Production under Uncertainty and Choice under Uncertainty in the Emergence of Generalized Expected Utility Theory
David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
Learn more about PhilPapers
Theory and Decision 51 (2/4):125-144 (2001)
This paper presents a personal view of the interaction between the analysis of choice under uncertainty and the analysis of production under uncertainty. Interest in the foundations of the theory of choice under uncertainty was stimulated by applications of expected utility theory such as the Sandmo model of production under uncertainty. This interest led to the development of generalized models including rank-dependent expected utility theory. In turn, the development of generalized expected utility models raised the question of whether such models could be used in the analysis of applied problems such as those involving production under uncertainty. Finally, the revival of the state-contingent approach led to the recognition of a fundamental duality between choice problems and production problems
|Keywords||Economics Social Sciences, Mathematical Methods Uncertainty Generalized Expected Utility Production Theory Choice Theory Subjective-probability Anticipated Utility Comparative Statics Risk-aversion Preferences Firm|
|Categories||categorize this paper)|
Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
|Through your library|
References found in this work BETA
No references found.
Citations of this work BETA
No citations found.
Similar books and articles
Rolf Aaberge (2011). Empirical Rules of Thumb for Choice Under Uncertainty. Theory and Decision 71 (3):431-438.
Stephen A. Clark (2000). Revealed Preference and Expected Utility. Theory and Decision 49 (2):159-174.
Teddy Seidenfeld, Mark J. Schervish & Joseph B. Kadane (2010). Coherent Choice Functions Under Uncertainty. Synthese 172 (1):157 - 176.
Chambers, Robert & John Quiggin (2000). Uncertainty, Production, Choice, and Agency: The State-Contingent Approach. Cambridge Univ Pr.
David E. Buschena & David Zilberman (1999). Testing the Effects of Similarity on Risky Choice: Implications for Violations of Expected Utility. Theory and Decision 46 (3):253-280.
Phan H. Giang & Prakash P. Shenoy (2000). A Qualitative Linear Utility Theory for Spohn's Theory of Epistemic Beliefs. In C. Boutilier & M. Goldszmidt (eds.), Uncertainty in Artificial Intelligence 16. Morgan Kaufmann.
Reed Richter (1985). Rationality, Group Choice and Expected Utility. Synthese 63 (2):203 - 232.
Andreas Lange (2001). A Note on Decisions Under Uncertainty: The Impact of the Choice of the Welfare Measure. Theory and Decision 51 (1):51-71.
George Wu (1999). Anxiety and Decision Making with Delayed Resolution of Uncertainty. Theory and Decision 46 (2):159-199.
John Quiggin (1995). Economic Choice in Generalized Expected Utility Theory. Theory and Decision 38 (2):153-171.
Bruno Verbeek (2008). Consequentialism and Rational Choice: Lessons From the Allais Paradox. Pacific Philosophical Quarterly 89 (1):86–116.
Giuseppe Fontana & Bill Gerrard (1999). Disequilibrium States and Adjustment Processes: Towards a Historical-Time Analysis of Behaviour Under Uncertainty. Philosophical Psychology 12 (3):311 – 324.
Sven Ove Hansson (2006). Economic (Ir)Rationality in Risk Analysis. Economics and Philosophy 22 (2):231-241.
Jeffrey Helzner (2009). On the Application of Multiattribute Utility Theory to Models of Choice. Theory and Decision 66 (4):301-315.
Added to index2010-09-02
Total downloads7 ( #194,809 of 1,101,814 )
Recent downloads (6 months)5 ( #68,160 of 1,101,814 )
How can I increase my downloads?