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The Economics of Uncertainty

Edited by John D. Hey, Professor of Economics and Statistics and Co-Director of the Centre for Experimental Economics, University of York, UK
This book documents the theoretical reconstruction of the theory of decision-making in the aftermath of this flood. It is divided into three parts and contains the key papers introducing and describing new theories of decision under risk, new theories of decision under uncertainty and new theories of dynamic decision-making.
Two volume set
Extent: 1,204 pp
Hardback Price: $686.00 Web: $617.40
Publication Date: 1997
ISBN: 978 1 85898 277 9
Availability: In Stock
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  • Economics and Finance
  • Behavioural and Experimental Economics
  • Economic Psychology
Until recently, ‘Subjective Expected Utility Theory’ was accepted within the economics profession as the theory of rational decision-making under risk and under certainty. However, its pre-eminence in recent years has been undermined as a consequence of a flood of experimental evidence casting doubt on its descriptive accuracy.

This book documents the theoretical reconstruction of the theory of decision-making in the aftermath of this flood. It is divided into three parts and contains the key papers introducing and describing new theories of decision under risk, new theories of decision under uncertainty and new theories of dynamic decision-making.
‘. . . the selection of papers is comprehensive, containing both the expected classics and more obscure articles. . . the editor provides an introduction which is a useful route map through the collection.’
– Hugh Gravelle, The Economic Journal
46 articles, dating from 1961 to 1994
Contributors include: S.H. Chew, L.G. Epstein, I. Gilboa, P.J. Hammond, M.J. Machina, G. Sugden
Contents: Volume I: Acknowledgements Introduction Part I: Risk Name Index • Volume II: Acknowledgements Part II: Uncertainty and Dynamics Index