Allais, Maurice

The Paradox of Choice - ... on the work of Kenneth Arrow and his general possibility theorem, that showed that within a system of menu-independent social choice, it is impossible to have both a commitment to "Minimal Liberty", which was defined as the ability to order tuples of choices, and Pareto optimality. Allais paradox - The Allais ‘paradox’, more neutrally described at the Allais problem, is a choice problem designed by Maurice Allais to show that reasonable individual choices are inconsistent with the predictions of expected utility theory. The problem consists of two choices between pairs of gambles. Generalized expected utility - ...