1st Edition
Risky Curves On the Empirical Failure of Expected Utility
152 Pages
17 B/W Illustrations
by
Routledge
152 Pages
17 B/W Illustrations
by
Routledge
140 Pages
17 B/W Illustrations
by
Routledge
Also available as eBook on:
For several decades, the orthodox economics approach to understanding choice under risk has been to assume that each individual person maximizes some sort of personal utility function defined over purchasing power. This new volume contests that even the best wisdom from the orthodox theory has not yet been able to do better than supposedly naïve models that use rules of thumb, or that focus on... Read more
1. The Challenge of Understanding Choice Under Risk 2. Historical Review of Research Through 1960 3. Measuring Individual Risk Preferences 4. Aggregate Level Evidence From the Field 5. What are Risk Preferences? 6. Risky Opportunities 7. Possible Ways Forward
Biography
Daniel Friedman is Distinguished Professor of Economics, University of California, Santa Cruz, USA
R. Mark Isaac is John and Hallie Quinn Eminent Scholar at Florida State University, USA
Duncan James is Associate Professor (Economics) Fordham University, USA
Shyam Sunder is James L. Frank Professor of Economics and Management at the Yale School of Management.
