Choice, Expectations and Measurability

Nicholas Georgescu‐Roegen

331 citations0/0 files storedThe Quarterly Journal of Economics

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Decision-Making and Behavioral Economics Economic Theory and Institutions Economic theories and models

Abstract

I. Introduction, 503. — II. Basic postulates of choice, 505. — III. Wants vs. utility, 510. — IV. Structure of wants, 513. — V. Wants and choice, 518. — VI. Indifference and substitutability, 521. — VII. Choice and psychological threshold, 523. — VIII. Choice and risk, 524. — IX. Choice and uncertainty, 527. — X. Concluding remarks, 531.

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References

1973A Treatise on Probability 2009Human Knowledge: Its Scope and Limits 1952The Expected-Utility Hypothesis and the Measurability of Utility 1974Rational Behavior, Uncertain Prospects, and Measurable Utility (1950)1952Probability, Utility, and the Independence Axiom

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