Preview

Scientific Research of Faculty of Economics. Electronic Journal

Advanced search

ECONOMICS OF RANDOMNESS: BEHAVIORAL ASPECTS OF DECISION MAKING UNDER RISK

https://doi.org/10.38050/2078-3809-2017-9-2-7-14

Abstract

The paper discusses evolution of the concept of risk in economics. History of probabilistic methods and approaches to risk and uncertainty analysis is considered. Expected utility theory, behavioral approaches, heuristic models and methods of neuroeconomics are analyzed. Author investigates stability of neoclassical program related to risk analysis and suggests further directions of development.

About the Author

Alexander Krasilnikov
askrasil@gmail.com
Russian Federation


References

1. Смит А. Исследование о природе и причинах богатства народов. - М.: Эксмо, 2007.

2. DellaVigna S. Psychology and Economics: evidence from the field. Journal of Economic Literature, 47:2, 2009.

3. Brandstätter E., Gigerenzer G., Hertwig R. The Priority Heuristic: Making Choices Without Trade-Offs. Psychological review. 2006; 113(2): 409-432. doi:10.1037/0033-295X.113.2.409.

4. Kahneman D., Tversky A. Prospect theory: An analysis of decision under risk. Econometrica. 1979; 47:263-291.

5. Keynes J.M. A treatise on probability. In: MOGGRIDGE, D. (Ed.) The collected writings of John Maynard Keynes. London: MacMillan Press, v.8, 1973.

6. Keynes J. M. 1937. The General Theory of Employment: Quarterly Journal of Economics 51: 213-214.

7. Marco Crocco. The concept of degrees of uncertainty in Keynes, Shackle, and Davidson. Nova Economia, 2002, vol 12, № 2, p. 13.

8. Neuroeconomics (Second Edition). Decision Making and the Brain. Edited by: Paul W. Glimcher and Ernst Fehr 2014. P. 159-160.

9. Tversky A., Kahneman D. Advances in prospect theory: Cumulative representation of uncertainty // Journal of Risk and Uncertainty. 1992; 5:297-323.

10. Von Neumann J., Morgenstern O. Theory of games and economic behavior. Princeton University Press; Princeton, NJ: 1947.


Review

For citations:


Krasilnikov A. ECONOMICS OF RANDOMNESS: BEHAVIORAL ASPECTS OF DECISION MAKING UNDER RISK. Scientific Research of Faculty of Economics. Electronic Journal. 2017;9(2):7-14. https://doi.org/10.38050/2078-3809-2017-9-2-7-14

Views: 320


Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.


ISSN 2078-3809 (Online)