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Watch more! Can You Solve This Dilemma? <a href="https://www.youtube.com/watch?v=9xHKxrc0PHg" target=”_blank” rel=”nofollow”>https://www.youtube.com/watch?v=9xHKxrc0PHg
The Allais Paradox undermines the theory of expected utility because it shows that we don’t always make decisions that align with our wants and needs. So, would you prefer a higher chance of living, or a longer life? And then, which pills did you choose?
BrainCraft was created by Vanessa Hill (@nessyhill) and is brought to you by PBS Digital Studios. Talking psychology, neuroscience & why we act the way we do.
This episode was written and animated by Jade Tan-Holmes https://www.youtube.com/channel/UCSIvk78tK2TiviLQn4fSHaw/
Produced, edited and hosted by Vanessa 🐨
Oliver, A. (2003). A quantitative and qualitative test of the Allais paradox using health outcomes. Journal of Economic Psychology, 24(1), 35-48.
Allais, M. (1953). Le Comportement de l’Homme Rationnel devant le Risque: Critique des Postulats et Axiomes de l’Ecole Americaine. Econometrica, 21(4), 503-546. doi:10.2307/1907921