Abstract
The theory of individual’s preference and choice under uncertainty was introduced into microeconomics not long ago, and since then made some important advances; but it has not yet penetrated the neoclassical consumer theory in a significant way. Maybe “convenience of exposition, not necessity, explains why uncertainty is ignored in the usual presentations of demand theory” (Becker (1971), p. 58).
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References
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Amihud, Y. (1977). On the Consumer Demand Theory under Uncertainty. In: Henn, R., Moeschlin, O. (eds) Mathematical Economics and Game Theory. Lecture Notes in Economics and Mathematical Systems, vol 141. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-45494-3_26
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DOI: https://doi.org/10.1007/978-3-642-45494-3_26
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