Foundations of Rational Choice Under Risk

Zusatztext [Paul Anand makes] clearly a case for reversing the direction of much economic theorizing Informationen zum Autor Paul Anand was a Research Fellow of Templeton College Oxford when the book was written and currently has affiliations to the Open University, Oxford and LSE. Klappentext 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. Zusammenfassung Paul Anand describes and evaluates a number of existing criticisms of the formal theory of rationality and subjective expected utility theory. He provides his own axiomatic alternative account of rational choice which sets it in the context of the relation between an agent's preferences and his or her behaviour.

Product details

• Authors: Paul Anand, Paul (Was a Research Fellow of Templeton Co Anand, Anand Paul
• Publisher: Oxford University Press
• Languages: English
• Product format: Paperback / Softback
• Released: 10.08.1995
• EAN: 9780198774426
• ISBN: 978-0-19-877442-6
• No. of pages: 174
• Subjects: Social sciences, law, business > Business > Economics; BUSINESS & ECONOMICS / Decision-Making & Problem Solving, BUSINESS & ECONOMICS / Economics / Theory, Economic theory & philosophy, Management decision making, Economic theory and philosophy