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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 is inadequate, and proposes the return to a simpler sort of scientific theory of risky choice
Daniel Friedman is Distinguished Professor of Economics, University of California, Santa Cruz, USA
R. Mark Isaac is John and Hallie Quinn Eminent Scholar at Florida State University, USA
Duncan James is Associate Professor (Economics) Fordham University, USA
Shyam Sunder is James L. Frank Professor of Economics and Management at the Yale School of Management.
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