Risky Curves
On the Empirical Failure of Expected Utility
For several decades, the orthodox economics approach to understanding choice under risk has been to assume that each individual person maximizes some sort of personal utility function defined over purchasing power. This new volume contests that even the best wisdom from the orthodox theory has not yet been able to do better than supposedly naïve models that use rules of thumb, or that focus on the consumption possibilities and economic constraints facing the individual. The authors assert this by first revisiting the origins of orthodox theory. They then recount decades of failed attempts to obtain meaningful empirical validation or calibrati…
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Produktdetails
Weitere Autoren: Isaac, R. Mark / James, Duncan / Sunder, Shyam
- ISBN: 978-1-317-82124-3
- EAN: 9781317821243
- Produktnummer: 17031681
- Verlag: Taylor & Francis Ltd.
- Sprache: Englisch
- Erscheinungsjahr: 2014
- Seitenangabe: 140 S.
- Plattform: PDF
- Masse: 942 KB
- Abbildungen: 17 schwarz-weiße Abbildungen, 17 schwarz-weiße Zeichnungen, 9 schwarz-weiße Tabellen
Über den Autor
Daniel Friedman is Distinguished Professor of Economics, University of California, Santa Cruz, USAR. Mark Isaac is John and Hallie Quinn Eminent Scholar at Florida State University, USADuncan James is Associate Professor (Economics) Fordham University, USAShyam Sunder is James L. Frank Professor of Economics and Management at the Yale School of Management.
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