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Most people, even in simple risky situations, don't behave the way the theory of utility would have them behave. - Howard Raiffa
" "Most people, even in simple risky situations, don't behave the way the theory of utility would have them behave.
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About Howard Raiffa
Howard Raiffa (January 24, 1924 – July 8, 2016) helped found and was the first director of the International Institute for Applied Systems Analysis. He was the Frank P. Ramsey Professor (Emeritus) of Managerial Economics, a joint chair held by the Business School and the Kennedy School of Government at Harvard University. He was an influential Bayesian decision theorist and pioneer in the field of decision analysis, with works in statistical decision theory, game theory, behavioral decision theory, risk analysis, and negotiation analysis.
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Additional quotes by Howard Raiffa
It is always amazing to see how wide a spectrum of results can be obtained from replicating an identical negotiation with different principal actors; it makes no difference whether there subjects are inexperienced or whether they are senior executives and young presidents of business firms. That is an important lesson to be learned here.
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