The Knowledge Ahead Approach to Risk: Theory and Experimental Evidence

by Robin Pope, Ulrike Leopold-Wildburger

This book is written for those seeking a decision theory appropriate for use in serious choices such as insurance. It employs stages of knowledge ahead to track satisfactions and dissatisfactions. From experimental and questionnaire data, people take into account such stages of knowledge ahead satisfactions and dissatisfactions. This means we must go beyond standard decision theories like expected utility or cumulative prospect theory.

248 pages, Paperback

First published November 16, 2006