Production under Uncertainty and Choice under Uncertainty in the Emergence of Generalized Expected Utility Theory

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
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DOI 10.1023/A:1015546825052
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