"Money Can't Buy Me Love": Paradoxes and Expected Utility Theory: A Clarification

John R Kemp

Scottish Journal of Political Economy, 1988, vol. 35, issue 2, 149-61

Abstract: It is shown that a utility function can be specified that can account for all the normal patterns of behavior associated with uncertain choice,but which is also more general in that it is capable of accomodating behavior that has previously been viewed as perverse. At the same time, a framework is provided within which more recent approaches towards the analysis of behavior under uncertainty can be better understood, developed, and clarified through highlighting the importance that requires to be attached to psychological, as well as economic, variables for the construction of a general theory of uncertain choice. Copyright 1988 by Scottish Economic Society.

Date: 1988
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