Munich Personal RePEc Archive

On the attitude to risk and the decision-making behavior

Cocioc, Paul (2017): On the attitude to risk and the decision-making behavior. Published in: Review of Economic Studies and Research Virgil Madgearu , Vol. 10, No. 1 (2017): pp. 27-46.

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The paper is intended to be a synthesis of the general approaches on economic risk and economic decisions under risk. Delimitation of the risk from the uncertainty is based on Knight’s views. Basically decisions are analyzed in a conventional manner by using the expected utility hypothesis. The paradigm is presented both historycal and critically from Bernoulli to von Neumann and Morgenstern. It develops some ideas on the elements encountered in establishing the minimal acceptable level of outcomes for risk-taking. The comments and conclusions highlight certain limits on rationality in economic decision.

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