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Markets, Risk and Money
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.
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...
Economy and Interest
"The essential work from the Nobel Prize-winning virtuoso of twentieth-century economics, translated to English for the first time. Since Adam Smith developed a verbal theory of how the economy worked, economists have used mathematical equations to try to model such terms. Few figures advanced this frontier more than twentieth-century French economist Maurice Allais, whose sweeping intellectual contributions earned the Nobel Prize for economics and drew comparisons to the works of Leon Walras to Vilfredo Pareto. Allais's formidable accomplishments have been largely unread by non-Francophone readers due to the challenge of their translation; the works' technical erudition and occasional densi...
Uncertainty, Expectations, and Financial Instability
Eric Barthalon applies the neglected theory of psychological time and memory decay of Nobel Prize–winning economist Maurice Allais (1911–2010) to model investors' psychology in the present context of recurrent financial crises. Shaped by the behavior of the demand for money during episodes of hyperinflation, Allais's theory suggests economic agents perceive the flow of clocks' time and forget the past at a context-dependent pace: rapidly in the presence of persistent and accelerating inflation and slowly in the event of the opposite situation. Barthalon recasts Allais's work as a general theory of "expectations" under uncertainty, narrowing the gap between economic theory and investors' ...
The Anisotropy of Space
Maurice Allais, author of a physics book ? This may seem surprising to anyone who is already impressed by the work of the 1988 Nobel Prize in Economics. And yet Maurice Allais' passion for physics is older than his passion for economics. He declared having devoted a quarter of his time to physics. The results of his work and his experience in this field are entirely original. "In my experimental and theoretical research (from 1954 to 1996), I demonstrated very significant anomalies, on the one hand in the movement of the paraconical pendulum with anisotropic support and with isotropic support, and on the other hand in optical sightings at marks. I proved their existence, independently of any...
Experiments with the Paraconical Pendulum
This is an English translation of Chapter 1 of Maurice Allais's master work, 'The Anisotropy of Space'. It contains his description and analysis of his six one-month-long continuous experiments using a paraconical pendulum with anisotropic support, and also includes the references and the index. (The translated second chapter, which concerns Allais's experiments using the paraconical pendulum with isotropic support, and which is shorter, will be published in due course.) This book section has been published as a series of page images, which has been necessary in view of the many mathematical formulas. The numerous cross-references have also implied that it has been very desirable to maintain the pagination of the original French text. Accordingly the text appears as rather small, especially in the very large number of footnotes, but we have verified that it is perfectly clear and readable throughout. In view of the enormous scientific importance of this fundamental and seminal work by this under-appreciated genius of the twentieth century, we considered that the paramount consideration should be to represent the original as accurately as possible.
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.
