PROBABILITY AND UNCERTAINTY: THE LEGACY OF GEORGESCU‐ROEGEN

Fulvio Fontini

5 citations0/0 files storedMetroeconomica

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Decision-Making and Behavioral Economics Probability and Statistical Research Economic Theory and Institutions

Abstract

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.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 5 citations exist upstream.

References

2019Theory of games and economic behavior 1921Risk, Uncertainty and Profit 1961Risk, Ambiguity, and the Savage Axioms 2013Choices, Values, and Frames 1945The Theory of Games and Economic Behavior 1953Le Comportement de l'Homme Rationnel devant le Risque: Critique des Postulats et Axiomes de l'Ecole Americaine 2000Choices, Values, and Frames 1973A Treatise on Probability

Cited by

2013The Economic Consequences of G L S Shackle's Ignorance of Keynes's Theory of Probability, Uncertainty, and Decision Making 2008Non-Bayesian decision theory ante litteram: the case of G. L. S. Shackle

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.