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Measuring Utility: From the Marginal Revolution to Behavioral Economics

Ivan Moscati

Published in print:
2018
Published Online:
December 2018
ISBN:
9780199372768
eISBN:
9780199372805
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780199372768.001.0001
Subject:
Economics and Finance, Microeconomics

The book reconstructs the history of utility measurement in economics, from the marginal revolution of the 1870s to the beginning of behavioral economics in the mid-1980s. Part I covers 1870–1910 and ... More


Epilogue

Ivan Moscati

in Measuring Utility: From the Marginal Revolution to Behavioral Economics

Published in print:
2018
Published Online:
December 2018
ISBN:
9780199372768
eISBN:
9780199372805
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780199372768.003.0018
Subject:
Economics and Finance, Microeconomics

The epilogue reviews the key passages in the history of economists’ ideas, discussions, and research on the measurability of utility between 1870 and 1985 and points to three main research programs ... More


Prologue

Ivan Moscati

in Measuring Utility: From the Marginal Revolution to Behavioral Economics

Published in print:
2018
Published Online:
December 2018
ISBN:
9780199372768
eISBN:
9780199372805
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780199372768.003.0001
Subject:
Economics and Finance, Microeconomics

The prologue outlines the main passages in the history of utility measurement in economics and presents the four main goals of the book. First, the book reconstructs in detail economists’ ideas and ... More


The Expected Utility Theory and Measurement Theory of von Neumann and Morgenstern, 1944–1947

Ivan Moscati

in Measuring Utility: From the Marginal Revolution to Behavioral Economics

Published in print:
2018
Published Online:
December 2018
ISBN:
9780199372768
eISBN:
9780199372805
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780199372768.003.0010
Subject:
Economics and Finance, Microeconomics

Chapter 9 discusses the axiomatic version of expected utility theory (EUT), a theory of decision-making under risk, put forward by John von Neumann and Oskar Morgenstern in their book Theory of Games ... More


Is There a Unit of Utility?: Jevons, Menger, and Walras on the Measurability of Utility, 1870–1910

Ivan Moscati

in Measuring Utility: From the Marginal Revolution to Behavioral Economics

Published in print:
2018
Published Online:
December 2018
ISBN:
9780199372768
eISBN:
9780199372805
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780199372768.003.0003
Subject:
Economics and Finance, Microeconomics

Chapter 2 discusses how William Stanley Jevons, Carl Menger, and Léon Walras addressed the issue of the measurability of utility. The three founders of marginal utility theory identified measurement ... More


Conventions, Operations, Predictions: Redefining Utility Measurement, 1952–1955

Ivan Moscati

in Measuring Utility: From the Marginal Revolution to Behavioral Economics

Published in print:
2018
Published Online:
December 2018
ISBN:
9780199372768
eISBN:
9780199372805
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780199372768.003.0013
Subject:
Economics and Finance, Microeconomics

Chapter 12 analyzes the third phase of the debate on expected utility theory, from the end of 1952 to 1955. The issues concerning the nature of utility measurement gained an autonomous status in this ... More


Health economics and health promotion

Colin Palfrey

in The Future for Health Promotion

Published in print:
2018
Published Online:
January 2019
ISBN:
9781447341239
eISBN:
9781447341277
Item type:
chapter
Publisher:
Policy Press
DOI:
10.1332/policypress/9781447341239.003.0005
Subject:
Public Health and Epidemiology, Public Health

This chapter examines the techniques used by health economists to evaluate the value for money of health promotion initiatives. It first provides an overview of concepts related to economics and ... More


Ordinal Utility: Pareto and the Austrians, 1900–1915

Ivan Moscati

in Measuring Utility: From the Marginal Revolution to Behavioral Economics

Published in print:
2018
Published Online:
December 2018
ISBN:
9780199372768
eISBN:
9780199372805
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780199372768.003.0006
Subject:
Economics and Finance, Microeconomics

Chapter 5 deals with the ordinal revolution in utility analysis inaugurated by Vilfredo Pareto around 1900. The fundamental notion of Pareto’s analysis was that of preference, and he conceived of ... More


What Is That Function?: Friedman, Savage, Marschak, Samuelson, and Baumol on EUT, 1947–1950

Ivan Moscati

in Measuring Utility: From the Marginal Revolution to Behavioral Economics

Published in print:
2018
Published Online:
December 2018
ISBN:
9780199372768
eISBN:
9780199372805
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780199372768.003.0011
Subject:
Economics and Finance, Microeconomics

Chapter 10 reconstructs the first part of the American debate on expected utility theory (EUT), which ranges from 1947, when the second edition of John von Neumann and Oskar Morgenstern’s Theory of ... More


From Chicago to Paris: The Debate Continues, 1950–1952

Ivan Moscati

in Measuring Utility: From the Marginal Revolution to Behavioral Economics

Published in print:
2018
Published Online:
December 2018
ISBN:
9780199372768
eISBN:
9780199372805
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780199372768.003.0012
Subject:
Economics and Finance, Microeconomics

Chapter 11 studies the second phase of the debate on expected utility theory (EUT), which commenced in May 1950, when Paul Samuelson, Leonard J. Savage, Jacob Marschak, Milton Friedman, and William ... More


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