A paradox in decision theory and some ex
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Iain Paterson; Andreas Diekmann
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Article
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1988
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Springer US
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English
โ 382 KB
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 appa