Foundations of Rational Choice Under Risk - Hardcover

Anand, Paul

Hardcover

ISBN 10: 0198233035 ISBN 13: 9780198233039

Publisher: Oxford University Press, 1993

Synopsis

The author describes and evaluates a number of existing criticisms of the formal theory of rationality and subjective expected utility theory. The latter rests on axioms that are usually regarded as principles of rationality; that is, principles that a rational person would never want to violate. The author claims that these axioms cannot be shown to be principles of rationality in this sense and provides his own axiomatic alternative account of rational choice. He finds that rationality is not a behavioural entity, but rather has to do with the relation between an agent's preferences and his or her behaviour. The book rejuvenates the old risk uncertainty distinction and draws together many of the critiques of the standard axioms such as transitivity and independence.

About this title

Review

Shows an agreeable lack of fetish for technical and mathematical presentation, and will serve as a fairly accessible introduction to the area for philosophical readers unfamiliar with the terrain (David Phillips, University of Houston, Philosophical Review)

[Paul Anand makes] clearly a case for reversing the direction of much economic theorizing (Times Higher Education Supplement)

About the Author

Paul Anand was a Research Fellow of Templeton College Oxford when the book was written and currently has affiliations to the Open University, Oxford and LSE.

Edition details

• Publisher: Oxford University Press
• Publication date: 1993
• Language: English
• ISBN 10: 0198233035
• ISBN 13: 9780198233039
• Binding: Hardcover
• Edition number: 1
• Number of pages: 176