Austrian economists differ with the economic mainstream in many ways, but the break on utility theory is especially critical ...

Smooth ambiguity preferences (Klibanoff, Marinacci, and Mukerji (2005)) describe a decision maker who evaluates each act f according to the twofold expectation V(f) = ∫pϕ(∫Ωu(f)dp)dμ(p) defined by a ...

When survival over generations is the end game, researchers say it makes sense to undervalue long shots that could be profitable and overestimate the likelihood of rare bad outcomes. Making decisions ...

Utility measurement has emerged as a cornerstone in assessing health outcomes, providing a quantitative basis for comparing diverse health states through standardised metrics such as quality‐adjusted ...

Contrary to understandings that treat ethical considerations and economic thinking as separate if not antagonistic issues, we advocate a holistic view that links business ethics to consequentialist ...