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Risky Curves

On the Empirical Failure of Expected Utility

Risky Curves( )
Author: Friedman, Daniel
Isaac, R. Mark
James, Duncan
Sunder, Shyam
ISBN:978-1-315-81989-1
Publication Date:Feb 2014
Publisher:Routledge
Book Format:Digital (delivered electronically)
List Price:USD $180.00USD $180.00USD $56.95
Book Description:

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...
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