Schilirò, Daniele
(2017):
*Economics versus psychology.Risk, uncertainty and the expected utility theory.*
Published in: Journal of Mathematical Economics and Finance
, Vol. 3, No. 1
(July 2017): pp. 1-12.

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## Abstract

The present contribution examines the emergence of expected utility theory by John von Neumann and Oskar Morgenstern, the subjective the expected utility theory by Savage, and the problem of choice under risk and uncertainty, focusing in particular on the seminal work “The Utility Analysis of Choices involving Risk" (1948) by Milton Friedman and Leonard Savage to show how the evolution of the theory of choice has determined a separation of economics from psychology.

Item Type: | MPRA Paper |
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Original Title: | Economics versus psychology.Risk, uncertainty and the expected utility theory |

Language: | English |

Keywords: | Rational Choice; Risk; Uncertainty; Expected Utility Theory |

Subjects: | C - Mathematical and Quantitative Methods > C7 - Game Theory and Bargaining Theory > C70 - General D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D80 - General D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D81 - Criteria for Decision-Making under Risk and Uncertainty |

Item ID: | 83366 |

Depositing User: | Daniele Schilirò |

Date Deposited: | 21 Dec 2017 08:17 |

Last Modified: | 26 Sep 2019 16:04 |

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URI: | https://mpra.ub.uni-muenchen.de/id/eprint/83366 |