This study tests assumptions regarding human rationality, consistency, and decision-making process based on expected value as assumed in expected utility theory. The results from closed experiment using 24 graduate students from faculty of economics as a sample indicate that the majority of...

This study tests assumptions regarding human rationality, consistency, and decision-making process based on expected value as assumed in expected utility theory. The results from closed experiment using 24 graduate students from faculty of economics as a sample indicate that the majority of...

As Thailand grew annually due to an impressive economic growth, the problem of poverty was still dominant. The concept of welfare state was recognized as an effective tools in eradicating of poverty. The purpose of this study was to review the condition for reforming Thailand to become a welfare...