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Decision-theoretic aspects of risk-taking behaviour

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Abstract

A crucial problem in economic decision (game) theory is to specify by an algorithm the standards of behaviour which determine the process of decision-making. Recent research has indicated that the attitude to risk is an important argument for finding unique solutions for decision problems. In this study different behaviour-constants of decision-making are reported which clarify that a logical equivalency exists between decision-making, conflict, achievement motive and risk-taking. By using information theoretic arguments as a transform rule, it is suggested to measure risk-preference and risk-aversion in terms of redundancy and related measures.

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Authors and Affiliations

  1. Institut für Industrie- und Verkehrspolitik, Universität Bonn, Bonn, Germany

    Rainer Pötzsch

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  1. Rainer Pötzsch
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The author is assistant at the University of Bonn (Institut für Industrie-und Verkehrs-politik der Universität Bonn, Adenauerallee 24–26, D-5300 Bonn).

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Pötzsch, R. Decision-theoretic aspects of risk-taking behaviour. Theor Decis 3, 107–125 (1972). https://doi.org/10.1007/BF00141051

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