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Handbook of the Economics of Risk and Uncertainty
book

Handbook of the Economics of Risk and Uncertainty

by Mark Machina, W. Kip Viscusi
November 2013
Beginner content levelBeginner
896 pages
35h 10m
English
North Holland
Content preview from Handbook of the Economics of Risk and Uncertainty
John D. Hey
810
theoretical virtues of SEU—its simplicity, elegance and coherence—as these have been
well-evidenced throughout this handbook. We concentrate here on its empirical robust-
ness, particularly in experimental settings. We start with Allais’ experiment, not only
because it was one of the earliest, but also because it set the tone for the style of many
subsequent experiments. From a modern perspective, there is much to criticize in what
he did: he ran an experiment without incentives; with absurd amounts of (hypothetical)
money; with a small number of problems; with carefully selected problems; and with a
wholly unrepresentative set ...
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Publisher Resources

ISBN: 9780444536853