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Economics as Psychology: A Cognitive Assay of the French and American Schools of Risk Theory
Book chapter

Economics as Psychology: A Cognitive Assay of the French and American Schools of Risk Theory

Lola L. Lopes
Markets, Risk and Money, pp.165-178
Theory and Decision Library, v. 26, Kluwer Academic
1995
DOI: 10.1007/978-94-011-0780-8_8

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Abstract

Economics is not psychology, nor is it meant to be. But there is no escaping the psychological issues that run through economic risk theory. Likewise, psychological risk theory is bound by its economic origins. These common threads are nowhere more in need of unraveling than in the debate between the French and the American schools of risk theory.
American School Expect Utility Theory Mathematical Expectation Risky Choice Utility Theory

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