Risk, Choice, and Uncertainty
Risk, Choice, and Uncertainty At its core, economics is about making decisions. Yet not all of our choices are purely logical, and so there is a longstanding tension between those emphasizing the…
Specifikacia Risk, Choice, and Uncertainty
Risk, Choice, and Uncertainty
At its core, economics is about making decisions. Yet not all of our choices are purely logical, and so there is a longstanding tension between those emphasizing the rational and irrational sides of human behavior. In the history of economic thought, great intellectual prowess has been exerted toward devising exquisite theories of optimal decision making in situations of constraint, risk, and scarcity.
Szpiro offers a new narrative of the three-century history of the study of decision making, tracing how crucial ideas have evolved and telling the stories of the thinkers who shaped the field. One strand develops formal models of rational utility maximizing while the other draws on what behavioral science has shown about our tendency to act irrationally.In Risk, Choice, and Uncertainty, George G. Szpiro examines economics from the early days of theories spun from anecdotal
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