Foundations of Rational Choice Under Risk

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Paul Anand describes and evaluates many existing criticisms of the formal theory of rationality and subjective expected utility (SEU) theory. He tests the logical and philosophical basis for basing rational choice on SEU and argues that, empirically, SEU is false, and that normatively, it imposes unnecessary constraints on rational agency. He provides his own account of rational choice which is grounded in the relationship between an agent's preference and his or her behavior. In addition, he discusses some of the radical methodological changes in economics that form the basis for theoretical developments in decision theory.

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About the Author:


Paul Anand was a Research Fellow of Templeton College Oxford when the book was written and currently has affiliations to the Open University, Oxford and LSE.

Review:

`The book provides useful references from the economic, psychological, philosophical and even mathematical literature ... stimulating and thought-provoking.'
Professor Machina, Journal of Economic Literature

`It is very clear that the author has given a lot of thought to the many aspects of the issues he addresses. Similarly, the book provides useful references from the economic, psychological, philosophical, and even mathematical literature.'
Journal of Economic Literature

`Shows an agreeable lack of fetish for technical and mathematical presentation, and will serve as a fairly accessible introduction to the area for philosophical readers unfamiliar with the terrain'
David Phillips, University of Houston, Philosophical Review

`This book offers, in nine chapters, a concise presentation and critical assessment of subjective expected utility (SEU) theory ... Anand's book highlights some difficult problems facing SEU accounts of rational choice, and outlines a reason-oriented alternative to those accounts.'
Mind

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9780198233039: Foundations of Rational Choice Under Risk

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ISBN 10:  0198233035 ISBN 13:  9780198233039
Publisher: Oxford University Press, 1993
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Book Description Oxford University Press, United Kingdom, 1997. Paperback. Condition: New. Revised ed.. Language: English. Brand new Book. In this book, Paul Anand examines the normative interpretation of Subjective Expected Utility (SEU). He tests the philosophical and logical basis for associating SEU with rational choice. Decision theorists have increasingly come to accept the experimental evidence that subjects systematically violate the axiomatic assumptions of SEU, and as a result the past decade has witnessed an explosion of mathematical models that seek to capture this behaviour. A current issueis whether axioms of SEU really are canons of rationality. Anand discusses whether the new decision-theoretic models are more than just accounts of irrational behaviour. The main themes of the book are that, empirically, SEU is false, and that normatively it imposes unnecessary constraints on rational agency. Problems with Bayesianism are introduced and it is shown that useful distinctions between risk and uncertainty (in a Keynesian sense) can be made. Some of the radical methodological changes in economics that underpin theoretical developments in decision theory and economics are also discussed. Seller Inventory # AAV9780198774426

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Book Description Oxford University Press, United Kingdom, 1997. Paperback. Condition: New. Revised ed.. Language: English. Brand new Book. In this book, Paul Anand examines the normative interpretation of Subjective Expected Utility (SEU). He tests the philosophical and logical basis for associating SEU with rational choice. Decision theorists have increasingly come to accept the experimental evidence that subjects systematically violate the axiomatic assumptions of SEU, and as a result the past decade has witnessed an explosion of mathematical models that seek to capture this behaviour. A current issueis whether axioms of SEU really are canons of rationality. Anand discusses whether the new decision-theoretic models are more than just accounts of irrational behaviour. The main themes of the book are that, empirically, SEU is false, and that normatively it imposes unnecessary constraints on rational agency. Problems with Bayesianism are introduced and it is shown that useful distinctions between risk and uncertainty (in a Keynesian sense) can be made. Some of the radical methodological changes in economics that underpin theoretical developments in decision theory and economics are also discussed. Seller Inventory # AAV9780198774426

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Book Description Oxford University Press. Paperback. Condition: New. 176 pages. Dimensions: 8.3in. x 5.5in. x 0.5in.Paul Anand describes and evaluates many existing criticisms of the formal theory of rationality and subjective expected utility (SEU) theory. He tests the logical and philosophical basis for basing rational choice on SEU and argues that, empirically, SEU is false, and that normatively, it imposes unnecessary constraints on rational agency. He provides his own account of rational choice which is grounded in the relationship between an agents preference and his or her behavior. In addition, he discusses some of the radical methodological changes in economics that form the basis for theoretical developments in decision theory. This item ships from multiple locations. Your book may arrive from Roseburg,OR, La Vergne,TN. Paperback. Seller Inventory # 9780198774426

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