Utility Theories: Measurements and Applications

Buch | Softcover

300 Seiten

1992 | Softcover reprint of the original 1st ed. 1992
Kluwer Academic Publishers (Verlag)
978-0-7923-9227-9 (ISBN)

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The Conference on "Utility: Theories, Measurements, and Applications" met at the Inn at Pasatiempo in Santa Cruz, California, from June II to 15, 1989. The all-star cast of attendees are listed as authors in the Table of Contents of this book (see p. V), except for Soo Hong Chew and Amos Tversky. The purpose of the conference, and of National Science Foundation Grant No. SES-8823012 that supported it, was to confront proponents of new generalized theories of utility with leading decision analysts com mitted to the implementation, in practice, of the more traditional theory that these new theories reject. That traditional model is variously iden tified in this book as expected utility or subjectively expected utility maximization (EU or SEU for short) and variously attributed to von Neumann and Morgenstern or Savage. I had feared that the conference might consist of an acrimonious debate between Olympian normative theorists uninterested in what people actually do and behavioral modelers obsessed with the cognitive illusions and uninterested in helping people to make wise decisions. I was entirely wrong. The conferees, in two dramatic straw votes at the open ing session, unanimously endorsed traditional SEU as the appropriate normative model and unanimously agreed that people don't act as that model requires. (These votes had a profound impact on my thinking; detail about them and about that impact is located in Chapter 10.

I Review.- 1 Properties of Utility Theories and Related Empirical Phenomena.- II The Old Time Religion and Its Implementation.- 2 In Praise of the Old Time Religion.- 3 On the Foundations of Prescriptive Decision Analysis.- 4 Generic Analysis of Utility Models.- III Generalized Utility Is Not Normative.- 5 Small Worlds and Sure Things: Consequentialism by the Back Door.- 6 What Now for Generalized Utility Theory.- 7 The Independence Axiom Versus the Reduction Axiom: Must We Have Both?.- IV What Should Descriptive Decision Models Look Like? What Do They Describe?.- 8 Rational Versus Plausible Accounting Equivalences in Preference Judgments.- 9 Recent Tests of Generalizations of Expected Utility Theory.- 10 Toward the Demise of Economic Man and Woman; Bottom Lines from Santa Cruz.- V Discussion.- 11 Old and New Roles for Expected and Generalized Utility Theories.- Author Index.

Erscheint lt. Verlag	31.10.1992
Reihe/Serie	Studies in Risk and Uncertainty ; 3
Zusatzinfo	XV, 300 p.
Sprache	englisch
Maße	152 x 229 mm
Themenwelt	Mathematik / Informatik ► Mathematik ► Angewandte Mathematik
Themenwelt	Wirtschaft ► Volkswirtschaftslehre
ISBN-10	0-7923-9227-2 / 0792392272
ISBN-13	978-0-7923-9227-9 / 9780792392279
Zustand	Neuware