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Allais rational man 1953 Le Comportement de l'Homme Rationnel devant le Risque Critique des Postulats et Axiomes de l'Ecole Americaine Author s M Allais Source Econometrica Vol No Oct pp - Published by The Econometric Society Stable URL http www jstor org

Le Comportement de l'Homme Rationnel devant le Risque Critique des Postulats et Axiomes de l'Ecole Americaine Author s M Allais Source Econometrica Vol No Oct pp - Published by The Econometric Society Stable URL http www jstor org stable Accessed Your use of the JSTOR archive indicates your acceptance of the Terms Conditions of Use available at http www jstor org page info about policies terms jsp JSTOR is a not-for-pro ?t service that helps scholars researchers and students discover use and build upon a wide range of content in a trusted digital archive We use information technology and tools to increase productivity and facilitate new forms of scholarship For more information about JSTOR please contact support jstor org The Econometric Society is collaborating with JSTOR to digitize preserve and extend access to Econometrica http www jstor org CVOLUME OCTOBER NUMBER LE COMPORTEMENT DE L'HOMME RATIONNEL DEVANT LE RISQUE CRITIQUE DES POSTULATS ET AXIOMES DE L'ECOLE AMERICAINE PAR M ALLAIS ENGLISH SUMMARY The most important points of this article can be summarized as follows Contrary to the apparent belief of many authors the concept of cardinal utility s x can be de ?ned in an operational manner either by considering equivalent di ?erences of levels of satisfaction or by use of the Weber-Fechner minimum sensible or psychological threshold Thus one can associate a psychological value s x with each monetary value x lUne premiere version de cet article a te donnee dans une etude plus gen rale intitulee Notes th oriques sur l'incertitude de l'avenir et le risque qui a ete pr sent e au Congres Europeen d'Econometrie en Septembre Une deuxieme version en a ete present e sous forme d'une communication au Colloque International sur le Risque qui s'est tenu a Paris en Mai Le lecteur pourra trouver dans le m moire que nous avons redig a cette occasion toutes les justi ?cations math matiques des r sultats indiqu s cidessous avec de nombreux exemples que faute de place nous n'avons pu faire ?gurer dans cet article Nous ne saurions trop conseiller au lecteur qui s'int resserait aux indications qui suivent de se reporter a ce m moire EDITOR'S NOTE The problem discussed in Professor Allais' paper is of an extremely subtle sort and it seems to be di ?cult to reach a general agreement on the main points at issue I had a vivid impression of these di ?culties at the Paris colloquium in May One evening when a small number of the prominent contributors to this ?eld of study found themselves gathered around a table under the most pleasant exterior circumstances it even proved to be quite a bit of a task to clear up in a satisfactory way misunderstandings in the course of the conversation The version of Professor Allais' paper which is now published in ECONOMETRICA has emerged after many informal exchanges of views including work done by editorial referees Hardly anything more is now to be gained by a continuation of such procedures The