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Revealed Preference and Bounded Rationality

DOUGLAS GALE

in The Foundations of Positive and Normative Economics: A Hand Book

Published in print:
2008
Published Online:
October 2011
ISBN:
9780195328318
eISBN:
9780199851768
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195328318.003.0011
Subject:
Economics and Finance, Economic History

Perhaps, Paul Samuelson really did not intend to ground economic theory on observable behavior because, as we observe in the revealed-preference theory, we consider only the prices and particular ... More


The Dynamic Nonsubstitution Theorem

James A. Mirrlees

in Welfare, Incentives, and Taxation

Published in print:
2006
Published Online:
October 2011
ISBN:
9780198295211
eISBN:
9780191685095
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198295211.003.0022
Subject:
Economics and Finance, Public and Welfare, Development, Growth, and Environmental

This chapter discusses the dynamic nonsubstitution theorem, which was first proved by Nicolas Georgescu-Roegen and Paul Samuelson. Interest in the extensions of the theorem to dynamic economies has ... 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


Cardinal Utility: How It Entered Economic Analysis from Pareto to Samuelson, 1915–1945

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/9780199372768.003.0007
Subject:
Economics and Finance, Microeconomics

Chapter 6 reconstructs the progressive definition and stabilization of the current notion of cardinal utility as utility unique up to positive linear transformations. This notion was the eventual ... More


The True Index

S. N. Afriat

in Logic of Choice and Economic Theory

Published in print:
1987
Published Online:
November 2003
ISBN:
9780198284611
eISBN:
9780191595844
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198284616.003.0014
Subject:
Economics and Finance, Microeconomics

This is the second of five chapters about the cost of living problem and price indices, a typical area for what is understood as choice theory. It discusses the price index, which is associated with ... More


Physics

Robert G. Hagstrom

in Investing: The Last Liberal Art, Second Edition

Published in print:
2013
Published Online:
November 2015
ISBN:
9780231160100
eISBN:
9780231531016
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231160100.003.0002
Subject:
Economics and Finance, Financial Economics

This chapter examines how various concepts in physics were uncovered and the degree to which they may now be evolving into somewhat different forms with profound implications for finance and ... 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


Paul A. Samuelson

Roger W. Spencer and David A. Macpherson

in Lives of the Laureates: Twenty-three Nobel Economists

Published in print:
2014
Published Online:
May 2015
ISBN:
9780262027960
eISBN:
9780262325868
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262027960.003.0003
Subject:
Economics and Finance, Economic History

This chapter describes the life of Paul A. Samuelson, who received the Nobel Prize in 1970. It examines the years of his development as an economist. He was born in 1915, and studied economics at the ... More


Lawrence R. Klein

Roger W. Spencer and David A. Macpherson

in Lives of the Laureates: Twenty-three Nobel Economists

Published in print:
2014
Published Online:
May 2015
ISBN:
9780262027960
eISBN:
9780262325868
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262027960.003.0001
Subject:
Economics and Finance, Economic History

This chapter recounts Lawrence R. Klein's story. Klien received the Nobel Prize in 1980. Klien was born in 1920, studied in Berkeley, and was a scholar at MIT. He worked with Paul Samuelson; and he ... More


Add Children and Stir, 1964–1970

Myra Strober and John Donahoe

in Sharing the Work: What My Family and Career Taught Me about Breaking Through (and Holding the Door Open for Others)

Published in print:
2016
Published Online:
January 2017
ISBN:
9780262034388
eISBN:
9780262332095
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262034388.003.0005
Subject:
Economics and Finance, Public and Welfare

Chapter 5 chronicles my doctoral program at MIT, where I’m a token woman and an “honorary man” starved for female companionship. I discuss several of my professors: Paul Samuelson, Robert Solow, and ... More


The Cost of Living

Nicola Amendola

in Measuring Wellbeing: A History of Italian Living Standards

Published in print:
2017
Published Online:
March 2017
ISBN:
9780199944590
eISBN:
9780190218850
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199944590.003.0015
Subject:
Economics and Finance, Economic History

Despite the fact that Italy has recently celebrated the 150th anniversary of its political unification, geographical disparities stand out as a prominent characteristic of the Italian economy. In ... More


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