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The best practical advice then is: try to maximize your expected payoff, which is the sum of all payoffs multiplied by probabilities.

— Howard Raiffa The Art and Science of Negotiation (1982)

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Advice

More quotes by Howard Raiffa

A final word of advice: don't gloat about how well you have done.

The Art and Science of Negotiation (1982)

Final-offer arbitration should have great appeal for the daring (the risk seekers) who play against the timid (the risk avoiders).

The Art and Science of Negotiation (1982)

Game theory, however, deals only with the way in which ultrasmart, all knowing people should behave in competitive situations, and has little to say to Mr. X as he confronts the morass of his problem.

The Art and Science of Negotiation (1982)

Most people, even in simple risky situations, don't behave the way the theory of utility would have them behave.

The Art and Science of Negotiation (1982)

Each party tended to view its own chances in court as better than the other side viewed them.

The Art and Science of Negotiation (1982)

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Attribution

Quote text and notes from Wikiquote: Howard Raiffa (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.