The Foundations Of Expected Utility
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The Foundations Of Expected Utility
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Author : P.C. Fishburn
language : en
Publisher: Springer
Release Date : 2010-12-30
The Foundations Of Expected Utility written by P.C. Fishburn and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-30 with Social Science categories.
This book offers a unified treatment of my research in the foundations of expected utility theory from around 1965 to 1980. While parts are new, the presentation draws heavily on published articles and a few chapters in my 1970 monograph on utility theory. The diverse notations and styles of the sources have of course been reconciled here, and their topics arranged in a logical sequence. The two parts of the book take their respective cues from the von Neumann-Morgenstern axiomatization of preferences between risky options and from Savage's foundational treatment of decision making under uncertainty. Both parts are studies in the axiomatics of preferences for decision situations and in numerical representations for preferences. Proofs of the representation and uniqueness theorems appear at the ends of the chapters so as not to impede the flow of the discussion. A few warnings on notation are in order. The numbers for theorems cited within a chapter have no prefix if they appear in that chapter, but otherwise carry a chapter prefix (Theorem 3.2 is Theorem 2 in Chapter 3). All lower case Greek letters refer to numbers in the closed interval from o to 1. The same symbol in different chapters has essentially the same meaning with one major exception: x, y, ... mean quite different things in different chapters. I am indebted to many people for their help and encouragement.
The Foundations Of Expected Utility
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Author : P.C. Fishburn
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-03-14
The Foundations Of Expected Utility written by P.C. Fishburn 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.
This book offers a unified treatment of my research in the foundations of expected utility theory from around 1965 to 1980. While parts are new, the presentation draws heavily on published articles and a few chapters in my 1970 monograph on utility theory. The diverse notations and styles of the sources have of course been reconciled here, and their topics arranged in a logical sequence. The two parts of the book take their respective cues from the von Neumann-Morgenstern axiomatization of preferences between risky options and from Savage's foundational treatment of decision making under uncertainty. Both parts are studies in the axiomatics of preferences for decision situations and in numerical representations for preferences. Proofs of the representation and uniqueness theorems appear at the ends of the chapters so as not to impede the flow of the discussion. A few warnings on notation are in order. The numbers for theorems cited within a chapter have no prefix if they appear in that chapter, but otherwise carry a chapter prefix (Theorem 3.2 is Theorem 2 in Chapter 3). All lower case Greek letters refer to numbers in the closed interval from o to 1. The same symbol in different chapters has essentially the same meaning with one major exception: x, y, ... mean quite different things in different chapters. I am indebted to many people for their help and encouragement.
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.
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.
Handbook Of Utility Theory
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Author : Salvador Barbera
language : en
Publisher: Springer Science & Business Media
Release Date : 2004-03-31
Handbook Of Utility Theory written by Salvador Barbera 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 2004-03-31 with Business & Economics categories.
The standard rationality hypothesis is that behaviour can be represented as the maximization of a suitably restricted utility function. This hypothesis lies at the heart of a large body of recent work in economics, of course, but also in political science, ethics, and other major branches of the social sciences. Though this hypothesis of utility maximization deserves our continued respect, finding further refinements and developing new critiques remain areas of active research. In fact, many fundamental conceptual problems remain unsettled. Where others have been resolved, their resolutions may be too recent to have achieved widespread understanding among social scientists. Last but not least, a growing number of papers attempt to challenge the rationality hypothesis head on, at least in its more orthodox formulation. The main purpose of this Handbook is to make more widely available some recent developments in the area. Yet we are well aware that the final chapter of a handbook like this can never be written as long as the area of research remains active, as is certainly the case with utility theory. The editors originally selected a list of topics that seemed ripe enough at the time that the book was planned. Then they invited contributions from researchers whose work had come to their attention. So the list of topics and contributors is largely the editors' responsibility, although some potential con tributors did decline our invitation. Each chapter has also been refereed, and often significantly revised in the light of the referees' remarks.
The Foundations Of Causal Decision Theory
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Author : James M. Joyce
language : en
Publisher: Cambridge University Press
Release Date : 1999-04-13
The Foundations Of Causal Decision Theory written by James M. Joyce 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 1999-04-13 with Science categories.
This book defends the view that any adequate account of rational decision making must take a decision maker's beliefs about causal relations into account. The early chapters of the book introduce the non-specialist to the rudiments of expected utility theory. The major technical advance offered by the book is a 'representation theorem' that shows that both causal decision theory and its main rival, Richard Jeffrey's logic of decision, are both instances of a more general conditional decision theory. The book solves a long-standing problem for Jeffrey's theory by showing for the first time how to obtain a unique utility and probability representation for preferences and judgements of comparative likelihood. The book also contains a major new discussion of what it means to suppose that some event occurs or that some proposition is true. The most complete and robust defence of causal decision theory available.
Handbook Of The Fundamentals Of Financial Decision Making
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Author : Leonard C. MacLean
language : en
Publisher: World Scientific
Release Date : 2013
Handbook Of The Fundamentals Of Financial Decision Making written by Leonard C. MacLean and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Business & Economics categories.
This handbook in two parts covers key topics of the theory of financial decision making. Some of the papers discuss real applications or case studies as well. There are a number of new papers that have never been published before especially in Part II.Part I is concerned with Decision Making Under Uncertainty. This includes subsections on Arbitrage, Utility Theory, Risk Aversion and Static Portfolio Theory, and Stochastic Dominance. Part II is concerned with Dynamic Modeling that is the transition for static decision making to multiperiod decision making. The analysis starts with Risk Measures and then discusses Dynamic Portfolio Theory, Tactical Asset Allocation and Asset-Liability Management Using Utility and Goal Based Consumption-Investment Decision Models.A comprehensive set of problems both computational and review and mind expanding with many unsolved problems are in an accompanying problems book. The handbook plus the book of problems form a very strong set of materials for PhD and Masters courses both as the main or as supplementary text in finance theory, financial decision making and portfolio theory. For researchers, it is a valuable resource being an up to date treatment of topics in the classic books on these topics by Johnathan Ingersoll in 1988, and William Ziemba and Raymond Vickson in 1975 (updated 2 nd edition published in 2006).
Frontiers Of Research In Economic Theory
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Author : J.L. Kellogg Graduate School of Management
language : en
Publisher: Cambridge University Press
Release Date : 1998-11-13
Frontiers Of Research In Economic Theory written by J.L. Kellogg Graduate School of Management 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 1998-11-13 with Business & Economics categories.
'Leading economists presenting fundamentally important issues in economic theory' is the theme of the Nancy Schwartz lectures series held annually at the J. L. Kellogg Graduate School of Management of Northwestern University. Reporting on lectures delivered in the years 1983 through 1997, this collection of essays discusses economic behavior at the individual and group level and the implications to the performance of economic systems. Using non-technical language, the speakers present theoretical, experimental, and empirical analysis of decision making under uncertainty and under full and bounded rationality, the influence of economic incentives and habits, and the effects of learning and evolution on dynamic choice. Perfect competition, economic development, social insurance and social mobility, and negotiation and economic survival, are major economic subjects analyzed through our understanding of economic behavior.
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.