THEORIES OF CHOICE UNDER UNCERTAINTY

Perica Vojinic ()
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Perica Vojinic: University of Dubrovnik

Economic Thought and Practice, 2010, vol. 19, issue 2, 331-355

Abstract: Traditional economic analysis of choice under uncertainty is based on expected utility theory, although many studies have shown that individual behaviour under uncertainty is not in accordance with fundamental principles of conventional theory. As a result, the growing number of alternative theories and models have emerged criticizing conventional theory. The purpose of this paper is to review conventional expected utility theory and to assess some of the relevant alternative theories of choice under uncertainty.

Keywords: choice under uncertainty; utility function; value function; indifference curves; attitude toward risk (search for similar items in EconPapers)
JEL-codes: D81 (search for similar items in EconPapers)
Date: 2010
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