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Measuring Utility
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 ...
From classical political economy to behavioral economics
The book reconstructs some selected threads in the history of economics, from the classical theory of value elaborated by Smith and Ricardo in the late eighteenth and early nineteenth centuries to the behavioral theory of choice put forward by Kahneman and Tversky in the late twentieth century. Part One illustrates the passage from the classical to the marginal theory of value, which latter emerged in the 1870s. Part Two charts the consolidation of marginalism and developments in utility and demand analysis between the 1870s and 1940. Part Three outlines the history of macroeconomics from the monetary and business cycle theories of the early twentieth century to LucasŐs new classical macroeconomics of the 1970s. Part Four is devoted to the post-1940 history of microeconomics, and examines the emergence of game theory, the axiomatization of utility analysis, the history of expected utility theory, and the challenge of behavioral economics to mainstream economics. The book is addressed to students of economics who acknowledge the wisdom of KeynesŐs claim that Ça study of the history of opinion is a necessary preliminary to the emancipation of the mindČ.
Marginalism
The notion of marginalism is central to modern economic theory. Its emergence in the 1870s underpinned the change from classical economics to modern (micro)economics. This book explores the origins of the concept, its development, and its role in modern economics and shows why the marginalist approach is much more than a set of mathematical rules.
The Hesitant Hand
The author explores what has been perhaps the central controversy in modern economics from Adam Smith to today. He traces the theory of market failure from the 1840s through the 1950s and subsequent attacks on this view by the Chicago and Virginia schools.
Modeling Rational Agents
"This book explores the evolution, through the first half of the 20th century, of the key neoclassical concept of rationality. The analysis begins with the development of modern decision theory, covers the interwar debates over the role of perfect foresight and analyzes the first game-theoretic solution concepts of von Neumann and Nash. The author's proposition is that the notion of rationality suffered a profound transformation that reduced it to a formal property of consistency. Such a transformation paralleled that of neoclassical economics as a whole from a discipline dealing with real economic processes to one investigating issues of logical consistency between mathematical relationships."
The Capital Asset Pricing Model in the 21st Century
The Capital Asset Pricing Model (CAPM) and the mean-variance (M-V) rule, which are based on classic expected utility theory, have been heavily criticized theoretically and empirically. The advent of behavioral economics, prospect theory and other psychology-minded approaches in finance challenges the rational investor model from which CAPM and M-V derive. Haim Levy argues that the tension between the classic financial models and behavioral economics approaches is more apparent than real. This book aims to relax the tension between the two paradigms. Specifically, Professor Levy shows that although behavioral economics contradicts aspects of expected utility theory, CAPM and M-V are intact in both expected utility theory and cumulative prospect theory frameworks. There is furthermore no evidence to reject CAPM empirically when ex-ante parameters are employed. Professionals may thus comfortably teach and use CAPM and behavioral economics or cumulative prospect theory as coexisting paradigms.
Marshall and the Marshallian Heritage
Tiziano Raffaelli (Pisa 1950) was a widely esteemed scholar in the field of the history and methodology of economics, who died suddenly in January 2016 while still in the midst of working and of developing projects for new lines of research. He was a philosopher of science by formation and a historian of economic ideas by professional choice, with interests covering a vast area, ranging from the 18th to the 20th century and from Europe to the US. Where he left an indelible mark, however, was in his interpretation of Alfred Marshall’s economic theory and its reverberations through Keynes on the one hand, and the Cambridge school of industrial economics on the other. Raffaelli’s research i...
Von Neumann, Morgenstern, and the Creation of Game Theory
A reconstruction of the creation of game theory in the twentieth century by John von Neumann and Oskar Morgenstern.
Research in the History of Economic Thought and Methodology
Includes the articles that highlight research on the role of western economic advisors in China before the Communist Revolution, minimum wage legislation, a symposium on Clement Juglar, and a comparison of the work in the history of economics and the history of science.
Hayek: A Collaborative Biography
This fourth volume examines his time in Vienna and Chicago (1931-1950), when Hayek held the prestigious University of London Tooke Professorship of Economic Science and Statistics. Between Vienna and Chicago (1931-1950), although his business cycle work was apparently defeated, this study takes a closer look at Hayek's successes.
