Expected Utility Theory -- Alternative Descriptive Models -- A Positivistic Test of EU Theory -- An Experimental Study of Insurance Decisons -- Statistical Knowledge and Gambling Decisions -- Risk Taking and Problem Context in the Domain of Losses -- Epilogue.

Economic analysis of choice under uncertainty has been dominated by the expected utility (EU) model, yet the EU model has never been without critics. Psychologists accumulated evidence that individual choices under uncertainty were inconsistent with the predictions of the EU model. Applied work...

Traditional utility theory, growing out of the ideas of von Neumann & Morgenstern and Savage, asserts that wise decision makers should maximize some form of expected utility. Decision analysis as a technology implements this prescription. But even after careful thought, people do not necessarily...

This volume contains over twenty original contributions, written by leading authorities in their field, dealing with decision models for supporting individuals facing situations encompassing multiple criteria and related problems. The book presents interactive methods for solving multiple...

Studies in the Economics of Uncertainty presents some new developments in the economics of uncertainty produced by leading scholars in the field. The contributions to this Festschrift in honor of Professor Josef Hadar of Southern Methodist University cover a broad range of topics centered on the...

Fuzzy set theory, which started not much more than 20 years ago as a generalization of classical set theory, has in the meantime evolved into an area which scientifically, as well as from the point of view of applications, is recognized as a very valuable contribution to the existing knowledge....