Utility functions are an important component of normative decision analysis, in that they characterize the nature of people's risk-taking attitudes. In this paper we examine various factors that make it difficult to speak of the utility function for a given person. Similarly we show that it is...

This paper discusses important friction forces that future theories of strategy must incorporate. Some of these are technological and environmental; but the most important ones---it is argued---are psychological. The view is developed that strategy, at its core, concerns the development and...

The Covid-19 pandemic has accentuated the importance of strategically managing uncertainty, with renewed interest in fragility, robustness, stress-testing, and agility. Nearly all organizations have struggled how to handle disruptions in consumer demand, production capacity, and distribution....

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.

Effective leaders enhance their control over an uncertain world through scenario analysis, competitive gaming, options planning, simulation, and more. They recognize the surprising benefits that can result from taking a strategic approach to the uncontrollable elements of the future. While...