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Expected Utility Hypotheses and the Allais Paradox

Contemporary Discussions of the Decisions Under Uncertainty with Allais' Rejoinder

  • Book
  • © 1979

Overview

Editors:
  1. Maurice Allais

    1. Centre d’Analyse Economique, Ecole Nationale Supérieure des Mines de Paris, Centre National de la Recherche Scientifique, France

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  2. Ole Hagen

    1. Bedriftsoekonomisk Institutt, Oslo Institute of Business Administration, Norway

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Part of the book series: Theory and Decision Library (TDLU, volume 21)

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About this book

Utility theory or, value theory in general, is certainly the cornerstone of decision theory, game theory, microecon~mics, and all social and political theories which deal with public decisions. Recently the American School of utility, founded by von N eumann­ Morgenstern, encountered a far-going criticism by the French School of utility represented by its founder Allais. The whole basis of the theory of decisions involving risk has been shaken and put into question. Consequently, basic research in the fundamentals of utility and value theory evolved into a crisis. Like any crisis in basic research, and this one was not an exception, it was very fruitful. One may simply say: Allais versus von Neumann-Morgenstern, or the French School of utility versus the American School, became one of the battlefields of scientific development which proved to be a most creative source of new advances and new developments in all those sciences which are based on evaluation of utilities.

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Table of contents (17 chapters)

  1. Front Matter

    Pages i-vii
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  2. Editorial Introduction

    1. Front Matter

      Pages 1-11
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    2. Introductory Survey

      • Ole Hagen
      Pages 13-24

  4. The Neo-Bernoullian Position Versus the 1952 Allais Theory

    1. Front Matter

      Pages 147-147
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    2. Critical Examination of the New Foundation of Utility

      • Yakov Amihud
      Pages 149-160

    3. A Short Confirmation of my Standpoint

      • Bruno de Finetti
      Pages 161-161

    4. Utilities, Psychological Values, and the Training of Decision Makers

      • J. Marschak
      Pages 163-174

    5. Some Reflections on Utility

      • Oskar Morgenstern
      Pages 175-183

    6. A Reply to Allais

      • Yakov Amihud
      Pages 185-190

  5. Contemporary Views on the NEO-Bernoullian Theory and the Allais Paradox

    1. Front Matter

      Pages 191-191
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    2. Utility and Stochastic Dominance

      • Karl Borch
      Pages 193-201

    3. Maximizing Expected Utility and the Rule of Long Run Success

      • A. Camacho
      Pages 203-222

    4. Adaptive Utility

      • Richard M. Cyert, Morris H. Degroot
      Pages 223-241

    5. On the Nature of Expected Utility

      • Peter C. Fishburn
      Pages 243-257

    6. The St. Petersburg Puzzle

      • Samuel Gorovitz
      Pages 259-270

    7. Towards a Positive Theory of Preferences under Risk

      • Ole Hagen
      Pages 271-302

    8. The Naturalistic Versus the Intuitionistic School of Values

      • Werner Leinfellner, Edward Booth
      Pages 303-332

    9. Utility Theory: Axioms Versus ‘Paradoxes’

      • Kenneth R. MacCrimmon, Stig Larsson
      Pages 333-409
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Editors and Affiliations

  • Centre d’Analyse Economique, Ecole Nationale Supérieure des Mines de Paris, Centre National de la Recherche Scientifique, France

    Maurice Allais

  • Bedriftsoekonomisk Institutt, Oslo Institute of Business Administration, Norway

    Ole Hagen

Bibliographic Information

  • Book Title: Expected Utility Hypotheses and the Allais Paradox

  • Book Subtitle: Contemporary Discussions of the Decisions Under Uncertainty with Allais' Rejoinder

  • Editors: Maurice Allais, Ole Hagen

  • Series Title: Theory and Decision Library

  • DOI: https://doi.org/10.1007/978-94-015-7629-1

  • Publisher: Springer Dordrecht

  • eBook Packages: Springer Book Archive

  • Copyright Information: Springer Science+Business Media B.V. 1979

  • Hardcover ISBN: 978-90-277-0960-8Published: 30 September 1979

  • Softcover ISBN: 978-90-481-8354-8Published: 30 December 2010

  • eBook ISBN: 978-94-015-7629-1Published: 14 March 2013

  • Edition Number: 1

  • Number of Pages: VII, 715

  • Topics: Methodology of the Social Sciences

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