Individual Choice under Uncertainty
dc.contributor.author | Angelsen, Arild | |
dc.date.accessioned | 2008-03-12T11:30:32Z | |
dc.date.accessioned | 2017-03-29T09:12:50Z | |
dc.date.available | 2008-03-12T11:30:32Z | |
dc.date.available | 2017-03-29T09:12:50Z | |
dc.date.issued | 1993 | |
dc.identifier.issn | 0804-3639 | |
dc.identifier.uri | http://hdl.handle.net/11250/2435949 | |
dc.description.abstract | The first part of this paper gives an overview of the dominating approach within economic theory on individual decision making under uncertainty or risk - the expected utility (EU) theory. The theory has increasingly been criticised, and some of the empirical violations of the theory are reviewed. In spite of a number of paradoxes, and the descriptive and predictive difficulties of the EU theory, it remains the dominating approach within economic theory. This paper presents and discusses two alternative, non-expected utility approaches, which fit better with observed behaviour in different experiments and real-life situations. | |
dc.language.iso | eng | |
dc.publisher | Chr. Michelsen Institute | |
dc.relation.ispartofseries | CMI Working paper | |
dc.relation.ispartofseries | WP 1993: 4 | |
dc.subject | Risk | |
dc.subject | Uncertainty | |
dc.subject | Decision-making theory | |
dc.title | Individual Choice under Uncertainty | |
dc.type | Working paper |
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