DMCA
Decision under risk (2004)
| Venue: | In |
| Citations: | 30 - 2 self |
BibTeX
@INPROCEEDINGS{Wu04decisionunder,
author = {George Wu and Jiao Zhang and Richard Gonzalez},
title = {Decision under risk},
booktitle = {In},
year = {2004},
pages = {133--138},
publisher = {University Press}
}
Share
 |
 |
 |
 |
||
OpenURL
Abstract
experimental medical treatment, or steal a base, involve risk. Purchasing insurance is sensible if you believe a flood will happen, but a bad idea if you are convinced it won’t. The study of risky decision making has addressed two broad questions. How should individuals behave when faced with a risky choice like the ones above? How do individuals behave when faced with a risky choice? The first question is normative; the second, descriptive. 1 Although the first question is clearly important, our aim in this chapter is to provide answers to the second question. The study of risky decision making has a long, distinguished, and interdisciplinary history. The list of contributors include some of the most prominent figures in economics and psychology, including several Nobel Prize winners in Economics, and these ideas have in turn been applied with great success to business, law, medicine, political science, and public policy. 2 We hope to give the reader an overview of the exciting developments made by these researchers and others. In particular, the goals of this chapter are fourfold: (i) survey the evolution of questions asked by researchers of risky decision making; (ii) review the major intellectual contributions; (iii) summarize the present state of knowledge; and (iv) offer a research agenda for
Keyphrases
risky decision making risky choice first question bad idea present state exciting development several nobel prize winner prominent figure second question great success interdisciplinary history broad question experimental medical treatment political science public policy major intellectual contribution research agenda
