The Rational Foundations of Economic Behaviour
Subtitle: Proceedings of the Iea Conference Held in Turin, Italy (IEA/Macmillan)
Contributors: International Economic Association (Corporate Author); Kenneth Joseph Arrow (Editor)
Publisher: Palgrave Macmillan
Published: June 1996
Language: eng
Format: Hardcover
Number of pages: 404
ISBN-13: 9780333621974
Subjects: Economic theory & philosophy; Congresses; Economic man; Rational choice theory; Rational expectations (Economic theory); Business/Economics
First sentence: If adopting options involves adopting particular probability distributions over the states of nature, your preference ranking of options should agree with your numerical ranking of expectations of utility computed according to the corresponding distributions (von Neumann and Morgenstern, 1944, 1947).