Edith Wharton's "The Last Asset" and Decision-Making Under Uncertainty.

Edith Wharton's short story, "The Last Asset," delves into the complexities of decision-making in uncertain situations. The story introduces the idea of planning in advance for future choices, aligning with the concept of a strategy in modern decision theory. It also explores the concept of satisficing behavior, where decision-makers opt for satisfactory strategies rather than optimal ones. Wharton's portrayal of decision-making anticipates how decision theorists now model contingent planning. Additionally, the story touches on the limitations of rational choice theory and the role of economics in American literary realism. Overall, "The Last Asset" by Edith Wharton tells the tale of Mrs. Newell's efforts to have her estranged husband attend their daughter's wedding, highlighting the significance of forward-looking decision-making and the value of planning for future contingencies. [Extracted from the article]