THE ECONOMICS OF UNCERTAINTY VI

Abstract

The empirical evidence--from laboratory experiments and economic observations--which may be relevant to the Bernoulli Principle is reviewed. It is concluded that, apart from obvious mistakes, people seem to make the decisions which will maximize expected utility, with a concave function representing the utility of money.

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Document Details

Document Type
Technical Report
Publication Date
Jun 01, 1965
Accession Number
AD0618378

Entities

People

  • Karl Borch

Organizations

  • University of California, Los Angeles

Tags

Communities of Interest

  • Biomedical
  • Human Systems

DTIC Thesaurus Topics

  • Business Administration
  • California
  • Commerce
  • Decision Theory
  • Economics
  • Governments
  • Human Behavior
  • Insurance
  • Money
  • Observation
  • Probability
  • Students
  • Theorems
  • Uncertainty
  • United States
  • United States Government
  • Universities

Fields of Study

  • Economics

Readers

  • Fluid Dynamics.
  • Systems Analysis and Design
  • Team-Based Human-Centered Cognitive Task Decision Making and Information Performance.