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Expected Utility Hypotheses and the Allais Paradox
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.
Cardinalism
THE CONCEPTION OF THIS VOLUME This volume, Cardinalism, has been initiated by Ole Hagen, and is now published due to his perseverance and to Kluwer Academic Publishers. Because of various activities and duties, my contribution to the general conception of this volume has only been formal, and all the credit for it is due to Ole Hagen. I should also emphasize that the responsibility for the year's delay in the publishing of this volume is entirely mine, for two reasons. First of all, I have been involved in many works in very different fields. Second, the English translation of my 1943 contribution to the concept of cardinal utility took some time. The points of view the reader will find in t...
Consistent Choices and the Allais Problem-theoretical Considerations and Empirical Results
A decision problem specially constructed by M. Allais has attracted the attention of a number of students of decision theory. It has been called a 'paradox' because it presumably leads to a set of choices that are inconsistent with the usual norms of decision theory. In a recent paper, D. Morrison attempts to revise decision theory so that such choices would be considered as consistent. This revision involves the incorporation of an individual's asset position. While the consideration of an individual's personal states--including his non-financial states--appears to be a fruitful direction for future research, some theoretical and practical difficulties with this particular formulation are d...
Utility and Probability
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.
Models of Political Economy
Models of Political Economy will introduce students to the basic methodology of political economics. It covers all core theories as well as new developments including: decision theory game theory mechanism design games of asymmetric information. Hannu Nurmi's text will prove to be invaluable to all students who wish to understand this increasingly technical field.
Research in the History of Economic Thought and Methodology
Research in the History of Economic Thought and Methodology (RHETM) is a book series dedicated to an interdisciplinary approach to a broad range of topics related to the history and methodology of economics.
Thoughtful Economic Man
An authoritative examination of the implications of conventional conceptions of rational economic man for all economic study as well as the role of rationality and morals in economics.
