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Non-Expected Utility Theory

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The New Palgrave Dictionary of Economics

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Abstract

Although the expected utility model has long been the standard theory of individual choice under objective and subjective uncertainty, experimental work by both psychologists and economists has uncovered systematic departures from the expected utility hypothesis, which has led to the development of alternative models of preferences over uncertain prospects.

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Authors
  1. Mark J. Machina
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Editor information

Steven N. Durlauf Lawrence E. Blume

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© 2008 Palgrave Macmillan, a division of Macmillan Publishers Limited

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Machina, M.J. (2008). Non-Expected Utility Theory. In: Durlauf, S.N., Blume, L.E. (eds) The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-58802-2_1189

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  • DOI: https://doi.org/10.1007/978-1-349-58802-2_1189

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  • Publisher Name: Palgrave Macmillan, London

  • Print ISBN: 978-0-333-78676-5

  • Online ISBN: 978-1-349-58802-2

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