From Wald to Savage: homo economicus becomes a Bayesian statistician
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More about this item
KeywordsSavage; Wald; rational behavior; Bayesian decision theory; subjective probability; minimax rule; statistical decision functions; neoclassical economics;
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
- B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
NEP fieldsThis paper has been announced in the following NEP Reports:
- NEP-ALL-2011-10-22 (All new papers)
- NEP-CIS-2011-10-22 (Confederation of Independent States)
- NEP-ECM-2011-10-22 (Econometrics)
- NEP-EVO-2011-10-22 (Evolutionary Economics)
- NEP-HPE-2011-10-22 (History & Philosophy of Economics)
- NEP-PKE-2011-10-22 (Post Keynesian Economics)
- NEP-UPT-2011-10-22 (Utility Models & Prospect Theory)
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