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Foundations of Rational Choice Under Risk

3.5/5 ( ratings)

Paul Anand describes and evaluates many existing criticisms of the formal theory of rationality and subjective expected utility theory. He tests the logical and philosophical basis for basing rational choice on SEU and argues that, empirically, SEU is false, and that normatively, it imposes unnecessary constraints on rational agency. He provides his own account of rational choice which is grounded in the relationship between an agent's preference and his or her behavior. In addition, he discusses some of the radical methodological changes in economics that form the basis for theoretical developments in decision theory.

Language: English

Format: Paperback

Publisher: Oxford University Press, USA

Release: September 28, 1995

ISBN: 0198774427

ISBN 13: 9780198774426

Foundations of Rational Choice Under Risk

3.5/5 ( ratings)

Paul Anand describes and evaluates many existing criticisms of the formal theory of rationality and subjective expected utility theory. He tests the logical and philosophical basis for basing rational choice on SEU and argues that, empirically, SEU is false, and that normatively, it imposes unnecessary constraints on rational agency. He provides his own account of rational choice which is grounded in the relationship between an agent's preference and his or her behavior. In addition, he discusses some of the radical methodological changes in economics that form the basis for theoretical developments in decision theory.

Language: English

Format: Paperback

Publisher: Oxford University Press, USA

Release: September 28, 1995

ISBN: 0198774427

ISBN 13: 9780198774426

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