Austrian economists differ with the economic mainstream in many ways, but the break on utility theory is especially critical ...

Smooth ambiguity preferences (Klibanoff, Marinacci, and Mukerji (2005)) describe a decision maker who evaluates each act f according to the twofold expectation V(f) = ∫pϕ(∫Ωu(f)dp)dμ(p) defined by a ...

When survival over generations is the end game, researchers say it makes sense to undervalue long shots that could be profitable and overestimate the likelihood of rare bad outcomes. Making decisions ...

This is a preview. Log in through your library . Abstract This essay reviews new histories of the role of game theory and rational decision making in shaping the social sciences, economics among them, ...