Concept information
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crisis management
civil crisis management
decision making
the psychology underlying decision making
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crisis management
civil crisis management
decision making
the psychology underlying decision making
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learning and perception
cognitive processes
decision making
the psychology underlying decision making
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politics and international relations
governance
decision making
the psychology underlying decision making
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social psychology
judgment and decision making
decision making
the psychology underlying decision making
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business and management
management skills
decision making
the psychology underlying decision making
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process approach to leadership
situational leadership
decision making
the psychology underlying decision making
...
cognitive psychology
thinking (psychology)
decision making
the psychology underlying decision making
Preferred term
Allais paradox
Definition
- The Allais paradox is a paradox in risky choice first proposed by Maurice Allais in the 1950s to challenge the then-dominant view that humans are rational economic actors. According to expected utility theory, a widely used economic theory of choice, humans make decisions between options with uncertain outcomes by considering the probability and value of each possible outcome. [Source: Encyclopedia of the Mind; Allais Paradox]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/Allais_paradox
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