On the attitude to risk and the decision-making behavior

Paul Cocioc ()

MPRA Paper from University Library of Munich, Germany

Abstract: The paper is intended to be a synthesis of the general approaches on economic risk and economic decisions under risk. Delimitation of the risk from the uncertainty is based on Knight’s views. Basically decisions are analyzed in a conventional manner by using the expected utility hypothesis. The paradigm is presented both historycal and critically from Bernoulli to von Neumann and Morgenstern. It develops some ideas on the elements encountered in establishing the minimal acceptable level of outcomes for risk-taking. The comments and conclusions highlight certain limits on rationality in economic decision.

Keywords: risk; risk-aversion; uncertainty; decision-making; expected-utility hypothesis (search for similar items in EconPapers)
JEL-codes: D01 D11 D81 (search for similar items in EconPapers)
Date: 2017, Revised 2017
New Economics Papers: this item is included in nep-rmg and nep-upt
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Published in Review of Economic Studies and Research Virgil Madgearu 1.10(2017): pp. 27-46

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:83609

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