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Downside Potential Under Risk: The Allais Paradox and Its Conflicting Interpretations

Eric Barthalon

in Uncertainty, Expectations, and Financial Instability: Reviving Allais's Lost Theory of Psychological Time

Published in print:
2014
Published Online:
November 2015
ISBN:
9780231166287
eISBN:
9780231538305
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231166287.003.0010
Subject:
Economics and Finance, Behavioural Economics

This chapter focuses on the psychological importance of downside risk by presenting Maurice Allais's paradox and by contrasting how Allais and prospect theory have interpreted this paradox. It also ... More


Dynamic Utility Functions Proposed

Michio Morishima

in Theory of Economic Growth

Published in print:
1969
Published Online:
November 2003
ISBN:
9780198281641
eISBN:
9780191596667
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198281641.003.0012
Subject:
Economics and Finance, Development, Growth, and Environmental

Various dynamic utility functions are proposed for optimum economic growth. The different sections of the chapter discuss: maximization of satisfaction over time; whether dynamic utility should be ... 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


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


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


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


Can We Compare the Utilities of Different Selves?

Richard Pettigrew

in Choosing for Changing Selves

Published in print:
2019
Published Online:
January 2020
ISBN:
9780198814962
eISBN:
9780191852800
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198814962.003.0008
Subject:
Philosophy, Philosophy of Mind

This chapter asks whether we can compare the values of different selves of the same individual in such a way that we can measure those values on the same scale using utilities. It surveys a number of ... More


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