Should Agricultural and Resource Economists Care that the Subjective Expected Utility Hypothesis is False?
نویسنده
چکیده
This paper argues that the subjective expected utility (SEU) model has serious limitations in both positive and normative analysis. In addition to experimental evidence, I discuss examples where alternatives to the SEU provide a richer framework for the study of problems of choice under uncertainty. Opportunities for improved positive and normative analysis using non-SEU models are discussed. * Copyright 1998 by Richard T. Woodward. all rights reserved. Readers may make verbatim copies of this document for non-commercial purposes by any means, provided that this copyright notice appears on all such copies.
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تاریخ انتشار 1998