Abstract

A revised and expanded version of studies by McKinsey, Winet and the authors, in axiomatic theories of value, together with a report of experiments designed to test the formal theories. This volume makes an important contribution to the theoretical and experimental investigation of values and decision-making, both of which subjects are still in their infancy. Experimental studies by Mosteller and Nogee and theoretical discussions of von Neumann and Morgenstern are criticized and improved. Ch. IV contains original suggestions for a theory of utility involving incomparable values. -- A. R. A.