Handbook of Utility Theory

Handbook of Utility Theory

The main purpose of this Handbook is to make more widely available some recent developments in the area.

Author: Salvador Barbera

Publisher: Springer Science & Business Media

ISBN: 9781402079641

Category: Business & Economics

Page: 626

View: 830

The standard rationality hypothesis is that behaviour can be represented as the maximization of a suitably restricted utility function. This hypothesis lies at the heart of a large body of recent work in economics, of course, but also in political science, ethics, and other major branches of the social sciences. Though this hypothesis of utility maximization deserves our continued respect, finding further refinements and developing new critiques remain areas of active research. In fact, many fundamental conceptual problems remain unsettled. Where others have been resolved, their resolutions may be too recent to have achieved widespread understanding among social scientists. Last but not least, a growing number of papers attempt to challenge the rationality hypothesis head on, at least in its more orthodox formulation. The main purpose of this Handbook is to make more widely available some recent developments in the area. Yet we are well aware that the final chapter of a handbook like this can never be written as long as the area of research remains active, as is certainly the case with utility theory. The editors originally selected a list of topics that seemed ripe enough at the time that the book was planned. Then they invited contributions from researchers whose work had come to their attention. So the list of topics and contributors is largely the editors' responsibility, although some potential con tributors did decline our invitation. Each chapter has also been refereed, and often significantly revised in the light of the referees' remarks.
Categories: Business & Economics

Handbook of Utility Theory

Handbook of Utility Theory

A guide to those sections appears under the Preview heading at the end of ... utility theories and have had some bearing on stochastic utility include ...

Author: Salvador Barbera

Publisher: Springer Science & Business Media

ISBN: 0792381742

Category: Business & Economics

Page: 684

View: 422

The standard rationality hypothesis implies that behaviour can be represented as the maximization of a suitably restricted utility function. This hypothesis lies at the heart of a large body of recent work in economics, of course, but also in political science, ethics, and other major branches of social sciences. Though the utility maximization hypothesis is venerable, it remains an area of active research. Moreover, some fundamental conceptual problems remain unresolved, or at best have resolutions that are too recent to have achieved widespread understanding among social scientists. The main purpose of the Handbook of Utility Theory is to make recent developments in the area more accessible. The editors selected a number of specific topics, and invited contributions from researchers whose work had come to their attention. Therefore, the list of topics and contributions is largely the editors' responsibility. Each contributor's chapter has been refereed, and revised according to the referees' remarks. This is the first volume of a two volume set, with the second volume focusing on extensions of utility theory.
Categories: Business & Economics

Handbook of Utility Theory

Handbook of Utility Theory

Each contributor's chapter has been refereed, and revised according to the referees' remarks. This is the first volume of a two volume set, with the second volume focusing on extensions of utility theory.

Author: Salvador Barbera

Publisher: Springer

ISBN: 0792381742

Category: Business & Economics

Page: 684

View: 676

The standard rationality hypothesis implies that behaviour can be represented as the maximization of a suitably restricted utility function. This hypothesis lies at the heart of a large body of recent work in economics, of course, but also in political science, ethics, and other major branches of social sciences. Though the utility maximization hypothesis is venerable, it remains an area of active research. Moreover, some fundamental conceptual problems remain unresolved, or at best have resolutions that are too recent to have achieved widespread understanding among social scientists. The main purpose of the Handbook of Utility Theory is to make recent developments in the area more accessible. The editors selected a number of specific topics, and invited contributions from researchers whose work had come to their attention. Therefore, the list of topics and contributions is largely the editors' responsibility. Each contributor's chapter has been refereed, and revised according to the referees' remarks. This is the first volume of a two volume set, with the second volume focusing on extensions of utility theory.
Categories: Business & Economics

The Handbook of Rational and Social Choice

The Handbook of Rational and Social Choice

This volume provides an overview of issues arising in work on the foundations of decision theory and social choice.

Author: Paul Anand

Publisher: Oxford University Press

ISBN: 9780199290420

Category: Business & Economics

Page: 581

View: 300

This volume provides an overview of issues arising in work on the foundations of decision theory and social choice. The collection will be of particular value to researchers in economics with interests in utility or welfare, but also to any social scientist or philosopher interested in theories of rationality or group decision-making.
Categories: Business & Economics

Advances in Public Economics Utility Choice and Welfare

Advances in Public Economics  Utility  Choice and Welfare

This volume is an attempt to illuminate all facets of Christian Seidl’s ambitious research agenda by presenting a collection of both theoretical and expe- mental papers on Utility,Choice,andWelfare written by his closest friends, former ...

Author: Ulrich U. Schmidt

Publisher: Springer Science & Business Media

ISBN: 9780387257068

Category: Business & Economics

Page: 327

View: 714

This Festschrift in honor ofChristian Seidl combines a group of prominent authors who are experts in areas like public economics, welfare economic, decision theory, and experimental economics in a unique volume. Christian Seidl who has edited together with Salvador Barber` a ` and Peter Hammond the Handbook of Utility Theory (appearing at Kluwer Academic Publishers/Springer Economics), has dedicated most of his research to utility and decision theory, social choice theory, welfare economics, and public economics. During the last decade, he has turned part of his attention to a research tool that is increasingly gaining in importance in economics: the laboratory experiment. This volume is an attempt to illuminate all facets of Christian Seidl’s ambitious research agenda by presenting a collection of both theoretical and expe- mental papers on Utility,Choice,andWelfare written by his closest friends, former students, and much valued colleagues. Christian Seidl was born on August 5, 1940, in Vienna, Austria. Beginning Winter term 1962/63, he studied Economics and Business Administration at the Vienna School of Economics (then “Hochschule fff ̈ ur ̈ Welthandel”). 1966 he was awarded an MBA by the Vienna School of Economics and 1969 a doctoral degree in Economics. In October 1968 Christian became a research assistant at the Institute of Economics at the University of Vienna. 1973 he acquired his habilitation (right to teach) in Economics — supervised by Wilhelm Weber — from the Department of Law and Economics of the University of Vienna. He was awarded the Dr.
Categories: Business & Economics

Mathematical Topics on Representations of Ordered Structures and Utility Theory

Mathematical Topics on Representations of Ordered Structures and Utility Theory

77(3), 207–236 (2009) Martínez-Legaz, J.E.: Lexicographic utility and orderings. In: Barberà, S., Hammond, P., Seidl, C. (eds) Handbook of Utility Theory, ...

Author: Gianni Bosi

Publisher: Springer Nature

ISBN: 9783030342265

Category: Technology & Engineering

Page: 368

View: 720

This book offers an essential review of central theories, current research and applications in the field of numerical representations of ordered structures. It is intended as a tribute to Professor Ghanshyam B. Mehta, one of the leading specialists on the numerical representability of ordered structures, and covers related applications to utility theory, mathematical economics, social choice theory and decision-making. Taken together, the carefully selected contributions provide readers with an authoritative review of this research field, as well as the knowledge they need to apply the theories and methods in their own work.
Categories: Technology & Engineering

Handbook of Game Theory with Economic Applications

Handbook of Game Theory with Economic Applications

This handbook will be of interest to scholars in economics, political science, psychology, mathematics and biology. For more information on the Handbooks in Economics series, please see our home page on http://www.elsevier.nl/locate/hes

Author: R.J. Aumann

Publisher: Elsevier

ISBN: 0444894276

Category: Business & Economics

Page: 818

View: 238

This is the second of three volumes surveying the state of the art in Game Theory and its applications to many and varied fields, in particular to economics. The chapters in the present volume are contributed by outstanding authorities, and provide comprehensive coverage and precise statements of the main results in each area. The applications include empirical evidence. The following topics are covered: communication and correlated equilibria, coalitional games and coalition structures, utility and subjective probability, common knowledge, bargaining, zero-sum games, differential games, and applications of game theory to signalling, moral hazard, search, evolutionary biology, international relations, voting procedures, social choice, public economics, politics, and cost allocation. This handbook will be of interest to scholars in economics, political science, psychology, mathematics and biology. For more information on the Handbooks in Economics series, please see our home page on http://www.elsevier.nl/locate/hes
Categories: Business & Economics

Combinatorial Computational Mathematics

Combinatorial   Computational Mathematics

Handbook of Utility Theory , volume 1. New York : Kluwer , 1998 , pp . 273-319 . 2. D. H. Krantz , R. D. Luce , P. Suppes and A. Tversky , Foundations of ...

Author: Sungpyo Hong

Publisher: World Scientific

ISBN: 9812799893

Category: Mathematics

Page: 277

View: 983

This book describes and summarizes past work in important areas of combinatorics and computation, as well as gives directions for researchers working in these areas in the 21st century. It contains primarily survey papers and presents original research by Peter Fishburn, Jim Ho Kwak, Jaeun Lee, K H Kim, F W Roush and Susan Williams. The papers deal with some of the most exciting and promising developments in the areas of coding theory in relation to number theory, lattice theory and its applications, graph theory and its applications, topological techniques in combinatorics, symbolic dynamics and mathematical social science. Contents: Monte-Carlo and Quasi-Monte-Carlo Methods for Numerical Integration (H Faure); Theoretical Approaches to Judgement and Choice (P Fishburn); Combinatorial Aspects of Mathematical Social Science (K H Kim & F W Roush); Twelve Views of Matroid Theory (J P S Kung); Enumeration of Graph Coverings, Surface Branched Coverings and Related Group Theory (J H Kwak & J Lee); An Overview of the Poset of Irreducibles (G Markowsky); Number Theory and Public-Key Cryptography (D Pointcheval); Some Applications of Graph Theory (F Roberts); Duality and Its Consequences for Ordered Cohomology of Finite Type Subshifts (K H Kim et al.); Simple Maximum Likelihood Methods for the Optical Mapping Problem (V Danc k & M S Waterman). Readership: Researchers, graduate students and advanced undergraduates in combinatorics and computational mathematics."
Categories: Mathematics

Axiomatic Utility Theory under Risk

Axiomatic Utility Theory under Risk

Handbook of Utility Theory, Kluwer: Boston etc. HANDA, J. (1977), “Risk, Probabilities, and a New Theory of Cardinal Utility”, Journal of Political Economy ...

Author: Ulrich Schmidt

Publisher: Springer Science & Business Media

ISBN: 9783642588778

Category: Business & Economics

Page: 228

View: 169

The first attempts to develop a utility theory for choice situations under risk were undertaken by Cramer (1728) and Bernoulli (1738). Considering the famous St. Petersburg Paradox! - a lottery with an infinite expected monetary value -Bernoulli (1738, p. 209) observed that most people would not spend a significant amount of money to engage in that gamble. To account for this observation, Bernoulli (1738, pp. 199-201) proposed that the expected monetary value has to be replaced by the expected utility ("moral expectation") as the relevant criterion for decision making under risk. However, Bernoulli's 2 argument and particularly his choice of a logarithmic utility function seem to be rather arbitrary since they are based entirely on intuitively 3 appealing examples. Not until two centuries later, did von Neumann and Morgenstern (1947) prove that if the preferences of the decision maker satisfy cer tain assumptions they can be represented by the expected value of a real-valued utility function defined on the set of consequences. Despite the identical mathematical form of expected utility, the theory of von Neumann and Morgenstern and Bernoulli's approach have, however, IFor comprehensive discussions of this paradox cf. Menger (1934), Samuelson (1960), (1977), Shapley (1977a), Aumann (1977), Jorland (1987), and Zabell (1987). 2Cramer (1728, p. 212), on the other hand, proposed that the utility of an amount of money is given by the square root of this amount.
Categories: Business & Economics

Game Theory Experience Rationality

Game Theory  Experience  Rationality

Peter J. Hammond, "Subjective Expected Utility", in: Salvador Barbera, Peter J. Hammond and Christian Seidl (Eds.) Handbook of Utility Theory.

Author: W. Leinfellner

Publisher: Springer Science & Business Media

ISBN: 9789401716543

Category: Business & Economics

Page: 461

View: 584

When von Neumann's and Morgenstern's Theory of Games and Economic Behavior appeared in 1944, one thought that a complete theory of strategic social behavior had appeared out of nowhere. However, game theory has, to this very day, remained a fast-growing assemblage of models which have gradually been united in a new social theory - a theory that is far from being completed even after recent advances in game theory, as evidenced by the work of the three Nobel Prize winners, John F. Nash, John C. Harsanyi, and Reinhard Selten. Two of them, Harsanyi and Selten, have contributed important articles to the present volume. This book leaves no doubt that the game-theoretical models are on the right track to becoming a respectable new theory, just like the great theories of the twentieth century originated from formerly separate models which merged in the course of decades. For social scientists, the age of great discover ies is not over. The recent advances of today's game theory surpass by far the results of traditional game theory. For example, modem game theory has a new empirical and social foundation, namely, societal experiences; this has changed its methods, its "rationality. " Morgenstern (I worked together with him for four years) dreamed of an encompassing theory of social behavior. With the inclusion of the concept of evolution in mathematical form, this dream will become true. Perhaps the new foundation will even lead to a new name, "conflict theory" instead of "game theory.
Categories: Business & Economics

The Routledge Handbook of the Philosophy of Economics

The Routledge Handbook of the Philosophy of Economics

oices. in situations of risk and the similar theory of subjective expected utility theory to explain, predict, and guide ...

Author: Conrad Heilmann

Publisher: Routledge

ISBN: 9781317578055

Category: Philosophy

Page: 532

View: 788

The most fundamental questions of economics are often philosophical in nature, and philosophers have, since the very beginning of Western philosophy, asked many questions that current observers would identify as economic. The Routledge Handbook of Philosophy of Economics is an outstanding reference source for the key topics, problems, and debates at the intersection of philosophical and economic inquiry. It captures this field of countless exciting interconnections, affinities, and opportunities for cross-fertilization. Comprising 35 chapters by a diverse team of contributors from all over the globe, the Handbook is divided into eight sections: I. Rationality II. Cooperation and Interaction III. Methodology IV. Values V. Causality and Explanation VI. Experimentation and Simulation VII. Evidence VIII. Policy The volume is essential reading for students and researchers in economics and philosophy who are interested in exploring the interconnections between the two disciplines. It is also a valuable resource for those in related fields like political science, sociology, and the humanities.
Categories: Philosophy

Handbook of Granular Computing

Handbook of Granular Computing

In: S. Barbera, P. Hammond, and C. Seidl (eds) Handbook of Utility Theory: Volume 2, Extensions. Kluwer Academic Publishers, Dordrecht, 2004, Chapter 17.

Author: Witold Pedrycz

Publisher: John Wiley & Sons

ISBN: 9780470724156

Category: Technology & Engineering

Page: 1148

View: 196

Although the notion is a relatively recent one, the notions and principles of Granular Computing (GrC) have appeared in a different guise in many related fields including granularity in Artificial Intelligence, interval computing, cluster analysis, quotient space theory and many others. Recent years have witnessed a renewed and expanding interest in the topic as it begins to play a key role in bioinformatics, e-commerce, machine learning, security, data mining and wireless mobile computing when it comes to the issues of effectiveness, robustness and uncertainty. The Handbook of Granular Computing offers a comprehensive reference source for the granular computing community, edited by and with contributions from leading experts in the field. Includes chapters covering the foundations of granular computing, interval analysis and fuzzy set theory; hybrid methods and models of granular computing; and applications and case studies. Divided into 5 sections: Preliminaries, Fundamentals, Methodology and Algorithms, Development of Hybrid Models and Applications and Case Studies. Presents the flow of ideas in a systematic, well-organized manner, starting with the concepts and motivation and proceeding to detailed design that materializes in specific algorithms, applications and case studies. Provides the reader with a self-contained reference that includes all pre-requisite knowledge, augmented with step-by-step explanations of more advanced concepts. The Handbook of Granular Computing represents a significant and valuable contribution to the literature and will appeal to a broad audience including researchers, students and practitioners in the fields of Computational Intelligence, pattern recognition, fuzzy sets and neural networks, system modelling, operations research and bioinformatics.
Categories: Technology & Engineering

Handbook of Risk Theory

Handbook of Risk Theory

MIT Press, Cambridge, MA Hammond PJ (1988) Consequentialist foundations for expected utility theory. Theory Decis 25:25–78 HintikkaJ (1970) On semantic ...

Author: Varios Autores

Publisher: Springer Science & Business Media

ISBN: 9789400714328

Category:

Page: 1187

View: 183

Categories:

Freedom and Happiness in Economic Thought and Philosophy

Freedom and Happiness in Economic Thought and Philosophy

Bossert, W. and Weymark, J.A. (2004) “Utility in Social Choice”, in S. Barberà, P.J. Hammond and C. Seidl (eds.), Handbook of Utility Theory, vol.

Author: Ragip Ege

Publisher: Taylor & Francis

ISBN: 9781136666810

Category: Business & Economics

Page: 336

View: 497

Starting from a distinction made by the American philosopher, John Rawls, in 2000 between two kinds of liberalism, "liberalism of freedom" and "liberalism of happiness", this book presents a range of articles by economists and philosophers debating the most fundamental aspects of the subject. These include the exact significance of Rawls’ distinction and how it can be related to European political philosophy on the one hand and to utilitarianism on the other hand; the various definitions of happiness and freedom and their implications and the informational basis of individual preferences. The objectives of the book are twofold: first, it is devoted to a thorough analysis of the founding texts of both liberalisms. It aims to determine the logic of selection of the concepts which these traditions consider as relevant. The Kantian pair "Reasonable"/"Rational" can be seen as the basis on which these concepts are defined, our final concern being to reveal the profound relations of complementarity between them: we call it reconciliation. Secondly, we consider a fundamental issue of welfare economics – how to appraise individual preferences – in light of the Rawlsian distinction. It is emphasized that neither a criterion based on liberalism of freedom by itself, nor an evaluation in terms of liberalism of happiness by itself exhausts the question of utility. One must combine both aspects in order to cope with that issue. To do so, it is claimed that one can resort to the concept of metaranking of preferences. All the contributions included in this book are the outcomes of a collective research project of three years. The contributors come from a variety of backgrounds and yet are unified in developing a specific position about freedom and happiness. This book should be of interest to those focusing on the history of economic thought as well as moral, political and economic philosophy.
Categories: Business & Economics

Conversations on Social Choice and Welfare Theory Vol 1

Conversations on Social Choice and Welfare Theory   Vol  1

Objective expected utility: A consequentialist perspective. In S. Barberà, P. J. Hammond, & C. Seidl (Eds.), Handbook of Utility Theory (Vol. 1, pp.

Author: Marc Fleurbaey

Publisher: Springer Nature

ISBN: 9783030627690

Category: Business & Economics

Page: 334

View: 290

This volume presents interviews that have been conducted from the 1980s to the present with important scholars of social choice and welfare theory. Starting with a brief history of social choice and welfare theory written by the book editors, it features 15 conversations with four Nobel Laureates and other key scholars in the discipline. The volume is divided into two parts. The first part presents four conversations with the founding fathers of modern social choice and welfare theory: Kenneth Arrow, John Harsanyi, Paul Samuelson, and Amartya Sen. The second part includes conversations with scholars who made important contributions to the discipline from the early 1970s onwards. This book will appeal to anyone interested in the history of economics, and the history of social choice and welfare theory in particular.
Categories: Business & Economics

Knowledge Beliefs and Economics

Knowledge  Beliefs and Economics

Hammond, P. (1998a), 'Objective expected utility: a consequentialist perspective', in S. Barbera and C. Seidl (eds), Handbook of Utility Theory, Kluwer, ...

Author: R. Arena

Publisher: Edward Elgar Publishing

ISBN: 9781847201539

Category: Economics

Page: 288

View: 182

The contributors to this book also suggest the need for a more integrated perspective on the meaning, as well as the role, of knowledge and beliefs in economics in the future. Possible lines of future research such as the extension of the concept of rationality in economics or the focus on cognitive processes in economic action are discussed.
Categories: Economics

Patrick Suppes Economics and Economic Methodology

Patrick Suppes  Economics  and Economic Methodology

Fishburn, P. C. (1998). Stochastic utility. In S. Barberà, P. Hammond, & C. Seidl (Eds.), Handbook of utility theory (Vol.

Author: John B. Davis

Publisher: Routledge

ISBN: 9781351381642

Category: Business & Economics

Page: 114

View: 469

Patrick Suppes (1922–2014) was an extraordinarily wide-ranging scholar. Although best known as a philosopher of science, Suppes made substantial contributions to a remarkably wide range of different fields of research including many relevant to economics: decision theory, philosophy of economics, modeling theory, foundations of measurement, philosophy of psychology (and thus what is now behavioral economics), and many other fields. This collection recognizes Suppes’s contributions to economics and economic methodology with a symposium of papers that examine, build on, and/or assess Suppes’s research in these areas. The authors include philosophers, economists, game theorists, historians of economics, and many whose research combine these fields. This book honors Patrick Suppes, while at the same time, exhibiting the richness of contemporary philosophy of economics. It was originally published as a special issue of the Journal of Economic Methodology.
Categories: Business & Economics

The Economics of the Global Environment

The Economics of the Global Environment

Catastrophic Risks in Theory and Policy Graciela Chichilnisky, Armon Rezai ... P.J. Hammond, & C. Seidl (Eds.) Handbook of utility theory, vol.

Author: Graciela Chichilnisky

Publisher: Springer

ISBN: 9783319319438

Category: Business & Economics

Page: 649

View: 197

This is the first book combining research on the Global Environment, Catastrophic Risks and Economic Theory and Policy. Modern economic theory originated in the middle of the twentieth century when industrial expansion coupled with population growth led to a voracious use of natural resources and global environmental concerns. It is uncontested that, for the first time in recorded history, humans dominate the planet, changing the planet's atmosphere, its bodies of water, and the complex web of species that makes life on earth. This radical change in circumstances led to rethinking of the foundations of human organization and, in particular, the industrial economy and the economic theory behind it. This book brings together new approaches on multiple levels: environmental sustainability requires rethinking in terms of economic theory and policy as well as the considerations of catastrophic risk and extremal events. Leading experts address questions of economic governance, risk management, policy decision making and distribution across time and space.
Categories: Business & Economics