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Theories Of Choice Under Uncertainty

Author

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  • Perica Vojinic

    (University of Dubrovnik)

Abstract

Traditional economic analysis of choice under uncertainty is based on expected utility theory, although many studies have shown that individual behaviour under uncertainty is not in accordance with fundamental principles of conventional theory. As a result, the growing number of alternative theories and models have emerged criticizing conventional theory. The purpose of this paper is to review conventional expected utility theory and to assess some of the relevant alternative theories of choice under uncertainty.

Suggested Citation

  • Perica Vojinic, 2010. "Theories Of Choice Under Uncertainty," Economic Thought and Practice, Department of Economics and Business, University of Dubrovnik, vol. 19(2), pages 331-355, december.
    • Handle: RePEc:avo:emipdu:v:19:y:2010:i:2:p:331-355
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    More about this item

    Keywords

    choice under uncertainty; utility function; value function; indifference curves; attitude toward risk;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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