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Risk and Rationality
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Risk and Rationality

Lara Buchak

Abstract

This book is about the principles that govern rational decision-making in the face of risk. A distinctive feature of these decisions is that individuals are forced to consider how their choices will turn out under various circumstances, and decide how to trade off the possibility that a choice will turn out well against the possibility that it will turn out poorly. The orthodox view is that there is only one acceptable way to do this: rational individuals must maximize expected utility. The contention of this book, however, is that the orthodox theory (expected utility theory) dictates an over ... More

Keywords: risk, rationality, expected utility, decision, decision-making, preferences

Bibliographic Information

Print publication date: 2013 Print ISBN-13: 9780199672165
Published to Oxford Scholarship Online: April 2014 DOI:10.1093/acprof:oso/9780199672165.001.0001

Authors

Affiliations are at time of print publication.

Lara Buchak, author
University of California at Berkeley