Back To The Ordinal Revolution
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| Author | : D. Wade Hands |
| Publisher | : |
| Total Pages | : 29 |
| Release | : 2010 |
| Genre | : |
| ISBN | : |
The paper argues that much of the theoretical work on consumer choice theory during the first third of the twentieth century actually addressed some of the same issues discussed in contemporary behavioral economics. This is not generally recognized because the discussion was tied up with the integrability question, the theoretical framework did not involve risky choice or expected utility theory, and the relevant evidence was introspective rather than experimental as it is today. The paper makes the case for the similarity and discusses why it is important to recognize it.
| Author | : Pedro Garcia Duarte |
| Publisher | : Edward Elgar Publishing |
| Total Pages | : 257 |
| Release | : 2012-01-01 |
| Genre | : Business & Economics |
| ISBN | : 1781004102 |
Most macroeconomists agree that we live in the age of microfoundations. The recent worldwide financial crisis may have emboldened critics of this microfoundational orthodoxy, but it remains the dominant view that macroeconomic models must go beyond supply and demand functions to the level of individual decision-making, taking into account the general dynamic environment where agents live. Microfoundations Reconsidered seeks to reassess how the relationship of micro and macroeconomics evolved over time. The highly regarded contributors to the book argue that the standard narrative of microfoundations is likely to be unreliable. They therefore re-examine the history of the relationship of microeconomics and macroeconomics, starting from their emergence as self-consciously distinct fields within economics in the early 1930s. They seek to go beyond the conventional history that is often told and written by practicing economists. From different perspectives they challenge the association of microfoundations with Robert Lucas and rational expectations and offer both a more complete and a deeper reading of the relationship between micro and macroeconomics. Microfoundations Reconsidered is a valuable addition to the macroeconomic research literature. It is ideally suited to students, scholars, researchers, and practitioners with an interest in macro and microeconomics and the history of economics.
| Author | : Giovanni Sommaruga |
| Publisher | : Birkhäuser |
| Total Pages | : 329 |
| Release | : 2016-01-21 |
| Genre | : Mathematics |
| ISBN | : 3319221566 |
This book provides an overview of the confluence of ideas in Turing’s era and work and examines the impact of his work on mathematical logic and theoretical computer science. It combines contributions by well-known scientists on the history and philosophy of computability theory as well as on generalised Turing computability. By looking at the roots and at the philosophical and technical influence of Turing’s work, it is possible to gather new perspectives and new research topics which might be considered as a continuation of Turing’s working ideas well into the 21st century.
| Author | : Sean Meyn |
| Publisher | : Springer |
| Total Pages | : 516 |
| Release | : 2018-06-09 |
| Genre | : Science |
| ISBN | : 1493978225 |
This volume consists of selected essays by participants of the workshop Control at Large Scales: Energy Markets and Responsive Grids held at the Institute for Mathematics and its Applications, Minneapolis, Minnesota, U.S.A. from May 9-13, 2016. The workshop brought together a diverse group of experts to discuss current and future challenges in energy markets and controls, along with potential solutions. The volume includes chapters on significant challenges in the design of markets and incentives, integration of renewable energy and energy storage, risk management and resilience, and distributed and multi-scale optimization and control. Contributors include leading experts from academia and industry in power systems and markets as well as control science and engineering. This volume will be of use to experts and newcomers interested in all aspects of the challenges facing the creation of a more sustainable electricity infrastructure, in areas such as distributed and stochastic optimization and control, stability theory, economics, policy, and financial mathematics, as well as in all aspects of power system operation.
| Author | : Ivan Moscati |
| Publisher | : |
| Total Pages | : 345 |
| Release | : 2019 |
| Genre | : Business & Economics |
| ISBN | : 0199372764 |
Utility is a key concept in the economics of individual decision-making. However, utility is not measurable in a straightforward way. As a result, from the very beginning there has been debates about the meaning of utility as well as how to measure it. This book is an innovative investigation of how these arguments changed over time. Measuring Utility reconstructs economists' ideas and discussions about utility measurement from 1870 to 1985, as well as their attempts to measure utility empirically. The book brings into focus the interplay between the evolution of utility analysis, economists' ideas about utility measurement, and their conception of what measurement in general means. It also explores the relationships between the history of utility measurement in economics, the history of the measurement of sensations in psychology, and the history of measurement theory in general. Finally, the book discusses some methodological problems related to utility measurement, such as the epistemological status of the utility concept and its measures. The first part covers the period 1870-1910, and discusses the issue of utility measurement in the theories of Jevons, Menger, Walras and other early utility theorists. Part II deals with the emergence of the notions of ordinal and cardinal utility during the period 1900-1945, and discusses two early attempts to give an empirical content to the notion of utility. Part III focuses on the 1945-1955 debate on utility measurement that was originated by von Neumann and Morgenstern's expected utility theory (EUT). Part IV reconstructs the experimental attempts to measure the utility of money between 1950 and 1985 within the framework provided by EUT. This historical and epistemological overview provides keen insights into current debates about rational choice theory and behavioral economics in the theory of individual decision-making and the philosophy of economics.
| Author | : Joan Costa-Font |
| Publisher | : MIT Press |
| Total Pages | : 342 |
| Release | : 2017-01-20 |
| Genre | : Business & Economics |
| ISBN | : 0262337908 |
A rich collection of current research in the growing field of social economics, covering such issues as culture, gender, ethics, and philanthropic behavior. The growing field of social economics explores how individual behavior is affected by group-level influences, extending the approach of mainstream economics to include broader social motivations and incentives. This book offers a rich and rigorous selection of current work in the field, focusing on some of the most active research areas. Topics covered include culture, gender, ethics, and philanthropic behavior. Social economics grows out of dissatisfaction with a purely individualistic model of human behavior. This book shows how mainstream economics is expanding its domain beyond market and price mechanisms to recognize a role for cultural and social factors. Some chapters, in the tradition of Gary Becker, attempt to extend the economics paradigm to explain other social phenomena; others, following George Akerlof's approach, incorporate sociological and psychological assumptions to explain economic behavior. Loosely organized by theme—Social Preferences; Culture, Values, and Norms; and Networks and Social Interactions”—the chapters address a range of subjects, including gender differences in political decisions, “moral repugnance” as a constraint on markets, charitable giving by the super-rich, value diversity within a country, and the influence of children on their parents' social networks. Contributors Mireia Borrell-Porta, Sjoerd Beugelsdijk, Joan Costa-Font, Elwyn Davies, Julio Jorge Elias, Marcel Fafchamps, Luigi Guiso, Odelia Heizler, Ayal Kimhi, Mariko J. Klasing, Martin Ljunge, Mario Macis, Mark Ottoni-Wilhelm, Abigail Payne, Kelly Ragan, Jana Sadeh, Azusa Sato, Kimberley Scharf, Sarah Smith, Mirco Tonin, Michael Vlassopoulos, Evguenia Winschel, Philipp Zahn
| Author | : Ivan Moscati |
| Publisher | : EGEA spa |
| Total Pages | : 279 |
| Release | : 2013-01-18T00:00:00+01:00 |
| Genre | : Business & Economics |
| ISBN | : 8823812550 |
The book reconstructs some selected threads in the history of economics, from the classical theory of value elaborated by Smith and Ricardo in the late eighteenth and early nineteenth centuries to the behavioral theory of choice put forward by Kahneman and Tversky in the late twentieth century. Part One illustrates the passage from the classical to the marginal theory of value, which latter emerged in the 1870s. Part Two charts the consolidation of marginalism and developments in utility and demand analysis between the 1870s and 1940. Part Three outlines the history of macroeconomics from the monetary and business cycle theories of the early twentieth century to LucasŐs new classical macroeconomics of the 1970s. Part Four is devoted to the post-1940 history of microeconomics, and examines the emergence of game theory, the axiomatization of utility analysis, the history of expected utility theory, and the challenge of behavioral economics to mainstream economics. The book is addressed to students of economics who acknowledge the wisdom of KeynesŐs claim that Ça study of the history of opinion is a necessary preliminary to the emancipation of the mindČ.
| Author | : Isabelle Brocas |
| Publisher | : Oxford University Press, USA |
| Total Pages | : 364 |
| Release | : 2003 |
| Genre | : Business & Economics |
| ISBN | : 9780199251087 |
"This volume provides a point of entry for anyone interested in the interface between economics and psychology."--BOOK JACKET.
| Author | : Russell Hardin |
| Publisher | : Princeton University Press |
| Total Pages | : 183 |
| Release | : 2013-06-27 |
| Genre | : Philosophy |
| ISBN | : 1400848962 |
In simple action theory, when people choose between courses of action, they know what the outcome will be. When an individual is making a choice "against nature," such as switching on a light, that assumption may hold true. But in strategic interaction outcomes, indeterminacy is pervasive and often intractable. Whether one is choosing for oneself or making a choice about a policy matter, it is usually possible only to make a guess about the outcome, one based on anticipating what other actors will do. In this book Russell Hardin asserts, in his characteristically clear and uncompromising prose, "Indeterminacy in contexts of strategic interaction . . . Is an issue that is constantly swept under the rug because it is often disruptive to pristine social theory. But the theory is fake: the indeterminacy is real." In the course of the book, Hardin thus outlines the various ways in which theorists from Hobbes to Rawls have gone wrong in denying or ignoring indeterminacy, and suggests how social theories would be enhanced--and how certain problems could be resolved effectively or successfully--if they assumed from the beginning that indeterminacy was the normal state of affairs, not the exception. Representing a bold challenge to widely held theoretical assumptions and habits of thought, Indeterminacy and Society will be debated across a range of fields including politics, law, philosophy, economics, and business management.
| Author | : Peter P. Wakker |
| Publisher | : Cambridge University Press |
| Total Pages | : 519 |
| Release | : 2010-07-22 |
| Genre | : Business & Economics |
| ISBN | : 1139489100 |
Prospect Theory: For Risk and Ambiguity, provides a comprehensive and accessible textbook treatment of the way decisions are made both when we have the statistical probabilities associated with uncertain future events (risk) and when we lack them (ambiguity). The book presents models, primarily prospect theory, that are both tractable and psychologically realistic. A method of presentation is chosen that makes the empirical meaning of each theoretical model completely transparent. Prospect theory has many applications in a wide variety of disciplines. The material in the book has been carefully organized to allow readers to select pathways through the book relevant to their own interests. With numerous exercises and worked examples, the book is ideally suited to the needs of students taking courses in decision theory in economics, mathematics, finance, psychology, management science, health, computer science, Bayesian statistics, and engineering.
