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  4. June 2000
  5. Developments in Non-expected Utility Theory: The Hunt for a Descriptive Theory of Choice under Risk

Journal of Economic Literature

ISSN 0022-0515 (Print) | ISSN 2328-8175 (Online)

Developments in Non-expected Utility Theory: The Hunt for a Descriptive Theory of Choice under Risk

  • Chris Starmer
Journal of Economic Literature
vol. 38, no. 2, June 2000
(pp. 332–382)
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Abstract

This article reviews recent developments in the economic theory of individual decision making under risk. Since the 1950s it has been known that individual choices violate the standard model of expected utility in predictable ways. Considerable research effort has now been devoted to the project of developing a superior descriptive model. Following an overview of non-expected utility theories which distinguishes between "conventional" and "non-conventional" approaches, the paper seeks to assess these alternative models in terms of empirical success (using laboratory and field data) and theoretical usefulness. The closing sections reflect on some new directions emerging in this literature.

Citation

Starmer, Chris. 2000. "Developments in Non-expected Utility Theory: The Hunt for a Descriptive Theory of Choice under Risk." Journal of Economic Literature 38 (2): 332–382. DOI: 10.1257/jel.38.2.332

JEL Classification

  • D81 Criteria for Decision-Making under Risk and Uncertainty
  • D11 Consumer Economics: Theory