Precis of Risk and Rationality
- Author(s): Buchak, L
- et al.
Published Web Locationhttps://doi.org/10.1007/s11098-017-0904-7
My book Risk and Rationality argues for a new alternative to the orthodox theory of rational decision-making. This alternative, risk-weighted expected utility maximization, holds that there are three important components involved in rational decision-making: utilities, probabilities, and risk-attitudes. This essay explains the basic outline of the theory and precisely how it differs from the orthodox theory. It also summarizes the main threads of argument in the book.