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The So-Called Allais Paradox and Rational Decisions under Uncertainty
16 references·16 citing·23 second hopsampled
The So-Called Allais Paradox and Rational Decisions under Uncertainty (1979)The So-Called Allais Paradox and Rational…The Quarterly Journal of Economics (2024)The Quarterly Journal of Econ…Theory of games and economic behavior (2019)Theory of games and economic …Risk Aversion in the Small and in the Large (1976)Risk Aversion in the Small an…A Treatise on Probability (1973)A Treatise on ProbabilityInternational Encyclopedia of the Social Sciences. (1968)International Encyclopedia of…Risk Aversion in the Small and in the Large (1964)Risk Aversion in the Small an…Risk, Ambiguity, and the Savage Axioms (1961)Risk, Ambiguity, and the Sava…Theory of Value (1959)Theory of ValueModels of Man. (1959)Models of Man.Liquidity Preference as Behavior Towards Risk (1958)Liquidity Preference as Behav…A BEHAVIORAL MODEL OF RATIONAL CHOICE (1955)A BEHAVIORAL MODEL OF RATIONA…The theory of decision making. (1954)The theory of decision making.Exposition of a New Theory on the Measurement of Risk (1954)Exposition of a New Theory on…Le Comportement de l'Homme Rationnel devant le Risque: Critique des Postulats et Axiomes de l'Ecole Americaine (1953)Le Comportement de l'Homme Ra…The Utility Analysis of Choices Involving Risk (1948)The Utility Analysis of Choic…Theory of Games and Economic Behavior (1945)Theory of Games and Economic …Representation Theorems and the Foundations of Decision Theory (2010)Representation Theorems and t…Prospect Theory and the Brain (2009)Prospect Theory and the BrainOn the concept of decision aiding process: an operational perspective (2007)On the concept of decision ai…Violations of Expected Utility Theory in Route-Choice Stated Preferences: Certainty Effect and Inflation of Small Probabilities (2004)Violations of Expected Utilit…Decision Under Risk (2004)Decision Under RiskRisk-value models (1993)Risk-value modelsRecent Tests of Generalizations of Expected Utility Theory (1992)Recent Tests of Generalizatio…Nontransitive preferences in decision theory (1991)Nontransitive preferences in …Retrospective on the utility theory of von Neumann and Morgenstern (1989)Retrospective on the utility …The General Theory of Random Choices in Relation to the Invariant Cardinal Utility Function and the Specific Probability Function. The (U, θ) Model A General Overview (1988)The General Theory of Random …Recent developments in modelling preferences under risk (1987)Recent developments in modell…Rationality of Self and Others in an Economic System (1986)Rationality of Self and Other…Empirical tests of weighted utility theory (1986)Empirical tests of weighted u…“Lottery Equivalents”: Reduction of the Certainty Effect Problem in Utility Assessment (1986)“Lottery Equivalents”: Reduct…Temporal risk and the nature of induced preferences (1984)Temporal risk and the nature …Generalized Expected Utility Analysis and the Nature of Observed Violations of the Independence Axiom (1983)Generalized Expected Utility …The Framing of Decisions and the Psychology of Choice (1981)Prospect theory: An analysis of decision under risk (1988)Advances in prospect theory: Cumulative representation of uncertainty (1992)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Risk, Return, and Equilibrium: Empirical Tests (1973)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Toward a positive theory of consumer choice (1980)Non-cooperative games (1989)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Exploration and Exploitation in Organizational Learning (1991)Concept Misformation in Comparative Politics (1970)The New Institutionalism: Organizational Factors in Political Life (1983)When Effect Becomes Cause: Policy Feedback and Political Change (1993)Correlated Equilibrium as an Expression of Bayesian Rationality (1987)Multiagent systems: algorithmic, game-theoretic, and logical foundations (2009)Evolutionary Game Theory (2011)Financial Intermediation and Delegated Monitoring (1984)Well-being : the foundations of hedonic psychology (1999)On the measurement of inequality (1970)The arbitrage theory of capital asset pricing (1976)A Theory of Fairness, Competition, and Cooperation (1999)Boys will be Boys: Gender, Overconfidence, and Common Stock Investment (2001)The Skill Content of Recent Technological Change: An Empirical Exploration (2003)
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References

  • 2019Theory of games and economic behavior16,630 cited
  • 1955A BEHAVIORAL MODEL OF RATIONAL CHOICE15,851 cited
  • 1961Risk, Ambiguity, and the Savage Axioms7,892 cited
  • 2024The Quarterly Journal of Economics7,176 cited
  • 1964Risk Aversion in the Small and in the Large4,964 cited
  • 1976Risk Aversion in the Small and in the Large4,655 cited
  • 1953Le Comportement de l'Homme Rationnel devant le Risque: Critique des Postulats et Axiomes de l'Ecole Americaine4,117 cited
  • 1958Liquidity Preference as Behavior Towards Risk3,916 cited
  • 1945Theory of Games and Economic Behavior3,887 cited
  • 1959Models of Man.3,558 cited
  • 1968International Encyclopedia of the Social Sciences.3,486 cited
  • 1948The Utility Analysis of Choices Involving Risk3,097 cited
  • 1954Exposition of a New Theory on the Measurement of Risk2,787 cited
  • 1954The theory of decision making.2,708 cited
  • 1973A Treatise on Probability2,575 cited
  • 1959Theory of Value2,538 cited

Cited by

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  • 1986Rationality of Self and Others in an Economic System574 cited
  • 1991Nontransitive preferences in decision theory254 cited
  • 1993Risk-value models217 cited
  • 1986“Lottery Equivalents”: Reduction of the Certainty Effect Problem in Utility Assessment195 cited
  • 2009Prospect Theory and the Brain172 cited
  • 1987Recent developments in modelling preferences under risk166 cited
  • 1992Recent Tests of Generalizations of Expected Utility Theory157 cited
  • 1984Temporal risk and the nature of induced preferences152 cited
  • 2007On the concept of decision aiding process: an operational perspective151 cited
  • 2004Violations of Expected Utility Theory in Route-Choice Stated Preferences: Certainty Effect and Inflation of Small Probabilities149 cited
  • 1983Generalized Expected Utility Analysis and the Nature of Observed Violations of the Independence Axiom148 cited
  • 1988The General Theory of Random Choices in Relation to the Invariant Cardinal Utility Function and the Specific Probability Function. The (U, θ) Model A General Overview143 cited
  • 2004Decision Under Risk143 cited
  • 1986Empirical tests of weighted utility theory135 cited
  • 1989Retrospective on the utility theory of von Neumann and Morgenstern130 cited
  • 2010Representation Theorems and the Foundations of Decision Theory117 cited