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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.

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Paper provided by Dipartimento di Scienze Economiche "Marco Fanno" in its series "Marco Fanno" Working Papers with number 0008.

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Length: 21 pages
Date of creation: Dec 2005
Date of revision:
Handle: RePEc:pad:wpaper:0008
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