SHOULD AGRICULTURAL AND RESOURCE ECONOMISTS CARE THAT THE SUBJECTIVE EXPECTED UTILITY HYPOTHESIS IS FALSE?

This paper argues that the subjective expected utility (SEU) hypothesis has serious limitations in both positive and normative analysis. In addition to experimental evidence, we discuss examples where alternatives to the SEU model provide a richer framework for the study problems of choice under uncertainty.


Issue Date:
1998
Publication Type:
Conference Paper/ Presentation
PURL Identifier:
http://purl.umn.edu/20941
Total Pages:
17
Series Statement:
Selected Paper




 Record created 2017-04-01, last modified 2017-08-24

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