Description

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.

The Economics of Uncertainty

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£512.00

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Hardback by John D. Hey

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Short Description:

Until recently, 'Subjective Expected Utility Theory' was accepted within the economics profession as the theory of rational decision-making under risk... Read more

    Publisher: Edward Elgar Publishing Ltd
    Publication Date: 06/03/1997
    ISBN13: 9781858982779, 978-1858982779
    ISBN10: 1858982774

    Number of Pages: 1204

    Non Fiction , Business, Finance & Law

    Description

    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.

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