Foundations of Rational Choice Under Risk
Paul AnandISBN: 0198774427;
Paul Anand describes and evaluates many existing criticisms of the formal theory of rationality and subjective expected utility (SEU) theory. He tests the logical and philosophical basis for basing rational choice on SEU and argues that, empirically, SEUis false, and that normatively, it imposes unnecessary constraints on rational agency. He provides his own account of rational choice which is grounded in the relationship between an agent's preference and his or her behavior.
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