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Measuring Utility
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Download or read book Measuring Utility written by Ivan Moscati and published by Oxford Studies in History of E. This book was released on 2018-11-22 with total page 345 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Measuring Utility written by Ivan Moscati and published by Oxford University Press. This book was released on 2018-10-25 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Measuring Utility of Wealth Among Farm Managers by : Albert N. Halter
Download or read book Measuring Utility of Wealth Among Farm Managers written by Albert N. Halter and published by . This book was released on 1956 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Measuring Poverty and Wellbeing in Developing Countries by : Channing Arndt
Download or read book Measuring Poverty and Wellbeing in Developing Countries written by Channing Arndt and published by OUP Oxford. This book was released on 2016-12-15 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Measuring and Valuing Health Benefits for Economic Evaluation by : John Brazier
Download or read book Measuring and Valuing Health Benefits for Economic Evaluation written by John Brazier and published by Oxford University Press. This book was released on 2017 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: With limited resources and funding, it is impossible to invest in all potentially beneficial health care interventions. Choices have to be made, and this guide allows the reader to measure and value the benefits of interventions, a key component of economic evaluation, which permits comparisons between interventions.
Book Synopsis Thinking and Deciding by : Jonathan Baron
Download or read book Thinking and Deciding written by Jonathan Baron and published by Cambridge University Press. This book was released on 2023-07-31 with total page 549 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Discrete Choice Methods with Simulation by : Kenneth Train
Download or read book Discrete Choice Methods with Simulation written by Kenneth Train and published by Cambridge University Press. This book was released on 2009-07-06 with total page 399 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes the new generation of discrete choice methods, focusing on the many advances that are made possible by simulation. Researchers use these statistical methods to examine the choices that consumers, households, firms, and other agents make. Each of the major models is covered: logit, generalized extreme value, or GEV (including nested and cross-nested logits), probit, and mixed logit, plus a variety of specifications that build on these basics. Simulation-assisted estimation procedures are investigated and compared, including maximum stimulated likelihood, method of simulated moments, and method of simulated scores. Procedures for drawing from densities are described, including variance reduction techniques such as anithetics and Halton draws. Recent advances in Bayesian procedures are explored, including the use of the Metropolis-Hastings algorithm and its variant Gibbs sampling. The second edition adds chapters on endogeneity and expectation-maximization (EM) algorithms. No other book incorporates all these fields, which have arisen in the past 25 years. The procedures are applicable in many fields, including energy, transportation, environmental studies, health, labor, and marketing.
Book Synopsis New Methods of Measuring Marginal Utility by : Ragnar Frisch
Download or read book New Methods of Measuring Marginal Utility written by Ragnar Frisch and published by . This book was released on 1978 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Utilities Code written by Texas and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Radical Uncertainty: Decision-Making Beyond the Numbers by : John Kay
Download or read book Radical Uncertainty: Decision-Making Beyond the Numbers written by John Kay and published by W. W. Norton & Company. This book was released on 2020-03-17 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt: Much economic advice is bogus quantification, warn two leading experts in this essential book, now with a preface on COVID-19. Invented numbers offer a false sense of security; we need instead robust narratives that give us the confidence to manage uncertainty. “An elegant and careful guide to thinking about personal and social economics, especially in a time of uncertainty. The timing is impeccable." — Christine Kenneally, New York Times Book Review Some uncertainties are resolvable. The insurance industry’s actuarial tables and the gambler’s roulette wheel both yield to the tools of probability theory. Most situations in life, however, involve a deeper kind of uncertainty, a radical uncertainty for which historical data provide no useful guidance to future outcomes. Radical uncertainty concerns events whose determinants are insufficiently understood for probabilities to be known or forecasting possible. Before President Barack Obama made the fateful decision to send in the Navy Seals, his advisers offered him wildly divergent estimates of the odds that Osama bin Laden would be in the Abbottabad compound. In 2000, no one—not least Steve Jobs—knew what a smartphone was; how could anyone have predicted how many would be sold in 2020? And financial advisers who confidently provide the information required in the standard retirement planning package—what will interest rates, the cost of living, and your state of health be in 2050?—demonstrate only that their advice is worthless. The limits of certainty demonstrate the power of human judgment over artificial intelligence. In most critical decisions there can be no forecasts or probability distributions on which we might sensibly rely. Instead of inventing numbers to fill the gaps in our knowledge, we should adopt business, political, and personal strategies that will be robust to alternative futures and resilient to unpredictable events. Within the security of such a robust and resilient reference narrative, uncertainty can be embraced, because it is the source of creativity, excitement, and profit.
Book Synopsis Information, Inference and Decision by : G. Menges
Download or read book Information, Inference and Decision written by G. Menges and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: Under the title 'Information, Inference and Decision' this volume in the Theory and Decision Library presents some papers on issues from the borderland of statistical inference philosophy and epistemology, written by statisticians and decision theorists who belonged or are allied to the former Saarbriicken school of statistical decision theory. In the first part I make an attempt to outline an objective theory of inductive behaviour, on the basis of R. A. Fisher's statistical inference philosophy, on the one hand, and R. Carnap's inductive logic, on the other. A special problem arising in the context of the new theory, viz., the problem of vagueness of concepts (in particular in the social sciences) is treated separately by H. Skala and myself. B. Leiner has contributed some biographical and bibliographical notes on the objective theory of inductive behaviour. Part II is concerned with inference philosophy. D. A. S. Fraser, the founder of structural inference theory, characterizes and compares some inference philosophies, and discusses his own and the arguments of the critics of his structural theory. In my opinion, Fraser's structural infer ence theory is suited to complete Fisher's inference philosophy in some essential points, if not to replace it. An interesting task for future re search work is to establish the connection between Fraser's theory and Carnap's ideas in the framework of an objective theory of inductive behaviour.
Book Synopsis Land Acquisition and Compensation in India by : Sattwick Dey Biswas
Download or read book Land Acquisition and Compensation in India written by Sattwick Dey Biswas and published by Springer Nature. This book was released on 2019-12-17 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses development and land acquisitions in India and analyzes a conceptual framework based on “paradox of values” and “plural value of land.” The research links the issue of valuation to its roots in classic economic theory and to its individual perception. The project offers an insightful perspective on current challenges of urbanization and development in the Global South, where land use regimes are in a highly dynamic transition to allow for urban amenities, housing and industrial land. The author concludes with a derived scheme or framework that addresses various potentials to better address values of land during land acquisition. It is an ideal book for anyone interested in land markets, land appraisal and land economics and land acquisition in the Global South.
Book Synopsis Measuring Willingness to Pay for Electricity by : Peter Choynowski
Download or read book Measuring Willingness to Pay for Electricity written by Peter Choynowski and published by DIANE Publishing. This book was released on 2008-05 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: The measurement of willingness to pay for electricity relies critically on a reliable estimate of the demand for electricity function. Empirical work tends to assume that the demand for electricity has no satiation point. Many electricity demand models assume a constant price elasticity, which implies infinite demand at low prices. This report proposes a plausible functional form for the demand of electricity. The proposed functional form is consistent with two properties of electricity demand functions for households & firms, namely, the negative relationships between price & quantity, & the finiteness of demand at zero price. The report also demonstrates that this functional form of the demand function leads to easily estimable economic benefits of electricity.
Book Synopsis OECD Guidelines on Measuring Subjective Well-being by : OECD
Download or read book OECD Guidelines on Measuring Subjective Well-being written by OECD and published by OECD Publishing. This book was released on 2013-03-20 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: These Guidelines represent the first attempt to provide international recommendations on collecting, publishing, and analysing subjective well-being data.
Book Synopsis Elementary Economics by : Fred Rogers Fairchild
Download or read book Elementary Economics written by Fred Rogers Fairchild and published by . This book was released on 1926 with total page 600 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Illinois Public Utilities Commission Law by : Illinois
Download or read book Illinois Public Utilities Commission Law written by Illinois and published by . This book was released on 1914 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Laws of Illinois Pertaining to the Jurisdiction of the State Public Utilities Commission by : Illinois. Public Utilities Commission
Download or read book Laws of Illinois Pertaining to the Jurisdiction of the State Public Utilities Commission written by Illinois. Public Utilities Commission and published by . This book was released on 1914 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
