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INDIVIDUAL DECISION MAKING UNDER RISK AND UNCERTAINTY: A PERSPECTIVE ON THE LITERATURE

Michele Bernasconi
Giornale degli Economisti e Annali di Economia
Nuova Serie, Anno 50, No. 3/4 (Marzo-Aprile 1991), pp. 125-150
Published by: EGEA SpA
Stable URL: http://www.jstor.org/stable/23247043
Page Count: 26
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
INDIVIDUAL DECISION MAKING UNDER RISK AND UNCERTAINTY: A PERSPECTIVE ON THE LITERATURE
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Abstract

This paper surveys the effects that different psychological considerations may produce on individual decision making under risk and uncertainty. Some of these effects may also generate systematic deviations of behaviour from the predictions of the Expected Utility theory. In these cases, the paper also presents some of the more recent non-expected utility models which can accommodate such violations. The main characteristic of the presentation is the suggestion that the different models should be considered as complementary, rather than as alternative, in explaining the deviations.

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