Risky Curves

On the Empirical Failure of Expected Utility

By Friedman, Daniel,R. Mark Isaac,Duncan James,Shyam Sunder

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Publish Date

2014

Publisher

Taylor & Francis Group

Language

eng

Pages

140

Description:

"For several decades, the orthodox economics approach to understanding choice under risk has been to assume that each individual person maximizes some sort of personal utility function defined over purchasing power. This new volume contests that even the best wisdom from the orthodox theory is inadequate, and proposes the return to a simpler sort of scientific theory of risky choice"--

subjects: Risk, Utility theory, Decision making, BUSINESS & ECONOMICS / General, BUSINESS & ECONOMICS / Decision-Making & Problem Solving, BUSINESS & ECONOMICS / Economics / Microeconomics, Risque, Utilité (Économie politique), Prise de décision, BUSINESS & ECONOMICS, General, Decision-Making & Problem Solving, Economics, Microeconomics, Industries, Entscheidung bei Unsicherheit, Entscheidung bei Risiko