Foundations of Utility and Risk Theory with Applications

Foundations of Utility and Risk Theory with Applications

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In this volume we present some o~ the papers that were delivered at FUR-82 - the First International Con~erence on Foundations o~ Utility and Risk Theory in Oslo, June 1982. The purpose o~ the con~erence was to provide a ~orum within which scientists could report on interesting applications o~ modern decision theory and exchange ideas about controversial issues in the ~oundations o~ the theory o~ choice under un certainty. With that purpose in mind we have selected a mixture of applied and theoretical papers that we hope will appeal to a wide spectrum o~ readers ~rom graduate students in social science departments and business schools to people involved in making hardheaded decisions in business and government. In an introductory article Ole Hagen gives an overview o~ various paradoxes in utility and risk theory and discusses these in the light o~ scientific methodology. He concludes the article by calling ~or joint efforts to provide decision makers with warkable theories. Kenneth Arrow takes up the same issue on a broad basis in his paper where he discusses the implications o~ behavior under uncertainty for policy. In the theoretical papers the reader will ~ind attempts at de~initive Statements of the meaning o~ old concepts and suggestions for the adoption o~ new concepts. For instance, Maurice Allais discusses four di~ferent interpretations o~ the axioms o~ probability and explains the need ~or an empirical characterization o~ the concept of chance.follow the add it i v it y axiom on a problem respond ed in a supra- additive way - the probabilities assessed summed to more than unity. Table 1 sets out the Se find i ng S in more detail . Problem Problem | Problem | Problem | Problemanbsp;...

Title:Foundations of Utility and Risk Theory with Applications
Author:Bernt P. Stigum, Fred Wenstøp
Publisher:Springer Science & Business Media - 2013-03-09


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