IN CONTEXT
Decision making
Maurice Allais (1911–2010)
1944 John von Neumann and Oskar Morgenstern publish A Theory of Games and Co-operative Behavior, laying the foundations for expected utility theory.
1954 US mathematician L. J. Savage shows how people calculate the probabilities of uncertain events.
1979 Daniel Kahneman and Amos Tversky explain some discrepancies between psychological experiments and the claims of economic theory.
From 1980s Behavioral economics is established, integrating psychology with the mathematical techniques of economics.
In 1944, the US mathematician John von Neumann and the German-born economist ...
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