b. 1935
Menahem Yaari is an Israeli economist and decision theorist known for foundational contributions to expected utility theory, risk aversion, and game theory. He developed the dual theory of choice under risk, an influential alternative to expected utility theory, and has written on the philosophical foundations of rational choice, including critiques of backward induction.
Developed the dual theory of choice under risk (Yaari's dual theory)
Critiqued backward induction as a solution concept in extensive-form games
Contributed to the axiomatic foundations of risk aversion
Served as President of the Israel Academy of Sciences and Humanities
Advanced the philosophical analysis of rationality in game theory