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Allais Paradox

  • By: Bethany Weber
  • In: Encyclopedia of the Mind
  • Edited by: Harold Pashler
  • Subject:Linguistics (general), Cognitive Psychology (general)

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 ...