Experiments on Decisions under Risk: The Expected Utility Hypothesis

In this valuable book, Paul Schoemaker summarizes recent experimental and field research that he and others have undertaken regarding the descrip­ tive validity of expected utility theory as a model of choice under uncer­ tainty. His principal message is that this paradigm is too narrow in its con­ ception and misses some of the important elements of a descriptive model of individual choice. In pa...