Subjective Aspects of Risk

Anatol Rapoport

Chapter 4 in Decision Theory and Decision Behaviour, 1998, pp 82-104 from Palgrave Macmillan

Abstract: Abstract A decisive stimulus to the development of formal decision theory was provided by the formulation of the principle of expected gain. We have seen how this principle was used to settle the question of how the stakes of an interrupted gambling game were to be divided. The term ‘moral expectation’ given to the principle at the time reflected a normative interpretation of expected gain: what the player could ‘justly’ expect.

Keywords: Utility Function; Subjective Probability; Single Actor; Subjective Aspect; Fair Coin (search for similar items in EconPapers)
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37776-9_5

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DOI: 10.1057/9780230377769_5

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