Foundations of Rational Choice Under Risk (Paperback) (ISBN-13: 9780198774426)

Paul Anand describes and evaluates many existing criticisms of the formal theory of rationality and subjective expected utility (SEU) theory. He tests the logical and philosophical basis for basing rational choice on SEU and argues that, empirically, SEU is false, and that normatively, it imposes unnecessary constraints on rational agency. He provides his own account of rational choice which is grounded in the relationship between an agent's preference and his or her behavior. In addition, he discusses some of the radical methodological changes in economics that form the basis for theoretical developments in decision theory.

Author: Paul Anand
ISBN-10: 0198774427
ISBN-13: 9780198774426
Publisher: Oxford University Press
Language: English
Published: 09/28/1995
Pages: 174
Format: Paperback
Weight: 0.52lbs
Size: 8.62h x 5.52w x 0.47d