Construct · 1 fields · 1 citations

Allais paradox: a standalone construct

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Allaisparadox1 CONSTRUCTAllais paradoxALLAIS · DECISION SCIENCE

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Decision science

a pattern of choices between gambles that violates expected utility's independence axiom by overweighting certainty.

In decision science, Allais paradox refers to a pattern of choices between gambles that violates expected utility's independence axiom by overweighting certainty. This meaning comes from Allais (1953) in Econometrica.[1]

Unit
Recovery means
Measured by

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Nearby constructs

axiomatic design1 fields · 1 citationsanchor · a standalone constructparadox3 fields · 4 citationsjingle · one word, three constructspattern4 fields · 5 citationsjingle · one word, four constructs

References

  1. Allais, M. (1953). Le Comportement de l'Homme Rationnel devant le Risque: Critique des Postulats et Axiomes de l'Ecole Americaine. Econometrica, 21(4), 503. https://doi.org/10.2307/1907921

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