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Please use this identifier to cite or link to this item: http://hdl.handle.net/10202/365

Title: Individual Choice under Uncertainty
Authors: Angelsen, Arild
Keywords: Risk
Uncertainty
Decision-making theory
Issue Date: 1993
Publisher: Chr. Michelsen Institute
Series/Report no.: CMI Working paper
WP 1993: 4
Abstract: The first part of this paper gives an overview of the dominating approach within economic theory on individual decision making under uncertainty or risk - the expected utility (EU) theory. The theory has increasingly been criticised, and some of the empirical violations of the theory are reviewed. In spite of a number of paradoxes, and the descriptive and predictive difficulties of the EU theory, it remains the dominating approach within economic theory. This paper presents and discusses two alternative, non-expected utility approaches, which fit better with observed behaviour in different experiments and real-life situations.
URI: http://hdl.handle.net/10202/365
ISSN: 0804-3639
Appears in Collections:CMI Collection (Reports, Working Papers, Articles etc.)

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