Description

Book Synopsis
Until recently, 'Subjective Expected Utility Theory' was accepted within the economics profession as the theory of rational decision-making under risk and under certainty. However, its pre-eminence in recent years has been undermined as a consequence of a flood of experimental evidence casting doubt on its descriptive accuracy.

This book documents the theoretical reconstruction of the theory of decision-making in the aftermath of this flood. It is divided into three parts and contains the key papers introducing and describing new theories of decision under risk, new theories of decision under uncertainty and new theories of dynamic decision-making.



Trade Review
'. . . the selection of papers is comprehensive, containing both the expected classics and more obscure articles. . . the editor provides an introduction which is a useful route map through the collection.' -- Hugh Gravelle, The Economic Journal

Table of Contents
Contents: Volume I: Acknowledgements Introduction Part I: Risk Name Index • Volume II: Acknowledgements Part II: Uncertainty and Dynamics Index

The Economics of Uncertainty

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    A Hardback by John D. Hey

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      Book details

      Publisher Edward Elgar Publishing Ltd
      Published 6 March 1997
      ISBN-13 9781858982779
      978-1858982779
      ISBN-10 1858982774
      Also in:
      Economic theory and philosophy Management decision making

      Description

      Book Synopsis
      Until recently, 'Subjective Expected Utility Theory' was accepted within the economics profession as the theory of rational decision-making under risk and under certainty. However, its pre-eminence in recent years has been undermined as a consequence of a flood of experimental evidence casting doubt on its descriptive accuracy.

      This book documents the theoretical reconstruction of the theory of decision-making in the aftermath of this flood. It is divided into three parts and contains the key papers introducing and describing new theories of decision under risk, new theories of decision under uncertainty and new theories of dynamic decision-making.



      Trade Review
      '. . . the selection of papers is comprehensive, containing both the expected classics and more obscure articles. . . the editor provides an introduction which is a useful route map through the collection.' -- Hugh Gravelle, The Economic Journal

      Table of Contents
      Contents: Volume I: Acknowledgements Introduction Part I: Risk Name Index • Volume II: Acknowledgements Part II: Uncertainty and Dynamics Index

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