Expected Utility Hypotheses And The Allais Paradox Contemporary Discussions Of Decisions Under Uncertainty With Allais Rejoinder
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Author | : M. Allais |
Publisher | : Springer Science & Business Media |
Total Pages | : 706 |
Release | : 2013-03-14 |
Genre | : Social Science |
ISBN | : 9401576297 |
Utility theory or, value theory in general, is certainly the cornerstone of decision theory, game theory, microecon~mics, and all social and political theories which deal with public decisions. Recently the American School of utility, founded by von N eumann Morgenstern, encountered a far-going criticism by the French School of utility represented by its founder Allais. The whole basis of the theory of decisions involving risk has been shaken and put into question. Consequently, basic research in the fundamentals of utility and value theory evolved into a crisis. Like any crisis in basic research, and this one was not an exception, it was very fruitful. One may simply say: Allais versus von Neumann-Morgenstern, or the French School of utility versus the American School, became one of the battlefields of scientific development which proved to be a most creative source of new advances and new developments in all those sciences which are based on evaluation of utilities.
Author | : Maurice Allais |
Publisher | : |
Total Pages | : 0 |
Release | : 1979 |
Genre | : |
ISBN | : |
Author | : Centre national de la recherche scientifique (France) |
Publisher | : |
Total Pages | : |
Release | : 1979 |
Genre | : Decision making |
ISBN | : |
Author | : Albert Weale |
Publisher | : Oxford University Press, USA |
Total Pages | : 471 |
Release | : 2020 |
Genre | : Philosophy |
ISBN | : 0198853548 |
This volume offers an exposition and evaluation of major work in social contract theory from 1950 to the present.
Author | : G. Eberlein |
Publisher | : Springer Science & Business Media |
Total Pages | : 333 |
Release | : 2012-12-06 |
Genre | : Social Science |
ISBN | : 9400938950 |
This collection of articles contains contributions from a few of Werner Leinfellner's many friends and colleagues. Some of them are former students of Werner's. Others were colleagues of his at various American and European universities. Further, some have come to know Werner through his research, his long-standing editorship of Theory and Deci sion and his extensive participation in international conferences and congresses. The following articles are new to this volume. The areas covered are those in which Werner continues to play an active professional role. We offer them as a tribute to the many and multi-faceted contributions to the scientific enterprise for which Werner Leinfellner is so widely known. We believe such a festschrift to be fitting and long overdue. Because of the breadth of Werner's professional associations, it was difficult to select representatives from among his many spheres of influence. We apologize to the many scholars who could not be in cluded because of time and space considerations. Finally, we wish to express appreciation to Dean John Guilds of the University of Arkansas for providing financial support early on in the evolution of this project, to Jennifer Bauman for her bravura performance in copy-editing the manuscripts, and to our publisher at Reidel for bringing this volume to press.
Author | : L. Daboni |
Publisher | : Springer Science & Business Media |
Total Pages | : 402 |
Release | : 2012-12-06 |
Genre | : Social Science |
ISBN | : 9400946163 |
The Second International Conference on Foundations of Utility and Risk Theory was held in Venice, June 1984. This volume presents some of the papers delivered at FUR-84. (The First International Conference, FUR-82, was held in Oslo and some of the papers presented on that occasion were published by Reidel in the volume Foundations of Utility and Risk Theory with Applications, edited by Bernt P. Stigum and Fred Wenst~p). The theory of choice under uncertainty involves a vast range of controversial issues in many fields like economics, philosophy, psychology, mathematics and statistics. The idea of discussing these problems in international conferences has been successful: two conferences have been held and others will follow. The climate of the debate has changed in the meantime, partly as a result of these conferences. It is no more only a question of attacking or defending the neo-Bernoullian assumptions, but also of proposing wider generalizations and including new elements in the analysis of the decision process. For instance Amartya Sen - comparing the two current notions of rationality, internal consistency and self-interest pursuit introduces the concept of reasoning and considers the irrationality which may result from the failure of a positive correspondence between reasoning and choice or from a limited capacity of reasoning. Rationality is also considered with respect to the controversial axiom of strong independence. John C. Harsanyi introduces the concept of practical certainty, i. e.
Author | : John Eatwell |
Publisher | : Springer |
Total Pages | : 330 |
Release | : 1990-02-23 |
Genre | : Business & Economics |
ISBN | : 1349205680 |
This is an excerpt from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This extract concentrates on utility and probability.
Author | : Robin Pope |
Publisher | : Springer Science & Business Media |
Total Pages | : 236 |
Release | : 2006-11-23 |
Genre | : Business & Economics |
ISBN | : 354038474X |
This book is written for those seeking a decision theory appropriate for use in serious choices such as insurance. It employs stages of knowledge ahead to track satisfactions and dissatisfactions. From experimental and questionnaire data, people take into account such stages of knowledge ahead satisfactions and dissatisfactions. This means we must go beyond standard decision theories like expected utility or cumulative prospect theory.
Author | : W. Leinfellner |
Publisher | : Springer Science & Business Media |
Total Pages | : 476 |
Release | : 2013-06-29 |
Genre | : Business & Economics |
ISBN | : 9401716544 |
When von Neumann's and Morgenstern's Theory of Games and Economic Behavior appeared in 1944, one thought that a complete theory of strategic social behavior had appeared out of nowhere. However, game theory has, to this very day, remained a fast-growing assemblage of models which have gradually been united in a new social theory - a theory that is far from being completed even after recent advances in game theory, as evidenced by the work of the three Nobel Prize winners, John F. Nash, John C. Harsanyi, and Reinhard Selten. Two of them, Harsanyi and Selten, have contributed important articles to the present volume. This book leaves no doubt that the game-theoretical models are on the right track to becoming a respectable new theory, just like the great theories of the twentieth century originated from formerly separate models which merged in the course of decades. For social scientists, the age of great discover ies is not over. The recent advances of today's game theory surpass by far the results of traditional game theory. For example, modem game theory has a new empirical and social foundation, namely, societal experiences; this has changed its methods, its "rationality. " Morgenstern (I worked together with him for four years) dreamed of an encompassing theory of social behavior. With the inclusion of the concept of evolution in mathematical form, this dream will become true. Perhaps the new foundation will even lead to a new name, "conflict theory" instead of "game theory.
Author | : Richard Arena |
Publisher | : Edward Elgar Publishing |
Total Pages | : 545 |
Release | : 2012-01-01 |
Genre | : Business & Economics |
ISBN | : 1781001022 |
'While there is growing recognition that understanding knowledge is at the very heart of economics, little work has thus far been forthcoming representing in a comprehensive and coherent way its fundamental nature and wide-ranging consequences for economic analysis. The editors are to be commended for having filled this critical gap by providing a well-organized collection of outstanding contributions. This rich and greatly needed Handbook is comprised of contributions about the role knowledge plays in the history of the discipline as well as the most significant current developments as we witness them, particularly in the branches of evolutionary, institutional and complexity economics.' – Kurt Dopfer, University of St Gallen, Switzerland Why do societies benefit differently from knowledge? How exactly does social interaction interfere with knowledge acquisition and diffusion? This original Handbook brings together a wide range of differing approaches to shed light on these questions and others relating to the role and relevance of knowledge in economic analysis. By illuminating the philosophical roots of the various notions of knowledge employed by economists, this Handbook helps to disentangle conceptual and typological issues surrounding the debate on knowledge among economists. Wide-ranging in scope, it explores fundamental aspects of the relationship between knowledge and economics – such as the nature of knowledge, knowledge acquisition and knowledge diffusion. This important compendium embraces various fields and traditions of economic analysis and discusses the role of knowledge in 21 papers from outstanding international scholars. Advanced scholars and postgraduate students interested in cross-fertilization between different fields of economic analysis will find this Handbook of considerable importance.