Foundations of Rational Choice under Risk
Bibliographic Data
| ID | 9728178 |
|---|---|
| Authors | Shaun P Hargreaves Heap (0000-0001-9112-783X), Paul Anand (0000-0002-7701-6903) |
| Year | 1994 |
| Volume | 61 |
| Issue | 244 |
| Pages | 531 |
| Publication date | 1994-11-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Economica (JOURNAL) |
| Journal identifiers | ISSN: 0013-0427 • E-ISSN: 1468-0335 |
| Publisher | JSTOR (PUBLISHER) |
| DOI | 10.2307/2555039 |
| OpenAlex | W2313476997 |
| Language | EN |
| Citations received | 26 |
In this book, Paul Anand examines the normative interpretation of Subjective Expected Utility (SEU). He tests the philosophical and logical basis for associating SEU with rational choice. Decision theorists have increasingly come to accept the experimental evidence that subjects systematically violate the axiomatic assumptions of SEU, and as a result the past decade has witnessed an explosion of mathematical models that seek to capture this behaviour. A current issue is whether axioms of SEU really are canons of rationality. Anand discusses whether the new decision-theoretic models are more than just accounts of irrational behaviour. The main themes of the book are that, empirically, SEU is false, and that normatively it imposes unnecessary constraints on rational agency. Problems with Bayesianism are introduced and it is shown that useful distinctions between risk and uncertainty (in a Keynesian sense) can be made. Some of the radical methodological changes in economics that underpin theoretical developments in decision theory and economics are also discussed
Agency (philosophy) · Axiom · Decision theory · Economics · Epistemology · Expected utility hypothesis · Interpretation (philosophy) · Irrational number · Mathematical economics · Microeconomics · Normative · Positive economics · Rationality · Subjective expected utility · Decision-Making and Behavioral Economics · Economic Theory and Institutions · Mathematics · Philosophy
Normative rationality after behavioral economics
Rational intransitive preferences
Reasonable utility functions and playing the cooperative way
How should we do political theory? Reading Rawls on method
It's good to talk
Science Communication and the Rationality of Public Opinion Formation
The Relationship Between Aversive Conditioning and Risk-avoidance in Gambling
Preference Formation and the Axioms of Choice
Is it Rational to Maximize
Impacts of human behaviour in agri-environmental policies
Why Convention Dominates Pension Fund Trustee Investment Decisionmaking
The nature of procedural preferences for health-care rationing decisions
Do people trust too much or too little
The ethical investor
Beyond Circularity and Normativity
Normative theories of argumentation
Understanding the rationality principle in economics as a functional a priori principle
Risks', 'Hazards' and Life Choices
The Dialogue of Solidarities, or why the Lion Spared Androcles
Theory Choice and the Intransitivity of ‘Is a Better Theory Than’
Push the Button
Endogenous Preferences And Delegation In The European Union
Exploitation and Rational Choice
Brand Equity as a Signaling Phenomenon
Looking Across and Looking Beyond the Knowledge Frontier
The Development of a Theory of Rational Intertemporal Choice
| Unique citing works | 26 |
|---|---|
| Citations per year | 0,79 |
| Citation span | 1993 - 2025 (33) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 3 |