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Routledge Risky Curves: Expected Utility Failure in Economics

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Description

Risky Curves challenges decades of orthodox economic theory that assumes individuals maximise utility functions based on purchasing power. This Routledge volume argues that even the most refined orthodox approaches fail to outperform simpler heuristic models and rules of thumb that account for real consumption constraints. The authors build their case by examining the theoretical foundations of expected utility theory, then documenting extensive empirical failures across decades of research. Rather than accepting the standard framework, this work demonstrates why naive strategies focusing on actual economic constraints often prove more effective than complex utility maximisation models. Essential reading for economists, psychologists, and decision theorists seeking to understand why traditional rational choice theory inadequately explains human behaviour under uncertainty.

Key Features

Risky Curves presents rigorous critique of orthodox utility theory and its empirical shortcomings.

The Routledge publication documents decades of failed attempts to validate expected utility models.

This book explores how simple heuristics and consumption-focused models outperform complex orthodox approaches.

Combines historical analysis of utility theory origins with contemporary behavioural economics evidence.

Product Specifications

Format
hardcover
Domain
Amazon UK
Release Date
03 February 2014
Listed Since
06 August 2013

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