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Probability And Uncertainty: The Legacy Of Georgescu-Roegen

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Fulvio Fontini

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Abstract

In 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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Article provided by Blackwell Publishing in its journal Metroeconomica.

Volume (Year): 60 (2009)
Issue (Month): 2 (05)
Pages: 324-342
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Handle: RePEc:bla:metroe:v:60:y:2009:i:2:p:324-342

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This page was last updated on 2009-12-19.

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