Titlebook: Expected Utility Hypotheses and the Allais Paradox; Contemporary Discuss Maurice Allais,Ole Hagen Book 1979 Springer Science+Business Media

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,-Klassengruppe und ,-Klassenk?rperturm,retains important aspects of the representation used by von Neumann and Morgenstern. However, even this drastic weakening of the original expected-utility theory cannot fully account for failures of independence uncovered by Allais, nor can it handle the phenomenon of cyclic preferences which has been observed by Tversky and others.

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On the Nature of Expected Utilityretains important aspects of the representation used by von Neumann and Morgenstern. However, even this drastic weakening of the original expected-utility theory cannot fully account for failures of independence uncovered by Allais, nor can it handle the phenomenon of cyclic preferences which has been observed by Tversky and others.

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political theories which deal with public decisions. Recently the American School of utility, founded by von N eumann- Morgenstern, encountered a far-going criticism by the French School of utility represented by its founder Allais. The whole basis of the theory of decisions involving risk has been

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Marius van der Put,Michael F. Singer stated in the paper are then used to determine how an individual should rank lotteries assigning the different prizes with given probabilities. The implications of our results are finally discussed in relation to the von Neumann-Morgenstern axioms and a contention made by M. Allais in his 1953 . paper.

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Book 1979 theories which deal with public decisions. Recently the American School of utility, founded by von N eumann- Morgenstern, encountered a far-going criticism by the French School of utility represented by its founder Allais. The whole basis of the theory of decisions involving risk has been shaken an

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