Allais paradox
Paradoja de Allais
- Date
- 1953 · confidence high
- Place
- Paris, Île-de-France, France
- Credited to
- Maurice Allais
- Field
- Knowledge & symbols
What was discovered
Maurice Allais designed a choice experiment showing that real decisions under risk violate the independence axiom of expected utility theory.
What it led to
- Generalized expected utility theory
- Prospect theory (Kahneman and Tversky)
- Behavioral economics
- Allais's Nobel Prize in Economics (1988)