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Expected Utility Hypotheses and the Allais Paradox. Contemporary Discussions of Decisions under Uncertainty with Allais' Rejoinder.

ALLAIS, Maurice (1911-) & Ole HAGEN (eds.):

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ISBN 10: 9027709602 / ISBN 13: 9789027709608
Editorial: Dordrecht, etc.: D. Reidel, 1979., 1979
Condición: Fine Encuadernación de tapa dura
Librería: Ted Kottler, Bookseller (Redondo Beach, CA, Estados Unidos de America)

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First Edition. vii, 714 pp, 1 leaf (ads). Original cloth. A few very occasional very light pencil marks, else Near Fine, in near fine dust jacket. Theory and Decision Library Vol. 21. New price: US$444.00. Part II: The 1952 Allais Theory of Choice Risk. Pp. 27-145 = 'The Foundations of a Positive Theory of Choice involving Risk and a Criticism of the Postulates and Axioms of the American School'. FIRST EDITION IN ENGLISH of Fondements d'une théorie positive des choix comportant un risque et critique des postulats et axiomes de l'école Americaine (1st French ed., 1953, Memoir III annexed to Econometrie, Colloques Internationaux du CNRS, XL, 257-332; published separately in 1955). 'The contribution Allais is generally best known for in the Anglo-Saxon world is the 'Allais Paradox' in the theory of choice under uncertainty - which he presented in a series of papers in 1953. Succinctly, the paradox claims that the assumptions made in conventional expected utility theory contradict real life decisions - specifically, Allais finds behavior which contradicts the expected utility rule. The idea introduced by Allais is that there is a systematic relationship between the an agent's attitude towards risk and the 'degree of certainty', what was later called the 'common consequence effect'. Discovering this paradox, Allais led the way to new attempts at formulating new theories of decision-making under uncertainty' (History of Economic Thought Web site). Part III: The Neo-Bernoullian Position Versus the 1952 Allais Theory. Contributors include Marschak, Morgenstern, et al. Part IV: Contemporary Views on the Neo-Bernoullian Theory and the Allais Paradox. Part V: Allais' Rejoinder: Theory and Empirical Evidence. Pp. 437-681 = The So-Called Allais Paradox and Rational Decisions Under Uncertainty. Maurice Allais: Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, 1988, 'for his pioneering contributions to the theory of markets and efficient utilization of resources.'. N° de ref. de la librería 15582

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Título: Expected Utility Hypotheses and the Allais ...

Editorial: Dordrecht, etc.: D. Reidel, 1979.

Año de publicación: 1979

Encuadernación: Hardcover

Condición del libro:Fine

Condición de la sobrecubierta: Fine

Edición: 1st Edition

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Utility theory or, value theory in general, is certainly the cornerstone of decision theory, game theory, microecon~mics, and all social and political theories which deal with public decisions. Recently the American School of utility, founded by von N eumann­ Morgenstern, encountered a far-going criticism by the French School of utility represented by its founder Allais. The whole basis of the theory of decisions involving risk has been shaken and put into question. Consequently, basic research in the fundamentals of utility and value theory evolved into a crisis. Like any crisis in basic research, and this one was not an exception, it was very fruitful. One may simply say: Allais versus von Neumann-Morgenstern, or the French School of utility versus the American School, became one of the battlefields of scientific development which proved to be a most creative source of new advances and new developments in all those sciences which are based on evaluation of utilities.

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