Decisions under risk: A descriptive model and a technique for decision making
In: European Journal of Political Economy, Band 7, Heft 3, S. 381-405
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In: European Journal of Political Economy, Band 7, Heft 3, S. 381-405
In: Theory and Decision Library, Series A: Philosophy and Methodology of the Social Sciences 19
In: Theory and Decision Library A:, Rational Choice in Practical Philosophy and Philosophy of Science 19
This book is concerned with the problems of whether a utility concept that is cardinal -- insofar as ratios between utility differences are significant -- exists or not, whether it is useful -- e.g. in creating testable models of behaviour -- or whether a merely ordinal preference function will do for all purposes. Some selected highlights from the debate between cardinalists and ordinalists are analyzed, but essentially this is a presentation of fresh elements in the case for cardinalism. Special themes analyzed include the distinction between utility and risk attitude, motivating decisions in case of uncertainty, multiperiod allocations and complementarity. Empirical evidence is presented and it seems that attempts at measuring utility give amazing results. The book will interest researchers, teachers and advanced students in economics, economic psychology, welfare theory and themes concerned with human behaviour
In: Theory and Decision Library, An International Series in the Philosophy and Methodology of the Social and Behavioral Sciences 42
In: Theory and Decision Library 42
I / Foundations of Utility and Probability -- The Foundations of the Theory of Utility and Risk. Some Central Points of the Discussions at the Oslo Conference -- II / One Utility Function or Two? -- Utility and Risk Preference Functions -- Neo-Cardinalism -- Prediction, Measurement, and Error of Utility: A Reply to Allais -- III / Prescriptive Versus Descriptive Decision Models -- Remarks to Professor Allais' Contributions to the Theory of Expected Utility and Related Subjects -- Decision-Aid and Expected Utility Theory: A Critical Survey -- IV / Aspects of Process Utility -- The Importance of What Might Have Been -- Relativity in Decision Theory -- The Utility of Gambling and of Outcomes: Inconsistent First Approximations -- Name Index.
In: Theory and decision library 21
In: The Economic Journal, Band 90, Heft 359, S. 672
In: Theory and decision library
In: Series B, Mathematical and statistical methods 35