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dc.contributor.authorAngelsen, Arild
dc.date.accessioned2008-03-12T11:30:32Z
dc.date.accessioned2017-03-29T09:12:50Z
dc.date.available2008-03-12T11:30:32Z
dc.date.available2017-03-29T09:12:50Z
dc.date.issued1993
dc.identifier.issn0804-3639
dc.identifier.urihttp://hdl.handle.net/11250/2435949
dc.description.abstractThe 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.isoeng
dc.publisherChr. Michelsen Institute
dc.relation.ispartofseriesCMI Working paper
dc.relation.ispartofseriesWP 1993: 4
dc.subjectRisk
dc.subjectUncertainty
dc.subjectDecision-making theory
dc.titleIndividual Choice under Uncertainty
dc.typeWorking paper


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