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Probability And Uncertainty: The Legacy Of Georgescu-Roegen

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  • Fulvio Fontini

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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  • Fulvio Fontini, 2009. "Probability And Uncertainty: The Legacy Of Georgescu-Roegen," Metroeconomica, Wiley Blackwell, vol. 60(2), pages 324-342, May.
  • Handle: RePEc:bla:metroe:v:60:y:2009:i:2:p:324-342
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    JEL classification:

    • 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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