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Economics versus psychology.Risk, uncertainty and the expected utility theory

Daniele Schiliro'

MPRA Paper from University Library of Munich, Germany

Abstract: The present contribution examines the emergence of expected utility theory by John von Neumann and Oskar Morgenstern, the subjective the expected utility theory by Savage, and the problem of choice under risk and uncertainty, focusing in particular on the seminal work “The Utility Analysis of Choices involving Risk" (1948) by Milton Friedman and Leonard Savage to show how the evolution of the theory of choice has determined a separation of economics from psychology.

Keywords: Rational Choice; Risk; Uncertainty; Expected Utility Theory (search for similar items in EconPapers)
JEL-codes: C70 D80 D81 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cbe, nep-evo, nep-hpe and nep-upt
Date: 2017-06
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Published in Journal of Mathematical Economics and Finance 1.3(2017): pp. 1-12

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