Expected Utility Hypotheses And The Allais Paradox
DOWNLOAD
Download Expected Utility Hypotheses And The Allais Paradox PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Expected Utility Hypotheses And The Allais Paradox book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Expected Utility Hypotheses And The Allais Paradox
DOWNLOAD
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
DOWNLOAD
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.
Experiments On Decisions Under Risk The Expected Utility Hypothesis
DOWNLOAD
Author : P.J.H. Schoemaker
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-11-11
Experiments On Decisions Under Risk The Expected Utility Hypothesis written by P.J.H. Schoemaker 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 2013-11-11 with Business & Economics categories.
In this valuable book, Paul Schoemaker summarizes recent experimental and field research that he and others have undertaken regarding the descrip tive validity of expected utility theory as a model of choice under uncer tainty. His principal message is that this paradigm is too narrow in its con ception and misses some of the important elements of a descriptive model of individual choice. In particular, Schoemaker calls attention to the impor tance of individual differences, task effects, and context effects as they influence behavior. The expected utility hypothesis has come under scrutiny in recent years from a number of different quarters. This book brings together these many studies and relates them to the large body of literature on individual de cision making under risk. Although this paradigm may be appropriate for describing behavior under many conditions of uncertainty, Schoemaker presents convincing evidence that it does not do well with respect to protec tion against low-probability events. For example, he shows that the insur ance purchase decision is influenced by the way information is presented to the client, as well as by the statistical knowledge of the respondents.
Utility And Probability
DOWNLOAD
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.
The History And Methodology Of Expected Utility
DOWNLOAD
Author : Ivan Moscati
language : en
Publisher: Cambridge University Press
Release Date : 2023-08-31
The History And Methodology Of Expected Utility written by Ivan Moscati and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-08-31 with Philosophy categories.
This Element offers an accessible but technically detailed review of expected utility theory (EU). it focuses on the methodological issues that have accompanied its evolution, such as whether the utility function and the other components of EU correspond to actual mental entities.
Foundations Of Utility And Risk Theory With Applications
DOWNLOAD
Author : Bernt P. Stigum
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-03-09
Foundations Of Utility And Risk Theory With Applications written by Bernt P. Stigum 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 2013-03-09 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.
Progress In Utility And Risk Theory
DOWNLOAD
Author : G.M. Hagen
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Progress In Utility And Risk Theory written by G.M. Hagen 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 Social Science categories.
1. PROGRESS IN UTILITY AND RISK THEORY At the First International Congress of Utility and Risk Theory in Oslo 1982 (FUR-82) it appeared to be a widespread feeling among the participants that the conference signalled something like a paradigm shift in the field. This does not necessarily mean that old truths were discarded and replaced by new ones, but rather that new theories and new empirical evidence were brought forth, compelling old theories to be critically analyzed from new angels. Some of the papers presented at FUR-82 have been published by Reidel in 1983 in a volume edited by Stigum and Wenst0p. The present volume contains com mentaries on a number of the papers presented at the conference together with broader outlines of current views on the theory. The observation that utility and risk theory now appears to be in a state of rapid change has prompted us to choose the title PROGRESS IN UTILITY AND RISK THEORY for the book, in the belief that science always moves from poorer to more advanced paradigms or from weaker to more forceful theories. In other words, change is usually progress, even though intermediate stages in a para digm shift may be bewildering, to say the least.
Decision Probability And Utility
DOWNLOAD
Author : Peter Gärdenfors
language : en
Publisher: Cambridge University Press
Release Date : 1988-04-29
Decision Probability And Utility written by Peter Gärdenfors and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988-04-29 with Business & Economics categories.
Decision theory and the theory of rational choice have recently been the subjects of considerable research by philosophers and economists. However, no adequate anthology exists which can be used to introduce students to the field. This volume is designed to meet that need. The essays included are organized into five parts covering the foundations of decision theory, the conceptualization of probability and utility, pholosophical difficulties with the rules of rationality and with the assessment of probability, and causal decision theory. The editors provide an extensive introduction to the field and introductions to each part.
Markets Risk And Money
DOWNLOAD
Author : Bertrand Munier
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Markets Risk And Money written by Bertrand Munier 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.
Most of the writings of Maurice Allais, 1988 Nobel Laureate in Economics have only been published in French. Thus to date, economists, management scientists and operations researchers have been severely restricted in gaining access to his work. Markets, Risk and Money presents, for the first time in English, Allais' unconventional views on economic competition, the significance of free markets and overlapping generations, risk psychology, central banking, taxation systems, monetary dynamics and reform. The volume provides a consistent vision of our society and offers readers an evaluation of the impact of Allais' work on our present body of knowledge. Markets, Risk and Money contains contributions from a number of distinguished European and American scholars including Bertrand Munier, Thierry Montbrial, J. Lesourne, Claude Ponsard, Edmond Malinvaud, André Babeau, Marcel Boiteux, Lola L. Lopes, Mark J. Machina, James B. Ramsey, Xavier Freixas, B. Roy and D. Bouyssou, Werner Leinfellner and Jean-Jacques Durand. A biographical sketch and complete bibliography of the author are also included.
Decision Science And Technology
DOWNLOAD
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.