Accession Number:

AD0618378

Title:

THE ECONOMICS OF UNCERTAINTY VI

Descriptive Note:

Working paper

Corporate Author:

CALIFORNIA UNIV LOS ANGELES WESTERN MANAGEMENT SCIENCE INST

Personal Author(s):

Report Date:

1965-06-01

Pagination or Media Count:

25.0

Abstract:

The empirical evidence--from laboratory experiments and economic observations--which may be relevant to the Bernoulli Principle is reviewed. It is concluded that, apart from obvious mistakes, people seem to make the decisions which will maximize expected utility, with a concave function representing the utility of money.

Subject Categories:

  • Administration and Management

Distribution Statement:

APPROVED FOR PUBLIC RELEASE