Risky Curves: On the Empirical Failure of Expected Utility

by Shyam Sunder, Duncan James, Daniel Friedman, et al.

Book Overview

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 na ve models that use rules of thumb, or that focus on the consumption possibilities and economic constraints...

• Format: Hardcover
• Language: English
• ISBN: 0415636108
• ISBN13: 9780415636100
• Release Date: February 2014
• Publisher: Routledge
• Length: 152 Pages
• Weight: 0.85 lbs.
• Dimensions: 0.6" x 6.2" x 9.3"