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Progress in Decision, Utility and Risk Theory

Progress in Decision, Utility and Risk Theory

Paperback

Series: Theory and Decision Library B, Book 13

Business GeneralInvesting & FinanceGeneral Gardening

ISBN10: 9401053871
ISBN13: 9789401053877
Publisher: Springer Nature
Published: Oct 21 2012
Pages: 367
Weight: 1.18
Height: 0.79 Width: 6.14 Depth: 9.21
Language: English
In this volume we present some of the papers delivered at FUR-IV - the Fourth International Conference on Founda- tions and Applications of Utility, Risk and Decision Theory in Budapest, June 1988. The FUR Conferences have provided an appreciated forum every two years since 1982 within which scientists can report recent issues and prospective applications of decision theory, and exchange ideas about controversial questions of this field. Focal points of the presented papers are: expected utility versus alterna- tive utility models, concepts of risk and uncertainty, developments of game theory, and investigations of real decision making behaviour under uncertainty and/or in risky situations. We hope that this sample of papers will appeal to a wide spectrum of readers who are interested in and fami- liar with this interesting and exciting issues of decision theory. A wide range of theoretical and practical questions is considered in papers included in this volume, and many of them closely related to economics. In fact, there were two Nobel-Laureates in economics among the participants: I. Herbert A. Simon (1978) and Maurice Allais (1988), who won the prize just after the conference. His paper deals with problems of cardinal utility. After a concise overview of the history and theory of cardinal utility he gives an estimate of the invariant cardinal utility function for its whole domain of variation (i. e.

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