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Risky decisions in the large and in the small: Theory and experiment

In: Risk Aversion in Experiments

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  • James C. Cox
  • Vjollca Sadiraj

Abstract

Much of the literature on theories of decision making under risk has emphasized differences between theories. One enduring theme has been the attempt to develop a distinction between “normative” and “descriptive” theories of choice.Bernoulli (1738)introduced log utility because expected value theory was alleged to have descriptively incorrect predictions for behavior in St. Petersburg games. Much later,Kahneman and Tversky (1979)introduced prospect theory because of the alleged descriptive failure of expected utility (EU) theory (von Neumann & Morgenstern, 1947).

Suggested Citation

  • James C. Cox & Vjollca Sadiraj, 2008. "Risky decisions in the large and in the small: Theory and experiment," Research in Experimental Economics, in: Risk Aversion in Experiments, pages 9-40, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:rexezz:s0193-2306(08)00002-1
    DOI: 10.1016/S0193-2306(08)00002-1
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