Excerpt from The Practical Justifiability of "Irrational" Aversion to Risk
My aim is to persuade management scientists, and social scientists generally, of a specific need for modification of decision theory as a prescriptive guide to real - world decision-making. The issue raised here was raised and apparently resolved in the early nineteen - fifties. It reappears when one recognizes the necessity of explicitly confronting cognitive limitations in a prescriptive theory of management.
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