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Subjective Aspects of Risk

In: Decision Theory and Decision Behaviour

Author

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  • Anatol Rapoport

Abstract

A decisive stimulus to the development of formal decision theory was provided by the formulation of the principle of expected gain. We have seen how this principle was used to settle the question of how the stakes of an interrupted gambling game were to be divided. The term ‘moral expectation’ given to the principle at the time reflected a normative interpretation of expected gain: what the player could ‘justly’ expect.

Suggested Citation

  • Anatol Rapoport, 1998. "Subjective Aspects of Risk," Palgrave Macmillan Books, in: Decision Theory and Decision Behaviour, edition 0, chapter 4, pages 82-104, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37776-9_5
    DOI: 10.1057/9780230377769_5
    as

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