced by sacrifice. Moral heroism consists in making high-stakes sacrifices. I develop an account of what sacrificing consists in, identifying features of actions that constitute sacrifices. I show how this concept offers us an account of moral heroism as a kind of moral achievement. I then argue that it significantly outperforms the virtue approach according to the desiderata from Chapter 2: accuracy, related phenomenon, and fitting responses.
The purpose of our book is to chronicle and analyze Morgan’s interventions in financial crises, telling the story of how he learned the art of last resort lending by trial and error, and finding its relevance to issues that last resort lenders still face in the early twenty-first century. We classify Morgan’s last resort loans into three types.
This chapter provides an overview of young people with mental health needs and the development of forensic mental health and youth justice services for young people. The provision of inpatient and community forensic child and adolescent mental health services is outlined in more detail, including referral criteria, characteristics of the young people who access the service and outcomes of the provision.
This chapter introduces the reader to the big picture of what analytics science is. What is analytics science? What types does it have, and what is its scope? How can analytics science be used to improve various tasks that society needs to carry out? Is analytics science all about using data? Or can it work without data? What is the role of data versus models? How can one develop and rely on a model to answer essential questions when the model can be wrong due to its assumptions? What is ambiguity in analytics science? Is that different from risk? And how do analytics scientists address ambiguity? What is the role of simulation in analytics science? These are some of the questions that the chapter addresses. Finally, the chapter discusses the notion of "centaurs" and how a successful use of analytics science often requires combining human intuition with the power of strong analytical models.
In today's data-driven world, this book offers clear, accessible guidance on the logical foundations of optimal decision making. It introduces essential tools for decision analysis and explores psychological theories that explain how people make decisions in both professional and personal contexts. Using real-world examples, the book covers topics such as decision making under uncertainty, decision trees, strategies of risk management, decisions that are gambles, heuristics, trade-offs, decision making under stress, game theory, decision making in a dispute or conflict, and multi-attribute decision analysis. Readers will identify common decision traps and learn how to avoid them, understand the causes of indecisiveness and find out how to deal with it, gain insights into their own decision-making processes, and build confidence in their ability to make and defend informed decisions across a range of scenarios.
This chapter discusses the problem that most of the information we have about merchants’ character in this period comes from sources written not by merchants, but by critics of various kinds, many of them churchmen, but others secular poets and playwrights whose texts circulated among ordinary people. It also reviews two studies that have tried to discover and analyze merchants’ “self-perception” using, for the most part, sources produced by non-merchants.
This chapter analyzes the Selbstzeugnisse of the eight merchants at the center of this study, along with a few others still in manuscript or not available in the source collection deployed in this book, to sketch the model of mercantile honor the men claimed. The chapter emphasizes that the training the merchants received was fundamental to their sense of self and that they fashioned a model of mercantile honor based on their hard work, courage, skill, honesty, and prudence. As they described their life in trade, the merchants also often took the opportunity to describe the dishonorable behavior of other merchants, thus drawing a clear contrast between themselves and the men who failed to meet their standards.
This chapter introduces the major themes of the book. Insurance practices and related metaphors began expanding rapidly from a European base some 500 years ago. The simultaneous emergence of the modern state was hardly coincidental. Increasingly complex societies energized by market economies required protection from risks of various kinds. This required mobilizing and organizing private capital to achieve common goals. The deepening of markets and development of financial technologies now increases demands for protection beyond conventional borders. But where the fiscal power of the modern state underpinned national insurance and reinsurance systems, the absence of a global fiscal authority is exposed by rising cross-border, systemic, and global risks. That the background condition for necessary innovation in governance is uncertainty has also become undeniable.
Human-centric uncertainty remains one of the most persistent yet least quantified sources of risk in aviation maintenance. Although established safety frameworks such as SMS (safety management system), STAMP (Systems-Theoretic Accident Model and Processes), and FRAM (Functional Resonance Analysis Method) have advanced systemic oversight, they fall short in capturing the dynamic, context-dependent variability of human performance in real time. This study introduces the uncertainty quantification in aircraft maintenance (UQAM) framework – a novel, predictive safety tool designed to measure and manage operational uncertainty at the task level. The integrated uncertainty equation (IUE) is central to the model, a mathematical formulation that synthesises eight empirically derived uncertainty factors into a single, actionable score. Using a mixed-methods design, the research draws on thematic analysis of 49 semi-structured interviews with licensed maintenance engineers, followed by a 12-month field validation across four distinct maintenance tasks. Results demonstrate that the IUE effectively distinguishes between low, moderate and high-risk scenarios while remaining sensitive to procedural anomalies, diagnostic ambiguity and environmental complexity. Heatmap visualisations further enable supervisory teams to identify dominant uncertainty drivers and implement targeted interventions. UQAM enhances predictive governance, supports real-time decision-making and advances the evolution of next-generation safety systems in high-reliability aviation environments by embedding quantitative uncertainty metrics into existing safety architectures.
Strategists seek a competitive advantage by balancing legitimacy and novelty; however, each approach has distinct risks and trade-offs. Some firms take on too much risk and eventually fail, while other firms only seek risk-averse alternatives that appear to promote safety and optimal long-term performance. We question whether those decisions must be mutually exclusive. We generated and applied two generic strategy rationales to the results of a professional sports gambling pool. One rationale mirrored best practices, and the other included one minor adaptation, balancing risk and novelty. Our findings suggest profit potential for both approaches but deviating from the norm – occasionally and systematically – produced better outcomes. We demonstrate how industry-based best practices can serve as a foundation for rational decision-making and strategy development, thereby limiting potential adverse outcomes. However, savvy strategists should learn when and how to deviate from conventional wisdom to create more value for their firms.
This paper studies the probability of active navigational error events for use in ship–bridge allision risk analysis. To estimate the probability of these kinds of events, accident databases, incident reports and AIS data were studied; the case studies herein cover 6 years and 15 bridges in Scandinavia. The main findings of this paper show that there is great variation in the probability of ship–bridge allision due to active navigational errors, and it is not recommended to use the currently common practice of 2% uniform distribution of the number of ship passages on all bridges. Another important finding is that the probability of a ship striking a bridge due to the error type Wrong Course at a Turning point is not uniform along the length of the bridge, but is only likely to occur in a cone formation from the last turning point.
The chapter examines the legal regulation and governance of ‘generative AI,’ ‘foundation AI,’ ‘large language models’ (LLMs), and the ‘general-purpose’ AI models of the AI Act. Attention is drawn to two potential sorcerer’s apprentices, namely, in the spirit of J. W. Goethe’s poem, people who were unable to control a situation they created. Focus is on developers and producers of such technologies, such as LLMs that bring about risks of discrimination and information hazards, malicious uses and environmental harms; furthermore, the analysis dwells on the normative attempt of EU legislators to govern misuses and overuses of LLMs with the AI Act. Scholars, private companies, and organisations have stressed limits of such normative attempts. In addition to issues of competitiveness and legal certainty, bureaucratic burdens and standard development, the threat is the over-frequent revision of the law to tackle advancements of technology. The chapter illustrates this threat since the inception of the AI Act and recommends some ways in which the law has not to be continuously amended to address the challenges of technological innovation.
Although there is a substantial body of research addressing the economic motivations for drug crime, fewer studies have also considered the social influences that shape individuals’ involvement in the illicit drug economy. This chapter will draw on interviews conducted in prisons in Indonesia with people convicted of drug offences. Analysis suggests that many offenders do have economic motivations for entry into the drug trade. However, personal and relational motivations for drug use and drug trading must not be ignored, given that most of our participants were not in absolute poverty when they decided to offend. Moreover, in making decisions about participation in the drug trade, they were clearly influenced by trusted peer groups. The chapter presents this empirical data within the context of increasingly punitive penalties for drug offences in Southeast Asia, including the judicial execution of drug traffickers.
What shapes fossil-fuel investment and divestment decisions? What are pension funds’ climate-related considerations? And how do conceptions of portfolio risk influence these issues? Danish pension funds constitute a rare and understudied cohort of investors who have undertaken comparatively progressive fossil-fuel investment decisions. Simultaneously, diversification and market rationality have frequently been invoked as obstacles to divestment and active ownership. Using the Danish experience, this article conducts an archaeological analysis of the concept of portfolio risk, unearthing the various ways in which it has shaped fossil-fuel investment decisions. The analysis identifies five key aspects through which the concept has hampered Danish pension funds’ active ownership and fossil-fuel divestment decisions (sector diversification, externalities, market rationality, dispersed ownership, and passive index investing). The article argues that these discursive aspects have reinforced a passive tendency within finance capitalism to bolster the status quo, thereby supporting prevailing market actors and the continued extraction of fossil fuels.
This meta-analysis assesses the relationship between vitamin D supplementation and incidence of major adverse cardiovascular events (MACE). PubMed, Web of science, Ovid, Cochrane Library and Clinical Trials were used to systematically search from their inception until July 2024. Hazard ratios (HR) and 95 % CI were employed to assess the association between vitamin D supplementation and MACE. This analysis included five randomised controlled trials (RCT). Pooled results showed no significant difference in the incidence of MACE (HR: 0·96; P = 0·77) and expanded MACE (HR: 0·96; P = 0·77) between the vitamin D intervention group and the control group. Further, the vitamin D intervention group had a lower incidence of myocardial infarction (MI), but the difference was not statistically significant (HR: 0·88, 95 % CI: 0·77, 1·01; P = 0·061); nevertheless, vitamin D supplementation had no effect on the reduced incidence of stroke (P = 0·675) or cardiovascular death (P = 0·422). Among males (P = 0·109) and females (P = 0·468), vitamin D supplementation had no effect on the reduced incidence of MACE. For participants with a BMI < 25 kg/m2, the difference was not statistically significant (P = 0·782); notably, the vitamin D intervention group had a lower incidence of MACE for those with BMI ≥ 25 kg/m2 (HR: 0·91, 95 % CI: 0·83, 1·00; P = 0·055). Vitamin D supplementation did not significantly contribute to the risk reduction of MACE, stroke and cardiovascular death in the general population, but may be helpful for MI. Notably, the effect of vitamin D supplementation for MACE was influenced by BMI. Overweight/obese people should be advised to take vitamin D to reduce the incidence of MACE.
While the claim that moral ignorance exculpates is quite controversial, the parallel claim with respect to non-moral ignorance seems to be universally accepted. As a starting point, we can state this claim as follows:
Non-moral Ignorance Exculpates: If an agent did everything that could be reasonably expected of her to inquire into some empirical issue as to whether P, the seeming truth of P played the appropriate role in the agent’s motivation to Φ, and the agent would not have merited blame for Φ-ing if P had been the case, then the agent does not merit blame for Φ-ing.
In this paper, I aim to accomplish two tasks. First, I argue that NMIE is false in certain cases in which, by Φ-ing, the agent violates a course-grained, reasonable community norm without knowing that doing so is in everyone’s best interests. Second, I argue that, while moral ignorance, like non-moral ignorance, does not exculpate when community norms are violated in this manner, it does exculpate when they are not. With these two tasks accomplished, we will see the striking parallels in the manner in which both moral and non-moral ignorance exculpate.
Global discussions around the risks, benefits and governance of solar radiation modification (SRM) in the climate change response portfolio are accelerating, but the topic remains nascent in Latin America and the Caribbean (LAC). In 2023, a US start-up (Make Sunsets) performed a small-scale, non-research deployment of SRM in Baja California, Mexico, without prior permission or community engagement. Their actions prompted Mexico to announce its intention to ban SRM experimentation, underscoring the need for governance to prevent irresponsible practices that could discredit legitimate research. We perform an empirical and ethical analysis of the landscape of academic discussions and media coverage on SRM in the LAC region, focusing on the Make Sunset case. Our analysis leads us to three conclusions: first, a lack of regulations in LAC that fosters mistrust, fuels perceptions of neo-colonialism and restricts potentially valuable and responsible research; second, we argue that the theatrical Make Sunsets case is not ethically justified in light of the diversity of risks associated with it; third, we offer foundational, participatory recommendations to promote effective, transparent and sustainable governance of SRM, including LAC in global conversations.
Technological developments and affordable price structures have increased the usage of unmanned aerial vehicles (UAVs) across almost all sectors, hence increasing demand. Since UAVs can fly and perform various tasks without requiring a human operator, the most dangerous and time-consuming tasks previously performed by humans in many sectors are now accomplished by using UAVs. The increased use of UAVs has also introduced critical safety and security risks, including airspace congestion, collisions and malicious use, and therefore, identifying and assessing the risks associated with UAVs and finding ways to mitigate them is of great importance. This qualitative study investigates the safety and security risks posed by the increased use of UAVs and discusses ways to mitigate these risks. Semi-structured interviews with aviation professionals, including pilots, air traffic controllers and academicians, were conducted, and the collected data were analysed by using MAXQDA 24 qualitative analysis software. The results indicate that 86% of participants emphasised air traffic density as a major safety concern, while 71% underlined the need for dedicated air corridors and robust legal frameworks to reduce collision risks. These insights suggest that the safe integration of UAVs into current aviation systems demands a multifaceted strategy involving regulatory interventions, such as clearly defined UAV flight zones and essential technological enhancements. Overall, the study underscores the urgent need for coordinated efforts–legal, technological, and inter-institutional–to ensure the secure incorporation of UAVs into national airspace.