russ roberts vs. expected utility

russ roberts vs. expected utility If you listen to recent Econ Talk episodes, you will notice that the host, economist Russ Roberts, will express dismay at some standard tools of economic modelling. Specifically, he really finds it troubling that a lot of economic analysis models behavior using expected utility – you assign a number to an outcome, guess at the probability it will happen and then take the average of utility of X and not X. He is also skeptical, or cautious, about econometrics as.