id	author	title	date	pages	extension	mime	words	sentences	flesch	summary	cache	txt
work_dzk3mlhz75as5ps2tmc443tis4	Samir Okasha	Optimal Choice in the Face of Risk: Decision Theory Meets Evolution	2011	27	.pdf	application/pdf	9772	619	57	Optimal Choice in the Face of Risk: Decision Theory meets Evolution EU, generically known as 'non-expected utility theories', which relax or replace the defines risk-aversion in terms of diminishing marginal utility. Allais argued that a risk-averse agent will not let his choice among gambles be Allais' distinction between diminishing marginal utility and 'real' risk aversion is Non-expected utility theory, developed in works by Kahneman and Tversky (1979), assuming that agents are maximising some sort of non-expected utility. of risk aversion with diminishing marginal utility, which Allais had objected to, is 5. Evolution, Risk-Aversion, and Non-Expected Utility These two evolutionary reasons why risk-averse behaviour may be selectively distinction between risk-aversion and diminishing marginal utility, unlike EU theory. risk-aversion and diminishing marginal utility, that the non-EU theorists insist on, has idiosyncratic risk, evolution selects for the maximisation of expected reproductive economic and evolutionary theories of choice in the face of risk.	./cache/work_dzk3mlhz75as5ps2tmc443tis4.pdf	./txt/work_dzk3mlhz75as5ps2tmc443tis4.txt