Risky decisions in the large and in the small: Theory and experiment

James Cox and Vjollca Sadiraj

A chapter in Risk Aversion in Experiments, 2008, pp 9-40 from Emerald Group Publishing Limited

Abstract: Much of the literature on theories of decision making under risk has emphasized differences between theories. One enduring theme has been the attempt to develop a distinction between “normative” and “descriptive” theories of choice.Bernoulli (1738)introduced log utility because expected value theory was alleged to have descriptively incorrect predictions for behavior in St. Petersburg games. Much later,Kahneman and Tversky (1979)introduced prospect theory because of the alleged descriptive failure of expected utility (EU) theory (von Neumann & Morgenstern, 1947).

Date: 2008
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.emerald.com/insight/content/doi/10.101 ... d&utm_campaign=repec (text/html)
https://www.emerald.com/insight/content/doi/10.101 ... 0193-2306(08)00002-1
https://www.emerald.com/insight/content/doi/10.101 ... d&utm_campaign=repec (application/pdf)
Access to full text is restricted to subscribers

Related works:
Working Paper: Risky Decisions in the Large and in the Small: Theory and Experiment (2008)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eme:rexezz:s0193-2306(08)00002-1

DOI: 10.1016/S0193-2306(08)00002-1

Access Statistics for this chapter

More chapters in Research in Experimental Economics from Emerald Group Publishing Limited
Bibliographic data for series maintained by Emerald Support ().