Probability and economics
by Hamouda, O. F., Rowley, J. C. R.
fromRoutledge frontiers of political economy
The utility idea has had a long history in economics, especially in the explanation of demand and in welfare economics. In a comprehensive survey and critique of the Slutsky theory and the pattern to which it belongs in the economic context, S.N. Afriat offers a resolution of qu…
The utility idea has had a long history in economics, especially in the explanation of demand and in welfare economics. In a comprehensive survey and critique of the Slutsky theory and the pattern to which it belongs in the economic context, S.N. Afriat offers a resolution of qu…
For several decades, the orthodox economics approach to understanding choice under risk has been to assume that each individual person maximizes some sort of personal utility function defined over purchasing power. This new volume contests that even the best wisdom from the orth…
For several decades, the orthodox economics approach to understanding choice under risk has been to assume that each individual person maximizes some sort of personal utility function defined over purchasing power. This new volume contests that even the best wisdom from the orth…
"For several decades, the orthodox economics approach to understanding choice under risk has been to assume that each individual person maximizes some sort of personal utility function defined over purchasing power. This new volume contests that even the best wisdom from the ort…
Classical decision theory evaluates entire worlds, specified so as to include everything a decision-maker cares about. Thus applying decision theory requires performing computations far beyond an ordinary decision-maker's ability. In this book Paul Weirich explains how individua…
"Classical decision theory evaluates entire worlds, specified so as to include everything a decision-maker cares about. Thus applying decision theory requires performing computations far beyond an ordinary decision-maker's ability. In this book Paul Weirich explains how individu…
"The utility maximization paradigm forms the basis of many economic, psychological, cognitive and behavioral models. Since it was first devised in the eighteenth century, numerous examples have revealed the deficiencies of the concept. This book makes a contribution to overcome …