Foundations of Rational Choice Under Risk - Softcover

Anand, Paul

 
9780198774426: Foundations of Rational Choice Under Risk

Synopsis

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.

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Other Popular Editions of the Same Title

9780198233039: Foundations of Rational Choice Under Risk

Featured Edition

ISBN 10:  0198233035 ISBN 13:  9780198233039
Publisher: Oxford University Press, 1993
Hardcover