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 lesson a lexicographical utility function is proposed and analyzed in the mark of his own peculiar scientific methodology. It is demonstrated that such a formulation can be useful in solving usual failure of the expected utility model, such as the Ellsberg paradoxes. The epistemic limits of our re-construction are considered, too.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Dipartimento di Scienze Economiche "Marco Fanno" in its series "Marco Fanno" Working Papers with number 0008.
Length: 21 pages
Date of creation: Dec 2005
Date of revision:
Other versions of this item:
- Fulvio Fontini, 2009. "Probability And Uncertainty: The Legacy Of Georgescu-Roegen," Metroeconomica, Wiley Blackwell, Wiley Blackwell, vol. 60(2), pages 324-342, 05.
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
- D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-12-20 (All new papers)
- NEP-HPE-2005-12-20 (History & Philosophy of Economics)
- NEP-UPT-2005-12-20 (Utility Models & Prospect Theory)
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Fabio Maria Manenti).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.