Peter Wakker receives Frank P. Ramsey Medal
Professor Peter Wakker has received the Frank P. Ramsey medal, the highest award of the INFORMS Decision Analysis Society (DAS), to recognize distinguished contributions to theory and applications of the field. DAS examines how we can discover irrational inconsistencies in our decisions and use them to improve those decisions. It is thus the prescriptive and quantitative part of behavioral economics (nudge). The DAS does much applied consultancy work.
The Frank P. Ramsey Medal is named in honor of Frank Plumpton Ramsey, a Cambridge University mathematician who was one of the pioneers of decision theory in the 20th century. His 1926 essay "Truth and Probability" (published posthumously in 1931) anticipated many of the developments in mathematical decision theory later made by John von Neumann and Oskar Morgenstern, Leonard J. Savage, and others.
Peter Wakker is a professor of decisions under uncertainty at the Department of Econometrics of the Erasmus School of Economics. He works in behavioral economics, primarily on the differences between normative and descriptive decisions, and on decisions under risk and uncertainty.