Expected Utility Hypotheses And The Allais Paradox

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Expected Utility Hypotheses And The Allais Paradox

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Author : M. Allais
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-03-14

Expected Utility Hypotheses And The Allais Paradox written by M. Allais and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-14 with Social Science categories.

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.

Expected Utility Hypotheses And The Allais Paradox

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Author : M Allais
language : en
Publisher: Springer
Release Date : 2014-01-15

Expected Utility Hypotheses And The Allais Paradox written by M Allais and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-01-15 with categories.

Expected Utility Hypotheses And The Allais Paradox

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Author : Maurice Allais
language : en
Publisher:
Release Date : 1979

Expected Utility Hypotheses And The Allais Paradox written by Maurice Allais and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with categories.

Expected Utility Hypotheses And The Allais Paradox

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Author : Centre national de la recherche scientifique (France)
language : en
Publisher:
Release Date : 1979

Expected Utility Hypotheses And The Allais Paradox written by Centre national de la recherche scientifique (France) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with Decision making categories.

Preface To Expected Utility Hypotheses And The Allais Paradox

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Author : Maurice Allais
language : en
Publisher:
Release Date : 1977

Preface To Expected Utility Hypotheses And The Allais Paradox written by Maurice Allais and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1977 with categories.

Decision Science And Technology

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Author : James Shanteau
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Decision Science And Technology written by James Shanteau and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.

Decision Science and Technology is a compilation of chapters written in honor of a remarkable man, Ward Edwards. Among Ward's many contributions are two significant accomplishments, either of which would have been enough for a very distinguished career. First, Ward is the founder of behavioral decision theory. This interdisciplinary discipline addresses the question of how people actually confront decisions, as opposed to the question of how they should make decisions. Second, Ward laid the groundwork for sound normative systems by noticing which tasks humans can do well and which tasks computers should perform. This volume, organized into five parts, reflects those accomplishments and more. The book is divided into four sections: `Behavioral Decision Theory' examines theoretical descriptions and empirical findings about human decision making. `Decision Analysis' examines topics in decision analysis.`Decision in Society' explores issues in societal decision making. The final section, `Historical Notes', provides some historical perspectives on the development of the decision theory. Within these sections, major, multi-disciplinary scholars in decision theory have written chapters exploring some very bold themes in the field, as an examination of the book's contents will show. The main reason for the health of the Decision Analysis field is its close links between theory and applications that have characterized it over the years. In this volume, the chapters by Barron and Barrett; Fishburn; Fryback; Keeney; Moreno, Pericchi, and Kadane; Howard; Phillips; Slovic and Gregory; Winkler; and, above all, von Winterfeldt focus on those links. Decision science originally developed out of concern with real decision problems; and applied work, such as is represented in this volume, will help the field to remain strong.

Utility Theories Measurements And Applications

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Author : Ward Edwards
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-12-01

Utility Theories Measurements And Applications written by Ward Edwards and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-01 with Business & Economics categories.

The Conference on "Utility: Theories, Measurements, and Applications" met at the Inn at Pasatiempo in Santa Cruz, California, from June II to 15, 1989. The all-star cast of attendees are listed as authors in the Table of Contents of this book (see p. V), except for Soo Hong Chew and Amos Tversky. The purpose of the conference, and of National Science Foundation Grant No. SES-8823012 that supported it, was to confront proponents of new generalized theories of utility with leading decision analysts com mitted to the implementation, in practice, of the more traditional theory that these new theories reject. That traditional model is variously iden tified in this book as expected utility or subjectively expected utility maximization (EU or SEU for short) and variously attributed to von Neumann and Morgenstern or Savage. I had feared that the conference might consist of an acrimonious debate between Olympian normative theorists uninterested in what people actually do and behavioral modelers obsessed with the cognitive illusions and uninterested in helping people to make wise decisions. I was entirely wrong. The conferees, in two dramatic straw votes at the open ing session, unanimously endorsed traditional SEU as the appropriate normative model and unanimously agreed that people don't act as that model requires. (These votes had a profound impact on my thinking; detail about them and about that impact is located in Chapter 10.

Foundations Of Utility And Risk Theory With Applications

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Author : Bernt P. Stigum
language : en
Publisher: Springer
Release Date : 2010-12-25

Foundations Of Utility And Risk Theory With Applications written by Bernt P. Stigum and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-25 with Social Science categories.

In this volume we present some o~ the papers that were delivered at FUR-82 - the First International Con~erence on Foundations o~ Utility and Risk Theory in Oslo, June 1982. The purpose o~ the con~erence was to provide a ~orum within which scientists could report on interesting applications o~ modern decision theory and exchange ideas about controversial issues in the ~oundations o~ the theory o~ choice under un certainty. With that purpose in mind we have selected a mixture of applied and theoretical papers that we hope will appeal to a wide spectrum o~ readers ~rom graduate students in social science departments and business schools to people involved in making hardheaded decisions in business and government. In an introductory article Ole Hagen gives an overview o~ various paradoxes in utility and risk theory and discusses these in the light o~ scientific methodology. He concludes the article by calling ~or joint efforts to provide decision makers with warkable theories. Kenneth Arrow takes up the same issue on a broad basis in his paper where he discusses the implications o~ behavior under uncertainty for policy. In the theoretical papers the reader will ~ind attempts at de~initive Statements of the meaning o~ old concepts and suggestions for the adoption o~ new concepts. For instance, Maurice Allais discusses four di~ferent interpretations o~ the axioms o~ probability and explains the need ~or an empirical characterization o~ the concept of chance.

Utility And Probability

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Author : John Eatwell
language : en
Publisher: Springer
Release Date : 1990-02-23

Utility And Probability written by John Eatwell and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990-02-23 with Business & Economics categories.

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.

Expected Utility Hypotheses And The Allais Paradox Contemporary Discussions Of Decisions Under Uncertainty With Allais Rejoinder

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Author : Maurice ALLAIS
language : it
Publisher:
Release Date : 1979

Expected Utility Hypotheses And The Allais Paradox Contemporary Discussions Of Decisions Under Uncertainty With Allais Rejoinder written by Maurice ALLAIS and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with categories.