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What is Allais Paradox and Utility of Money about?

This document discusses behavioral finance and the traditional economic model of rational decision making. It introduces behavioral finance as an area that studies how psychological biases can lead to predictable errors in important financial decisions. It then outlines the traditional economic model of rational expected utility, which assumes people make decisions to maximize their expected happiness from money. This model involves concepts like risk aversion, indifference curves, and budget constraints. H

Author

Max Sauberman

Language

EN