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| Author: | Hansson, S.O. |
| Title: | Economic (ir)rationality in risk analysis |
| Journal: | Economics and philosophy
2006 : VOL. 22:2, p. 231-241 |
| Index terms: | risk analysis |
| Language: | eng |
| Abstract: | Mainstream risk analysis deviates in at least two important respects from the rationality ideal of mainstream economics. First, risk analysis applied expected utility maximization fairly consistently to endodoxastic uncertainties, its approach to metadoxastic uncertainty may often lead to risk-prone deviations from risk-neutrality. Secondly, risk analysis assumes full comparability and aggeragability of risks, which contradicts the standard assumptions of modern welfare economics. |
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