Probability And Uncertainty: The Legacy Of Georgescu-Roegen
AbstractIn this paper we consider Georgescu-Roegen's approach to uncertainty, showing that his characterization of expectations cannot be reduced to any probabilistic decision-making model. Drawing upon Georgescu-Roegen's lesson a lexicographical utility function is proposed and analysed in the mark of his own peculiar scientific methodology. It is demonstrated that such a formulation can be useful in solving the usual failure of the expected utility model, such as the Ellsberg paradoxes. The epistemic limits of our re-construction are considered. Copyright � 2008 The Author. Journal compilation � 2008 Blackwell Publishing Ltd.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Metroeconomica.
Volume (Year): 60 (2009)
Issue (Month): 2 (05)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0026-1386
Other versions of this item:
- Fulvio Fontini, 2005. "Probability and uncertainty: the legacy of Georgescu-Roegen," "Marco Fanno" Working Papers 0008, Dipartimento di Scienze Economiche "Marco Fanno".
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
- D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
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