Choice Under Uncertainty
Problems Solved and Unsolved
Bibliographic Data
| ID | 4029682 |
|---|---|
| Authors | Mark J Machina (Associate Professor of Economics, University of California, San Diego, La Jolla, California., corresponding author) |
| Year | 1987 |
| Volume | 1 |
| Issue | 1 |
| Pages | 121-154 |
| Publication date | 1987-08-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Journal of Economic Perspectives (JOURNAL) |
| Journal identifiers | ISSN: 0895-3309 • E-ISSN: 1944-7965 |
| Publisher | American Economic Association (PUBLISHER • US) |
| DOI | 10.1257/jep.1.1.121 |
| OpenAlex | W4235007239 |
| Language | EN |
| Citations received | 85 |
| References cited | 29 |
Fifteen years ago, the theory of choice under uncertainty could be considered one of the "success stories" of economic analysis: it rested on solid axiomatic foundations, it had seen important breakthroughs in the analytics of risk, risk aversion, and their applications to economic issues, and it stood ready to provide the theoretical underpinnings for the newly emerging "information revolution" in economics. Today choice under uncertainty is a field in flux: the standard theory is being challenged on several grounds from both within and outside economics. The nature of these challenges, and of our profession's responses to them, is the topic of this paper
Analytics · Axiom · Data science · Economics · Expected utility hypothesis · Mathematical economics · Neoclassical economics · Positive economics · Complex Systems and Time Series Analysis · Computer Science · Decision-Making and Behavioral Economics · Economic theories and models · Mathematics
Erneut, warum eigentlich nicht? Replik zum Vorschlag, das Modell der Frame-Selektion zu axiomatisieren
Ein ipsatives Modell menschlichen Verhaltens
Exploring the Underground Economy
Bergson-Wohlfahrtsfunktion und normative Ökonomie
Recent developments in modeling preferences
Why do people pay taxes?
Do Ethics Matter? Tax Compliance and Morality
Violations of the betweenness axiom and nonlinearity in probability
Developments in Non-Expected Utility Theory
Risk Aversion and Expected-utility Theory
Advances in prospect theory
Sovereign Reason
Reframing the Past
Expérimentation de laboratoire et économie
An axiomatic approach to predictability of outcomes in an interactive setting
Expected utility, independence, and continuity
The consumer’s demand functions defined to study contingent consumption plans
Can redescriptions of outcomes salvage the axioms of decision theory
Adaptation of utility functions to reward distribution in rhesus monkeys
‘Do not eat fish more than twice a week’. Rational choice regulation and risk communication
Risk taking in the domain of losses
From paradoxes to social rules, or
Uninformed citizens and support for free trade
Keynes, Knight, and Fundamental Uncertainty
Uncertainties in macroeconomic assessments of low-carbon transition pathways - The case of the European iron and steel industry
Estimation of indifference curves in the Marschak‐Machina triangle a direct test of the “fanning out” hypothesis
An advantage model of choice
Illusory correlations in perceptions and predictions of organizational traits
The genetics of economic risk preferences
Assessing the Accuracy of Decisions
Cultural evolutionary behavioural science in public policy
Instrumental Rationality, Epistemic Rationality, and Evidence-Gathering
Philosophy of Economics
Can Large Language Models Transform Computational Social Science
Loss Aversion and Preferences in Interaction
Assessing the conceptual clarity and evidence base of quality criteria/standards developed for evaluating decision aids
Posterior Probabilities of the Independence Axiom With Nonexperimental Data (or Buckle Up and Fan Out)
Le paradoxe d'Allais
Prerationality as Avoiding Predictably Regrettable Consequences
Information asymmetry favoring sellers
Estimating Preferences under Risk
Semicooperation under curved strategy spacetime
Ternary economic analysis of blind-box marketing
Economics and ecology
Risk and forest policy
Decision-making under environmental uncertainty
Take a risk
Is There a Bias Toward Excess in U.S. Government Budgets or Deficits
Description-dependent preferences
An approximate dual-self model and paradoxes of choice under risk
An ipsative theory of business behaviour
Theory development processes in the social sciences
Economics, sociobiology and behavioral psychology on preferences
Choice under risk with certainty and potential effects
Subjective mean–variance preferences without expected utility
Rank dependent utility for arbitrary consequence spaces
The Theory of Rational Choice, Its Shortcomings, and the Implications for Public Policy Decision Making
From economic imperialism to social science inspiration
The Methodology of Contractarianism in Economics
Fraud in Science An Economic Approach
Neural Findings and Economic Models
Risk Aversion in Rent‐Seeking and Rent‐Augmenting Games
The Fourfold Pattern of Risk Attitudes in Choice and Pricing Tasks
Impulse-Filtering
The Scope of the Rational Choice Perspective in Sociological Research
Homo Economicus in Perspective
Rational Deterrence
Swallowing the Bitter Pill
Demand for, and Supply of, Institutions
Marriage Paradoxes
Should Social Scientists Care about Choice Anomalies
Subjective Rationality of Initiators and of Threshold-Theoretical Behavior of Followers in Collective Action
Theory, Experiment and Economics
Nobel Laureate
Retrospectives
Preferences for outcomes in economic evaluation
The physician-patient encounter
Uncertainty, Risk, and Trust
Marshall, Jevons, and the Development of the Expected Utility Hypothesis
Is Probability Theory Relevant for Uncertainty? A Post Keynesian Perspective
Anomalies
A linguistic conception of rationality
Belief
Belief
A Framework for Structuring Cross-Cultural Research in Risk and Decision Making
Alternative Approaches to the Theory of Choice in Risk-Taking Situations
Measuring utility by a single-response sequential method
Le Comportement de l'Homme Rationnel devant le Risque
Risk Perception in Psychology and Economics
Bayesian statistical inference for psychological research.
Bayes Rule as a Descriptive Model
Risk, Ambiguity, and the Savage Axioms
Prospect Theory
On the psychology of prediction.
SSB Utility theory
The Utility Analysis of Choices Involving Risk
What Price Ambiguity? or the Role of Ambiguity in Decision-Making
A Generalization of the Quasilinear Mean with Applications to the Measurement of Income Inequality and Decision Theory Resolving the Allais Paradox
"The Market for "Lemons
The theory of decision making
| Unique citing works | 85 |
|---|---|
| Citations per year | 2,24 |
| Citation span | 1988 - 2025 (38) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 82 |