Premium
A model of riskless choice
Author(s) -
Adams Ernest,
Fagot Robert
Publication year - 1959
Publication title -
behavioral science
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.371
H-Index - 45
eISSN - 1099-1743
pISSN - 0005-7940
DOI - 10.1002/bs.3830040102
Subject(s) - convertible , graduation (instrument) , test (biology) , alice (programming language) , actuarial science , economics , operations research , mathematical economics , computer science , positive economics , microeconomics , engineering , mechanical engineering , paleontology , structural engineering , biology , programming language
Current researches on how we arrive at decisions concentrate on utility functions. This article deals with individuals' choices among pairs of dternatives involving only two components, in situations where no risks are incurred. For instance, Alice's father announces he will buy her a Ford coupé for graduation. Sheispermitted toselect between blue and yellow, and to decide whether or not it is to be convertible. A model for choices of this type is detailed here and a test of it reported.