In economics, the prevailing framework to explain preferences under uncerta- inty is the Expected Utility theory …. Despite its widespread use, the Expected Utility theory is not free from problems. Experimental and empirical works shows that …, in real life, the choices of individuals among risky alternatives conflict with the axioms of the Expected Utility theory …

This paper examines some of the consequences for economic theory of the replacement of binary personal preferences by … both much damage to existing theory and greater opportunity for providing formal explanations of such phenomena as … economic theory that is founded on a choice theory that is based exclusively on binary relational personal preferences. …

Shackle's theory of decision-making under uncertainty and the background to it are outlined. Its major prediction about … demonstrated will make it possible to discriminate between Shackle's theory (and its clone, Ford's perspective theory) and non …-expected utility theories. A means for distinguishing between Shackle's theory and perspective theory is noted. …