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

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Expected Utility Hypotheses and the Allais Paradox

Author : M. Allais
Publisher : Springer Science & Business Media
ISBN 13 : 9401576297
Total Pages : 706 pages
Book Rating : 4.4/5 (15 download)

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Book Synopsis Expected Utility Hypotheses and the Allais Paradox by : M. Allais

Download or read book Expected Utility Hypotheses and the Allais Paradox written by M. Allais and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 706 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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

Author : Maurice Allais
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (124 download)

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Book Synopsis Expected Utility Hypotheses and the Allais Paradox by : Maurice Allais

Download or read book Expected Utility Hypotheses and the Allais Paradox written by Maurice Allais and published by . This book was released on 1979 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Expected Utility Hypotheses and the Allais Paradox

Author : Centre national de la recherche scientifique (France)
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (24 download)

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Book Synopsis Expected Utility Hypotheses and the Allais Paradox by : Centre national de la recherche scientifique (France)

Download or read book Expected Utility Hypotheses and the Allais Paradox written by Centre national de la recherche scientifique (France) and published by . This book was released on 1979 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Expected Utility Hypotheses and the Allais Paradox. Contemporary Discussions of Decisions under Uncertainty with Allais' Rejoinder

Download Expected Utility Hypotheses and the Allais Paradox. Contemporary Discussions of Decisions under Uncertainty with Allais' Rejoinder PDF Online Free

Author : Maurice ALLAIS
Publisher :
ISBN 13 :
Total Pages : 714 pages
Book Rating : 4.:/5 (18 download)

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Book Synopsis Expected Utility Hypotheses and the Allais Paradox. Contemporary Discussions of Decisions under Uncertainty with Allais' Rejoinder by : Maurice ALLAIS

Download or read book Expected Utility Hypotheses and the Allais Paradox. Contemporary Discussions of Decisions under Uncertainty with Allais' Rejoinder written by Maurice ALLAIS and published by . This book was released on 1979 with total page 714 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Experiments on Decisions under Risk: The Expected Utility Hypothesis

Author : P.J.H. Schoemaker
Publisher : Springer Science & Business Media
ISBN 13 : 9401750408
Total Pages : 228 pages
Book Rating : 4.4/5 (17 download)

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Book Synopsis Experiments on Decisions under Risk: The Expected Utility Hypothesis by : P.J.H. Schoemaker

Download or read book Experiments on Decisions under Risk: The Expected Utility Hypothesis written by P.J.H. Schoemaker and published by Springer Science & Business Media. This book was released on 2013-11-11 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

The New Palgrave Dictionary of Economics

Author :
Publisher : Springer
ISBN 13 : 1349588024
Total Pages : 7493 pages
Book Rating : 4.3/5 (495 download)

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Book Synopsis The New Palgrave Dictionary of Economics by :

Download or read book The New Palgrave Dictionary of Economics written by and published by Springer. This book was released on 2016-05-18 with total page 7493 pages. Available in PDF, EPUB and Kindle. Book excerpt: The award-winning The New Palgrave Dictionary of Economics, 2nd edition is now available as a dynamic online resource. Consisting of over 1,900 articles written by leading figures in the field including Nobel prize winners, this is the definitive scholarly reference work for a new generation of economists. Regularly updated! This product is a subscription based product.

Foundations of Utility and Risk Theory with Applications

Author : Bernt P. Stigum
Publisher : Springer Science & Business Media
ISBN 13 : 9401715904
Total Pages : 487 pages
Book Rating : 4.4/5 (17 download)

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Book Synopsis Foundations of Utility and Risk Theory with Applications by : Bernt P. Stigum

Download or read book Foundations of Utility and Risk Theory with Applications written by Bernt P. Stigum and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 487 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Modern Social Contract Theory

Author : Albert Weale
Publisher : Oxford University Press, USA
ISBN 13 : 0198853548
Total Pages : 471 pages
Book Rating : 4.1/5 (988 download)

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Book Synopsis Modern Social Contract Theory by : Albert Weale

Download or read book Modern Social Contract Theory written by Albert Weale and published by Oxford University Press, USA. This book was released on 2020 with total page 471 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume offers an exposition and evaluation of major work in social contract theory from 1950 to the present.

Theory and Decision

Author : G. Eberlein
Publisher : Springer Science & Business Media
ISBN 13 : 9400938950
Total Pages : 333 pages
Book Rating : 4.4/5 (9 download)

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Book Synopsis Theory and Decision by : G. Eberlein

Download or read book Theory and Decision written by G. Eberlein and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of articles contains contributions from a few of Werner Leinfellner's many friends and colleagues. Some of them are former students of Werner's. Others were colleagues of his at various American and European universities. Further, some have come to know Werner through his research, his long-standing editorship of Theory and Deci sion and his extensive participation in international conferences and congresses. The following articles are new to this volume. The areas covered are those in which Werner continues to play an active professional role. We offer them as a tribute to the many and multi-faceted contributions to the scientific enterprise for which Werner Leinfellner is so widely known. We believe such a festschrift to be fitting and long overdue. Because of the breadth of Werner's professional associations, it was difficult to select representatives from among his many spheres of influence. We apologize to the many scholars who could not be in cluded because of time and space considerations. Finally, we wish to express appreciation to Dean John Guilds of the University of Arkansas for providing financial support early on in the evolution of this project, to Jennifer Bauman for her bravura performance in copy-editing the manuscripts, and to our publisher at Reidel for bringing this volume to press.

Recent Developments in the Foundations of Utility and Risk Theory

Author : L. Daboni
Publisher : Springer Science & Business Media
ISBN 13 : 9400946163
Total Pages : 402 pages
Book Rating : 4.4/5 (9 download)

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Book Synopsis Recent Developments in the Foundations of Utility and Risk Theory by : L. Daboni

Download or read book Recent Developments in the Foundations of Utility and Risk Theory written by L. Daboni and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Utility and Probability

Author : John Eatwell
Publisher : Springer
ISBN 13 : 1349205680
Total Pages : 330 pages
Book Rating : 4.3/5 (492 download)

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Book Synopsis Utility and Probability by : John Eatwell

Download or read book Utility and Probability written by John Eatwell and published by Springer. This book was released on 1990-02-23 with total page 330 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 Knowledge Ahead Approach to Risk

Author : Robin Pope
Publisher : Springer Science & Business Media
ISBN 13 : 354038474X
Total Pages : 236 pages
Book Rating : 4.5/5 (43 download)

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Book Synopsis The Knowledge Ahead Approach to Risk by : Robin Pope

Download or read book The Knowledge Ahead Approach to Risk written by Robin Pope and published by Springer Science & Business Media. This book was released on 2006-11-23 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is written for those seeking a decision theory appropriate for use in serious choices such as insurance. It employs stages of knowledge ahead to track satisfactions and dissatisfactions. From experimental and questionnaire data, people take into account such stages of knowledge ahead satisfactions and dissatisfactions. This means we must go beyond standard decision theories like expected utility or cumulative prospect theory.

Game Theory, Experience, Rationality

Author : W. Leinfellner
Publisher : Springer Science & Business Media
ISBN 13 : 9401716544
Total Pages : 476 pages
Book Rating : 4.4/5 (17 download)

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Book Synopsis Game Theory, Experience, Rationality by : W. Leinfellner

Download or read book Game Theory, Experience, Rationality written by W. Leinfellner and published by Springer Science & Business Media. This book was released on 2013-06-29 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: When von Neumann's and Morgenstern's Theory of Games and Economic Behavior appeared in 1944, one thought that a complete theory of strategic social behavior had appeared out of nowhere. However, game theory has, to this very day, remained a fast-growing assemblage of models which have gradually been united in a new social theory - a theory that is far from being completed even after recent advances in game theory, as evidenced by the work of the three Nobel Prize winners, John F. Nash, John C. Harsanyi, and Reinhard Selten. Two of them, Harsanyi and Selten, have contributed important articles to the present volume. This book leaves no doubt that the game-theoretical models are on the right track to becoming a respectable new theory, just like the great theories of the twentieth century originated from formerly separate models which merged in the course of decades. For social scientists, the age of great discover ies is not over. The recent advances of today's game theory surpass by far the results of traditional game theory. For example, modem game theory has a new empirical and social foundation, namely, societal experiences; this has changed its methods, its "rationality. " Morgenstern (I worked together with him for four years) dreamed of an encompassing theory of social behavior. With the inclusion of the concept of evolution in mathematical form, this dream will become true. Perhaps the new foundation will even lead to a new name, "conflict theory" instead of "game theory.

Handbook of Knowledge and Economics

Author : Richard Arena
Publisher : Edward Elgar Publishing
ISBN 13 : 1781001022
Total Pages : 545 pages
Book Rating : 4.7/5 (81 download)

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Book Synopsis Handbook of Knowledge and Economics by : Richard Arena

Download or read book Handbook of Knowledge and Economics written by Richard Arena and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'While there is growing recognition that understanding knowledge is at the very heart of economics, little work has thus far been forthcoming representing in a comprehensive and coherent way its fundamental nature and wide-ranging consequences for economic analysis. The editors are to be commended for having filled this critical gap by providing a well-organized collection of outstanding contributions. This rich and greatly needed Handbook is comprised of contributions about the role knowledge plays in the history of the discipline as well as the most significant current developments as we witness them, particularly in the branches of evolutionary, institutional and complexity economics.' – Kurt Dopfer, University of St Gallen, Switzerland Why do societies benefit differently from knowledge? How exactly does social interaction interfere with knowledge acquisition and diffusion? This original Handbook brings together a wide range of differing approaches to shed light on these questions and others relating to the role and relevance of knowledge in economic analysis. By illuminating the philosophical roots of the various notions of knowledge employed by economists, this Handbook helps to disentangle conceptual and typological issues surrounding the debate on knowledge among economists. Wide-ranging in scope, it explores fundamental aspects of the relationship between knowledge and economics – such as the nature of knowledge, knowledge acquisition and knowledge diffusion. This important compendium embraces various fields and traditions of economic analysis and discusses the role of knowledge in 21 papers from outstanding international scholars. Advanced scholars and postgraduate students interested in cross-fertilization between different fields of economic analysis will find this Handbook of considerable importance.

Finance and the Behavioral Prospect

Author : James Ming Chen
Publisher : Springer
ISBN 13 : 3319327119
Total Pages : 350 pages
Book Rating : 4.3/5 (193 download)

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Book Synopsis Finance and the Behavioral Prospect by : James Ming Chen

Download or read book Finance and the Behavioral Prospect written by James Ming Chen and published by Springer. This book was released on 2016-10-01 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explains how investor behavior, from mental accounting to the combustible interplay of hope and fear, affects financial economics. The transformation of portfolio theory begins with the identification of anomalies. Gaps in perception and behavioral departures from rationality spur momentum, irrational exuberance, and speculative bubbles. Behavioral accounting undermines the rational premises of mathematical finance. Assets and portfolios are imbued with “affect.” Positive and negative emotions warp investment decisions. Whether hedging against intertemporal changes in their ability to bear risk or climbing a psychological hierarchy of needs, investors arrange their portfolios and financial affairs according to emotions and perceptions. Risk aversion and life-cycle theories of consumption provide possible solutions to the equity premium puzzle, an iconic financial mystery. Prospect theory has questioned the cogency of the efficient capital markets hypothesis. Behavioral portfolio theory arises from a psychological account of security, potential, and aspiration.

The Epistemology of A Priori Knowledge

Author : the late Tamara Horowitz
Publisher : Oxford University Press
ISBN 13 : 0190623497
Total Pages : 208 pages
Book Rating : 4.1/5 (96 download)

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Book Synopsis The Epistemology of A Priori Knowledge by : the late Tamara Horowitz

Download or read book The Epistemology of A Priori Knowledge written by the late Tamara Horowitz and published by Oxford University Press. This book was released on 2005-12-08 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume collects four published articles by the late Tamara Horowitz and two unpublished papers on decision theory: "Making Rational Decisions When Preferences Cycle" and the monograph-length "The Backtracking Fallacy." An introduction is provided by editor Joseph Camp. Horowitz preferred to recognize the diversity of rationality, both practical and theoretical rationality. She resisted the temptation to accept simple theories of rationality that are quick to characterize ordinary reasoning as fallacious. This broadly humanist approach to philosophy is exemplified by the articles in this collection. As just one example, in "The Backtracking Fallacy," she argues that there are policies for decision-making a person may adopt if the person prefers to do so, but need not adopt. A person who employs such a policy no longer can regard standard expected utility theory as exceptionless, thereby sacrificing theoretical simplicity. But it is a mistake, Horowitz argues, to preserve theoretical simplicity by falsifying the decision making methods real people really use.

Markets, Risk and Money

Author : Bertrand Munier
Publisher : Springer Science & Business Media
ISBN 13 : 9401107807
Total Pages : 381 pages
Book Rating : 4.4/5 (11 download)

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Book Synopsis Markets, Risk and Money by : Bertrand Munier

Download or read book Markets, Risk and Money written by Bertrand Munier and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 381 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.