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Expected Utility Hypotheses and the Allais Paradox

2013-03-14 Social Science
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Release : 2013-03-14
Genre : Social Science
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Book Rating : 297/5 ( reviews)

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Book Synopsis Expected Utility Hypotheses and the Allais Paradox by : M. Allais

Download or read book Expected Utility Hypotheses and the Allais Paradox written by M. Allais. This book was released on 2013-03-14. Available in PDF, EPUB and Kindle. Book excerpt: Utility theory or, value theory in general, is certainly the cornerstone of decision theory, game theory, microecon~mics, and all social and political theories which deal with public decisions. Recently the American School of utility, founded by von N eumann Morgenstern, encountered a far-going criticism by the French School of utility represented by its founder Allais. The whole basis of the theory of decisions involving risk has been shaken and put into question. Consequently, basic research in the fundamentals of utility and value theory evolved into a crisis. Like any crisis in basic research, and this one was not an exception, it was very fruitful. One may simply say: Allais versus von Neumann-Morgenstern, or the French School of utility versus the American School, became one of the battlefields of scientific development which proved to be a most creative source of new advances and new developments in all those sciences which are based on evaluation of utilities.

Expected Utility Hypotheses and the Allais Paradox

1979
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Author :
Release : 1979
Genre :
Kind : eBook
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Book Synopsis Expected Utility Hypotheses and the Allais Paradox by : Maurice Allais

Download or read book Expected Utility Hypotheses and the Allais Paradox written by Maurice Allais. This book was released on 1979. Available in PDF, EPUB and Kindle. Book excerpt:

Expected Utility Hypotheses and the Allais Paradox

1979 Decision making
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Author :
Release : 1979
Genre : Decision making
Kind : eBook
Book Rating : /5 ( reviews)

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Book Synopsis Expected Utility Hypotheses and the Allais Paradox by : Centre national de la recherche scientifique (France)

Download or read book Expected Utility Hypotheses and the Allais Paradox written by Centre national de la recherche scientifique (France). This book was released on 1979. Available in PDF, EPUB and Kindle. Book excerpt:

Expected Utility Hypotheses and the Allais Paradox. Contemporary Discussions of Decisions under Uncertainty with Allais' Rejoinder

1979
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Release : 1979
Genre :
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Book Rating : /5 ( reviews)

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Book Synopsis Expected Utility Hypotheses and the Allais Paradox. Contemporary Discussions of Decisions under Uncertainty with Allais' Rejoinder by : Maurice ALLAIS

Download or read book Expected Utility Hypotheses and the Allais Paradox. Contemporary Discussions of Decisions under Uncertainty with Allais' Rejoinder written by Maurice ALLAIS. This book was released on 1979. Available in PDF, EPUB and Kindle. Book excerpt:

Experiments on Decisions under Risk: The Expected Utility Hypothesis

2013-11-11 Business & Economics
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Release : 2013-11-11
Genre : Business & Economics
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Book Rating : 408/5 ( reviews)

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Book Synopsis Experiments on Decisions under Risk: The Expected Utility Hypothesis by : P.J.H. Schoemaker

Download or read book Experiments on Decisions under Risk: The Expected Utility Hypothesis written by P.J.H. Schoemaker. This book was released on 2013-11-11. Available in PDF, EPUB and Kindle. Book excerpt: In this valuable book, Paul Schoemaker summarizes recent experimental and field research that he and others have undertaken regarding the descrip tive validity of expected utility theory as a model of choice under uncer tainty. His principal message is that this paradigm is too narrow in its con ception and misses some of the important elements of a descriptive model of individual choice. In particular, Schoemaker calls attention to the impor tance of individual differences, task effects, and context effects as they influence behavior. The expected utility hypothesis has come under scrutiny in recent years from a number of different quarters. This book brings together these many studies and relates them to the large body of literature on individual de cision making under risk. Although this paradigm may be appropriate for describing behavior under many conditions of uncertainty, Schoemaker presents convincing evidence that it does not do well with respect to protec tion against low-probability events. For example, he shows that the insur ance purchase decision is influenced by the way information is presented to the client, as well as by the statistical knowledge of the respondents.

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