Theoretical Comparison of the Decision Theories of J. M. Keynes, Kahneman-tversky, and Einhorn-hogarth
Year: 1991
Type: article
Abstract: It is demonstrated that J. M. Keynes in 1921 provided a complete decision rule that handles both the cases of nonlinear probability preferences and ambiguity or uncertainty. The 1979 Kahneman-Tversky approach deals only with risk (nonlinear probability preferences) and does not specify a decision rule. The 1985–1986 Einhorn-Hogarth anchoring and adjustment rule deals only with ambiguity or uncertainty and not risk. Only Keynes' rule does both.
Source: Psychological Reports
Authors: Michael E. Brady, Howard B. Lee
Institution: California State University, Northridge
Language: English
Subfield: General Decision Sciences
Field: Decision Sciences
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W2053375724