Howard Raiffa Quotes

American academic (1924-2016)

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Howard Raiffa (January 24, 1924 – July 8, 2016) helped found and was the first director of the International Institute for Applied Systems Analysis. He was the Frank P. Ramsey Professor (Emeritus) of Managerial Economics, a joint chair held by the Business School and the Kennedy School of Government at Harvard University. He was an influential Bayesian decision theorist and pioneer in the field of decision analysis, with works in statistical decision theory, game theory, behavioral decision theory, risk analysis, and negotiation analysis.

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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.

A mediator is an impartial outsider who tries to aid the negotiators in their quest to find a compromise agreement.

The party that negotiates in haste is often at a disadvantage.

There is no shortage of disputes.

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.

Ideas are incestuous.