Utility Theories
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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.
Handbook Of Utility Theory
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Author : Salvador Barbera
language : en
Publisher: Springer Science & Business Media
Release Date : 1998
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 1998 with Business & Economics categories.
The main purpose of the Handbook of Utility Theory is to make more widely available some recent developments in the area. The editors selected a list of topics that seemed ripe enough to be covered by review articles. Then they invited contributions from researchers whose expert work had come to their attention. So the list of topics and contributors is largely the editors' responsibility. Each contributor's chapter has been refereed, and revised according to the referees' remarks. Whereas Volume I of the Handbook of Utility Theory is largely concentrated on basic theory, the present volume is concerned with extensions and applications to other branches of economic theory. Taken together, these first two volumes contain all the purely theoretical material that the editors planned to cover. The chapters on experimental and empirical research on utility and the chapters on the history of utility theory will appear in Volume III.
Utility And Production
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Author : Pablo Coto-Millán
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Utility And Production written by Pablo Coto-Millán 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.
This book is different from the first edition. There are three entirely new chapters: 2,6 and 9. I have also included new sections in chapters 1,4 and 8. Moreover, the remaining chapters, 3, 5 and 7, have been revised and updated. In chapters 2 and 6 I felt it was necessary to include the main alternative theories ofconsumer and company behaviour along with the neo-classical models. The book contains four chapters oftheory - 1, 2, 5 and 6 - and four chapters with theoretical and empirical applications - 3, 4, 7 and 8. Finally, chapter nine looks at choices made under conditions ofuncertainty. September 2002 P. Coto-Millan Preface to the First Edition Grateful acknowledgment is made to CICYT (Comision Interministerial de Ciencia y Tecnologia), National Plan R+D, Projects N-TXT96-2467 and N TXT98-1453 for its fmancial support. This text presents the economic theories on Utility and Production. In addition, such theories are used to explain the real problems of consumers and fIrms and several studies carried out by the author are displayed. Some collaboration by other professors of Economics is mentioned in the corresponding footnotes. The responsibility for errors and omissions, however, rests entirely upon the author. In chapters 1 and 4 of the book I try to present the theory of Utility and Production. Chapter 3 presents new functional forms and two empirical applications, on demand functions and systems. In chapters 2 and 5, the main theorems and properties presented in chapters 1 and 4 are applied.
Handbook Of Utility Theory
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Author : Salvador Barbera
language : en
Publisher: Springer Science & Business Media
Release Date : 1998
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 1998 with Business & Economics categories.
The standard rationality hypothesis implies 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 social sciences. Though the utility maximization hypothesis is venerable, it remains an area of active research. Moreover, some fundamental conceptual problems remain unresolved, or at best have resolutions that are too recent to have achieved widespread understanding among social scientists. The main purpose of the Handbook of Utility Theory is to make recent developments in the area more accessible. The editors selected a number of specific topics, and invited contributions from researchers whose work had come to their attention. Therefore, the list of topics and contributions is largely the editors' responsibility. Each contributor's chapter has been refereed, and revised according to the referees' remarks. This is the first volume of a two volume set, with the second volume focusing on extensions of utility theory.
Foundations Of Utility And Risk Theory With Applications
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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
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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.
Recent Developments In The Foundations Of Utility And Risk Theory
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Author : L. Daboni
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Recent Developments In The Foundations Of Utility And Risk Theory written by L. Daboni 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.
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.
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.
Utility Theory For Decision Making
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Author : Peter C. Fishburn
language : en
Publisher: Huntington, N.Y. : R. E. Krieger Publishing Company
Release Date : 1979-01-01
Utility Theory For Decision Making written by Peter C. Fishburn and has been published by Huntington, N.Y. : R. E. Krieger Publishing Company this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979-01-01 with Decision-making categories.
Utility And Production
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Author : Pablo Coto-Millan
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Utility And Production written by Pablo Coto-Millan 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.
Grateful acknowledgement is made to CICYT (Comision Intenninisterial de Ciencia y Tecnoiogia), National Plan R+D, Projects N-TXT96-2467 and N TXT98-1453 for its financial support. This text presents the economic theories on Utility and Production. In addition, such theories are used to explain the real problems of consumers and firms and several studies carried out by the author are displayed. Some collaboration by other professors of Economics is mentioned in the corresponding footnotes. The responsibility for errors and omissions, however, rests entirely upon tbe author. In chapters 1 and 4 of the book try to present the theory of Utility and Production. Chapter 3 presents new functional forms and two empirical applications, on demand functions and systems. In chapters 2 and 5, the main theorems and properties presented in chapters 1 and 4 are applied. Chapter 6 presents new functional forms and two empirical applications, on production and cost functions respectively.