Theory and Decision 51 (2/4):125-144 (2001)
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Abstract |
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
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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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References found in this work BETA
The Sociology of Science: Theoretical and Empirical Investigations.Robert King Merton - 1973 - University of Chicago Press.
Subjective Probability and Expected Utility Without Additivity.David Schmeidler - 1989 - Econometrica 57:571-589.
Sul Significato Soggettivo della Probabilittextà.Bruno De Finetti - 1931 - Fundamenta Mathematicae 17:298--329.
Uncertainty, Production, Choice, and Agency: The State-Contingent Approach.Robert G. Chambers & John Quiggin - 2000 - Cambridge University Press.
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