Measuring Utility
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Measuring Utility
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Author : Ivan Moscati
language : en
Publisher: Oxford Studies in History of E
Release Date : 2018-11-22
Measuring Utility written by Ivan Moscati and has been published by Oxford Studies in History of E this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-11-22 with Business & Economics categories.
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.
Measuring Utility
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Author : Ivan Moscati
language : en
Publisher: Oxford University Press
Release Date : 2018-10-25
Measuring Utility written by Ivan Moscati and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-10-25 with Business & Economics categories.
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.
New Methods Of Measuring Marginal Utility
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Author : Ragnar Frisch
language : en
Publisher:
Release Date : 1978
New Methods Of Measuring Marginal Utility written by Ragnar Frisch and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1978 with Business & Economics categories.
Using Conditional Utility Models For Measuring Welfare
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Author : Robert O. Mendelsohn
language : en
Publisher:
Release Date : 1994
Using Conditional Utility Models For Measuring Welfare written by Robert O. Mendelsohn and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Utility theory categories.
Measuring Utility Of Wealth Among Farm Managers
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Author : Albert N. Halter
language : en
Publisher:
Release Date : 1956
Measuring Utility Of Wealth Among Farm Managers written by Albert N. Halter and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1956 with Farm management categories.
Measuring Risk Aversion
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Author : Donald J. Meyer
language : en
Publisher: Now Publishers Inc
Release Date : 2006
Measuring Risk Aversion written by Donald J. Meyer and has been published by Now Publishers Inc this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.
Provides a detailed discussion of the adjustment of risk references and how to go about making such adjustments to a common scale. By adjusting all information to this common scale, results across studies can be easily summarized and compared, and the body of information concerning risk aversion can be examined as a whole
Thinking And Deciding
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Author : Jonathan Baron
language : en
Publisher: Cambridge University Press
Release Date : 2023-07-31
Thinking And Deciding written by Jonathan Baron 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 2023-07-31 with Psychology categories.
The fifth edition of the classic text Thinking and Deciding updates the broad overview of the field of judgments and decisions offered in previous editions. It covers the normative standards used to evaluate conclusions, such as logic, probability, and various forms of utility theory. It explains descriptive accounts of departures from these standards, largely in terms of principles of cognitive psychology, emphasizing the distinction between search processes and inferences. Chapters cover decisions under risk, decision analysis, moral decisions and social dilemmas, and decisions about the future. Although the book assumes no particular prerequisites beyond introductory high-school algebra, it is most suited to advanced undergraduates, early graduate students, and active researchers in related fields, such as business, politics, law, medicine, economics, and philosophy.
Measuring Poverty And Wellbeing In Developing Countries
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Author : Channing Arndt
language : en
Publisher: OUP Oxford
Release Date : 2016-12-15
Measuring Poverty And Wellbeing In Developing Countries written by Channing Arndt and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-12-15 with Business & Economics categories.
This is an open access title available under the terms of a CC BY-NC-SA 3.0 IGO licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. Detailed analyses of poverty and wellbeing in developing countries, based on household surveys, have been ongoing for more than three decades. The large majority of developing countries now regularly conduct a variety of household surveys, and the information base in developing countries with respect to poverty and wellbeing has improved dramatically. Nevertheless, appropriate measurement of poverty remains complex and controversial. This is particularly true in developing countries where (i) the stakes with respect to poverty reduction are high; (ii) the determinants of living standards are often volatile; and (iii) related information bases, while much improved, are often characterized by significant non-sample error. It also remains, to a surprisingly high degree, an activity undertaken by technical assistance personnel and consultants based in developed countries. This book seeks to enhance the transparency, replicability, and comparability of existing practice. In so doing, it also aims to significantly lower the barriers to entry to the conduct of rigorous poverty measurement and increase the participation of analysts from developing countries in their own poverty assessments. The book focuses on two domains: the measurement of absolute consumption poverty and a first order dominance approach to multidimensional welfare analysis. In each domain, it provides a series of flexible computer codes designed to facilitate analysis by allowing the analyst to start from a flexible and known base. The book volume covers the theoretical grounding for the code streams provided, a chapter on 'estimation in practice', a series of 11 case studies where the code streams are operationalized, as well as a synthesis, an extension to inequality, and a look forward.
The Measurement Of Environmental And Resource Values
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Author : A. Myrick Freeman
language : en
Publisher: Resources for the Future
Release Date : 2003
The Measurement Of Environmental And Resource Values written by A. Myrick Freeman and has been published by Resources for the Future this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
Non-market valuation is becoming increasingly accepted as an evaluative tool of economics related to environmental and resource protection. Freeman (economics, Bowdoin College) presents an overview of the literature, introducing the principal methods and techniques of resource valuation. Chapters cover the measurement of welfare changes, revealed and stated preference models, nonuse models, aggregation of values across time, environmental quality as factor input, longevity and health valuation, property value models, hedonic wage models, and recreational uses of natural resource systems. Annotation (c)2003 Book News, Inc., Portland, OR (booknews.com).
Measuring Economic Welfare
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Author : George W. McKenzie
language : en
Publisher: Cambridge University Press
Release Date : 1983-03-10
Measuring Economic Welfare written by George W. McKenzie 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 1983-03-10 with Business & Economics categories.
Professor McKenzie proposes and formulates a method composed of operational procedures designed to facilitate the evaluation of economic projects and policies. This method is discussed fully, illustrated by simple examples, and compared with alternative procedures. An outline of a computer program that enables readers to undertake their own calculations is included. In order to present the approach clearly, the author provides an exposition of the fundamental ideas and the main alternative approaches to the problem. These rely on various forms of index numbers and consumer surplus. However, as is well known, such measures are not capable of correctly ordering the various alternatives under consideration, except under highly unrealist assumptions. In this book the author suggests the abandonment of this traditional approach based on the concept of 'willingness-to-pay' or the conpensating variation. Instead, the measure that Samuelson has called the 'money-metric' should become the cornerstone of applied welfare economics.