Risk: The Long and the Short.

Abstract

This paper was stimulated by a recent article of Lola Lopes (1982) 'Decision making in the short run', that challenges the normative adequacy of expected utility theory. This note addresses some of the issues raised by Lopes and rebuts her main arguments. The authors propose a new normative treatment and a psychological analysis of an interesting gambling problem introduced by Paul Samuelson (1963) in his article 'Risk and uncertainty: A fallacy of large numbers.'

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Document Details

Document Type
Technical Report
Publication Date
Jun 01, 1983
Accession Number
ADA140580

Entities

People

  • A. Tversky
  • M. Bar-hillel

Organizations

  • Stanford University

Tags

Communities of Interest

  • Biomedical
  • Human Systems
  • Space
  • Weapons Technologies

DTIC Thesaurus Topics

  • Air Force
  • Applied Psychology
  • Behavioral Sciences
  • Biological Sciences
  • Birds
  • Engineering
  • Human Factors Engineering
  • Industrial Engineering
  • Information Science
  • Jet Propulsion
  • Military Research
  • Navy
  • Probability
  • Psychology
  • Random Variables
  • Social Sciences
  • Systems Engineering

Readers

  • Mathematical Modeling and Probability Theory.
  • Strategic Security Studies