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Nobel Laureate: The Many Other Allais Paradoxes

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  • Bertrand R. Munier

Abstract

Maurice Allais is know for the 1952 "Allais paradox," but other very important parts of his work remain virtually unknown to most economists. As Paul Samuelson (1983) wrote, "Had Allais' earliest writings been in English, a whole generation of economic theory would have taken a different course." Perhaps the Nobel award will encourage economists to examine his work more closely. Let me first give a quick portrait of Maurice Allais, and then list some of his major contributions to the theory of markets, to the theory of capital, to decision making under risk and to monetary dynamics.

Suggested Citation

  • Bertrand R. Munier, 1991. "Nobel Laureate: The Many Other Allais Paradoxes," Journal of Economic Perspectives, American Economic Association, vol. 5(2), pages 179-199, Spring.
    • Handle: RePEc:aea:jecper:v:5:y:1991:i:2:p:179-99
    Note: DOI: 10.1257/jep.5.2.179
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.5.2.179
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    References listed on IDEAS

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    1. Darby, Michael R, 1970. "Allais' Restatement of the Quantity Theory: Comment," American Economic Review, American Economic Association, vol. 60(3), pages 444-446, June.
    2. Scadding, J L, 1972. "Allais' Restatement of the Quantity Theory of Money: Note," American Economic Review, American Economic Association, vol. 62(1), pages 151-154, March.
    3. Yaari, Menahem E, 1987. "The Dual Theory of Choice under Risk," Econometrica, Econometric Society, vol. 55(1), pages 95-115, January.
    4. Malinvaud, Edmond, 1987. "The Overlapping Generations Model in 1947," Journal of Economic Literature, American Economic Association, vol. 25(1), pages 103-105, March.
    5. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66(6), pages 467-467.
    6. Machina, Mark J, 1989. "Dynamic Consistency and Non-expected Utility Models of Choice under Uncertainty," Journal of Economic Literature, American Economic Association, vol. 27(4), pages 1622-1668, December.
    7. Dreze, Jacques H, 1989. " Maurice Allais and the French Marginalist School," Scandinavian Journal of Economics, Wiley Blackwell, vol. 91(1), pages 5-16.
    8. Quiggin, John, 1982. "A theory of anticipated utility," Journal of Economic Behavior & Organization, Elsevier, vol. 3(4), pages 323-343, December.
    9. Baumol, William J & Tobin, James, 1989. "The Optimal Cash Balance Proposition: Maurice Allais' Priority," Journal of Economic Literature, American Economic Association, vol. 27(3), pages 1160-1162, September.
    10. Machina, Mark J, 1987. "Choice under Uncertainty: Problems Solved and Unsolved," Journal of Economic Perspectives, American Economic Association, vol. 1(1), pages 121-154, Summer.
    11. Munier, Bertrand, 1989. "New models of decision under uncertainty: An interpretative essay," European Journal of Operational Research, Elsevier, vol. 38(3), pages 307-317, February.
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    Cited by:

    1. Walter Bossert & Andrew E Clark & Conchita D’Ambrosio & Anthony Lepinteur, 2023. "Economic insecurity and political preferences," Oxford Economic Papers, Oxford University Press, vol. 75(3), pages 802-825.
    2. Matheus Assaf & Pedro Garcia Duarte, 2018. "Utility Matters: Edmond Malinvaud and growth theory in the 1950s and 1960s," Working Papers, Department of Economics 2018_03, University of São Paulo (FEA-USP).
    3. Ramzi Klabi, 2019. "Maurice Allais on the quantity theory of money: the ontological restatement," Post-Print hal-02417403, HAL.
    4. Lall Ramrattan & Michael Szenberg, 2011. "Maurice Allais: A Review of His Major Works, A Memoriam, 1911–2010," The American Economist, Sage Publications, vol. 56(1), pages 104-122, May.
    5. Walter Bossert & Conchita D'Ambrosio, 2013. "Measuring Economic Insecurity," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 54(3), pages 1017-1030, August.
    6. Ivan Moscati, 2016. "Retrospectives: How Economists Came to Accept Expected Utility Theory: The Case of Samuelson and Savage," Journal of Economic Perspectives, American Economic Association, vol. 30(2), pages 219-236, Spring.
    7. Raphaël Fèvre & Thomas Michael Mueller, 2023. "Toward a “Prodigious Revival of French Economics”? Allais, Debreu, and the Dead Loss Controversy (1943–51)," Post-Print hal-04119618, HAL.
    8. Alan B. Krueger, 2003. "An Interview with Edmond Malinvaud," Journal of Economic Perspectives, American Economic Association, vol. 17(1), pages 181-198, Winter.

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    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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