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Probability and uncertainty: the legacy of Georgescu-Roegen


  • Fulvio Fontini

    () (University of Padua)


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 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.

Suggested Citation

  • Fulvio Fontini, 2005. "Probability and uncertainty: the legacy of Georgescu-Roegen," "Marco Fanno" Working Papers 0008, Dipartimento di Scienze Economiche "Marco Fanno".
  • Handle: RePEc:pad:wpaper:0008

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    References listed on IDEAS

    1. Parikshit Ghosh & Debraj Ray, 1996. "Cooperation in Community Interaction Without Information Flows," Review of Economic Studies, Oxford University Press, vol. 63(3), pages 491-519.
    2. Rauch, James E. & Watson, Joel, 2003. "Starting small in an unfamiliar environment," International Journal of Industrial Organization, Elsevier, vol. 21(7), pages 1021-1042, September.
    3. Milgrom, Paul & Roberts, John, 1982. "Predation, reputation, and entry deterrence," Journal of Economic Theory, Elsevier, vol. 27(2), pages 280-312, August.
    4. Sen, Amartya, 1985. "Goals, Commitment, and Identity," Journal of Law, Economics, and Organization, Oxford University Press, vol. 1(2), pages 341-355, Fall.
    5. Kranton, Rachel E, 1996. "The Formation of Cooperative Relationships," Journal of Law, Economics, and Organization, Oxford University Press, vol. 12(1), pages 214-233, April.
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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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