2009 | OriginalPaper | Buchkapitel
The Microeconomics of Risk Aversion
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Before I describe the economic approach to decision making in risky circumstances, let me offer some truth in advertising. It would not be unfair to conclude by now that most individuals do not behave as homo economicus, that uber-rational decision making fiction employed by economists to permit us to use the tools of rationality to analyze markets and human behavior. A simple example will demonstrate this.