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Routledge Risky Curves: On the Empirical Failure of Expected Utility

Name: Risky Curves: On the Empirical Failure of Expected Utility
Brand: Routledge
Price: 125.0 GBP
Availability: InStock

17 Line drawings, black and white; 9 Tab

Schools of Thought

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Description

Explore a challenging critique of modern economic theory in Risky Curves: On the Empirical Failure of Expected Utility. Published by Routledge, this volume examines the long-standing orthodox approach to understanding how individuals make choices under risk. For decades, mainstream economics has operated on the assumption that people maximize personal utility functions based on purchasing power. This book contests those established views, arguing that even the most advanced orthodox theories have struggled to outperform simpler models. The authors suggest that naive models using rules of thumb or those focusing on real-world consumption possibilities and economic constraints may actually offer better insights. By revisiting the origins of orthodox theory and recounting decades of failed attempts to refine it, this work provides a deep look into the limitations of current economic models. It is an essential read for students and professionals interested in microeconomics and the empirical realities of decision-making processes.

Key Features

Examines the orthodox economics approach to how individuals make choices when facing risk.

Contests the assumption that people always maximize utility functions defined by purchasing power.

Compares advanced economic theories against simple models that use practical rules of thumb.

Analyzes how consumption possibilities and economic constraints affect individual decision-making.

Provides a historical review of the origins and evolution of orthodox economic theory.

Offers a detailed recount of decades of attempts to improve existing economic models.

Product Specifications

Brand: Routledge
Model: 17 Line drawings, black and white; 9 Tab
Format: hardcover
ASIN: 0415636108
Category: Books > Subjects > Health, Family & Lifestyle > Psychology & Psychiatry > Schools of Thought
Domain: Amazon UK
Release Date: 03 February 2014
Listed Since: 06 August 2013

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Routledge Risky Curves: On the Empirical Failure of Expected Utility

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