The So-Called Allais Paradox and Rational Decisions under Uncertainty

  • Allais M
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Abstract

The present memoir constitutes an extension of my 1952 study, The Foundations of a Positive Theory of Choice Involving Risk and a Criticism of the Postulates and Axioms of the American School (see Part II of this Volume), completing it and adding further comments in the light of the criticisms addressed to it and the analysis of the responses to the experiment carried out in 1952 by means of a Questionnaire. Its aim was to display the behaviour in situations of random choice of people who are generally considered by the common opinion as rational on criteria that are free of all reference to any consideration of random choice.

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Allais, M. (1979). The So-Called Allais Paradox and Rational Decisions under Uncertainty. In Expected Utility Hypotheses and the Allais Paradox (pp. 437–681). Springer Netherlands. https://doi.org/10.1007/978-94-015-7629-1_17

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