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A paradox in decision theory and some experimental results: The relative nature of decisions

✍ Scribed by Iain Paterson; Andreas Diekmann

Publisher
Springer US
Year
1988
Tongue
English
Weight
382 KB
Volume
25
Category
Article
ISSN
0040-5833

No coin nor oath required. For personal study only.

✦ Synopsis

A simple two-choice single outcome valued decision under risk is presented which should show up the limitations in the classical approach of von Neumann, its extensions and its alternatives. An empirical testing of this hypothesis strongly supports this criticism. A rationale for explaining the apparent 'irrational decision' is put forward and the case is made for understanding the relative nature of decision choices especially when multi-criteria are involved.

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