Foundations of Rational Choice Under Risk - Couverture rigide

Anand, Paul

Couverture rigide

ISBN 10 : 0198233035 ISBN 13 : 9780198233039

Editeur : Oxford University Press, 1993

Synopsis

The author describes and evaluates a number of existing criticisms of the formal theory of rationality and subjective expected utility theory. The latter rests on axioms that are usually regarded as principles of rationality; that is, principles that a rational person would never want to violate. The author claims that these axioms cannot be shown to be principles of rationality in this sense and provides his own axiomatic alternative account of rational choice. He finds that rationality is not a behavioural entity, but rather has to do with the relation between an agent's preferences and his or her behaviour. The book rejuvenates the old risk uncertainty distinction and draws together many of the critiques of the standard axioms such as transitivity and independence.

A propos du livre

Présentation de l'éditeur

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 issue is 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.

Revue de presse

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)

[Paul Anand makes] clearly a case for reversing the direction of much economic theorizing (Times Higher Education Supplement)

Détails de l'édition

• Éditeur: Oxford University Press
• Date d'édition: 1993
• Langue: anglais
• ISBN 10: 0198233035
• ISBN 13: 9780198233039
• Reliure: Relié
• Nombre de pages: 176
• Coordonnées du fabricant: non disponible
• Personne responsable: Messaggerie Libri; ufficio.anagrafiche@meli.it; ; Via Verdi, 8; Assago Milano; Italie