Expected Utility Hypotheses and the Allais Paradox
Hagen, G. M. / Allais, M.![Expected Utility Hypotheses and the Allais Paradox](https://support.digitalhusky.com/media/annotations/sorted/103/10319186/CHSBZCOP0310319186.jpg)
Utility theory or, value theory in general, is certainly the cornerstone of decision theory, game theory, microecon~mics, and all social and political theories which deal with public decisions. Recently the American School of utility, founded by von N eumann Morgenstern, encountered a far-going criticism by the French School of utility represented by its founder Allais. The whole basis of the theory of decisions involving risk has been shaken...