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Expected Utility Hypotheses and the Allais Paradox.by M. Allais; O. Hagen

✍ Scribed by Review by: A. F. M. Smith

Book ID
125781564
Publisher
Blackwell Publishing
Year
1982
Weight
232 KB
Volume
145
Category
Article
ISSN
0035-9238

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Expected utility theory is a normative approach to the question of how people should rationally make choice under uncertainty. Its admirers (the present author among them) would use it in every such situation. Consequently alledged counter examples, in which it is arguably unreasonable to act as exp