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Alternative Approaches to the Theory of Choice in Risk-Taking Situations

Kenneth J. Arrow
Econometrica
Vol. 19, No. 4 (Oct., 1951), pp. 404-437
Published by: The Econometric Society
DOI: 10.2307/1907465
Stable URL: http://www.jstor.org/stable/1907465
Page Count: 34
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Alternative Approaches to the Theory of Choice in Risk-Taking Situations
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Abstract

This paper seeks to survey the literature in economics, philosophy, mathematics, and statistics on the subject of choice among alternatives the consequences of which are not certain. Attention is centered on the suggested modes of describing uncertainty and on the theories of rational and actual behavior of in individuals making choices.

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