Daniel Kahneman et l'analyse de la décision face au risque

Christian Gollier (), Denis Hilton and Éric Raufaste

Revue d'économie politique, 2003, vol. 113, issue 3, 295-307

Abstract: The work of Kahneman, Tversky and other psychologists has called the classical model of homo ?conomicus into question. Many studies conducted in psychology and economics have shown that classical economic expected utility theory does not satisfactorily describe human behaviour under risk. We suggest that Kahneman and Tversky?s prospect theory can be elaborated into a subjective theory of expected utility which refines and enriches the classic approach. Moreover, it has now been established that preferences are generally constructed during the decision-making process. Indeed, this process of construction is sensitive to cognitive and socio-cultural influences having important consequences for reciprocal communication between the ordinary public and decision-makers.

Keywords: expected utility theory; prospect theory (search for similar items in EconPapers)
Date: 2003
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