Economic Decisions Under Uncertainty:
The Fundamental Issues Involved Why do we need a theory of uncertainty? It is a fact that almost all man's economic decisions are made under conditions of uncertainty, but this fact alone does not provide a strong enough argument for making the effort necessary to generalize ordinary preference...
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| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Heidelberg
Physica-Verlag HD
1989
|
| Ausgabe: | 2nd ed. 1989 |
| Schlagworte: | |
| Online-Zugang: | BTU01 URL des Erstveröffentlichers |
| Zusammenfassung: | The Fundamental Issues Involved Why do we need a theory of uncertainty? It is a fact that almost all man's economic decisions are made under conditions of uncertainty, but this fact alone does not provide a strong enough argument for making the effort necessary to generalize ordinary preference theory designed for a world of perfect certainty. In accordance with Occam's Razor, the mathematician may well welcome a generalization of assumptions even if it does not promise more than a restatement of known results. The economist, however, will only be well disposed towards making the effort if he can expect to achieve new insights and interesting results, for he is interested in the techniques necessary for the generalization only as means to an end, not as ends in themselves. A stronger reason for developing a theory of uncertainty, therefore, seems to be the fact that there are kinds of economic activities to which the non-stochastic preference theory has no access or has access only through highly artificial constructions. Such activities include portfolio decisions of wealth holders, speculation, and insurance. These will be considered in detail in the last chapter of the book. The main purpose of this book, however, is not to apply a theory of uncertainty to concrete economic problems, the purpose rather is to formulate such a theory |
| Beschreibung: | 1 Online-Ressource (XVIII, 359 p. 1 illus) |
| ISBN: | 9783642615474 |
| DOI: | 10.1007/978-3-642-61547-4 |
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| 520 | |a The Fundamental Issues Involved Why do we need a theory of uncertainty? It is a fact that almost all man's economic decisions are made under conditions of uncertainty, but this fact alone does not provide a strong enough argument for making the effort necessary to generalize ordinary preference theory designed for a world of perfect certainty. In accordance with Occam's Razor, the mathematician may well welcome a generalization of assumptions even if it does not promise more than a restatement of known results. The economist, however, will only be well disposed towards making the effort if he can expect to achieve new insights and interesting results, for he is interested in the techniques necessary for the generalization only as means to an end, not as ends in themselves. A stronger reason for developing a theory of uncertainty, therefore, seems to be the fact that there are kinds of economic activities to which the non-stochastic preference theory has no access or has access only through highly artificial constructions. Such activities include portfolio decisions of wealth holders, speculation, and insurance. These will be considered in detail in the last chapter of the book. The main purpose of this book, however, is not to apply a theory of uncertainty to concrete economic problems, the purpose rather is to formulate such a theory | ||
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Datensatz im Suchindex
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| author | Sinn, Hans-Werner |
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| dewey-full | 658.40301 |
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| dewey-ones | 658 - General management |
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| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| doi_str_mv | 10.1007/978-3-642-61547-4 |
| edition | 2nd ed. 1989 |
| format | Electronic eBook |
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| indexdate | 2024-07-10T08:56:08Z |
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| isbn | 9783642615474 |
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| spelling | Sinn, Hans-Werner Verfasser aut Economic Decisions Under Uncertainty by Hans-Werner Sinn 2nd ed. 1989 Heidelberg Physica-Verlag HD 1989 1 Online-Ressource (XVIII, 359 p. 1 illus) txt rdacontent c rdamedia cr rdacarrier The Fundamental Issues Involved Why do we need a theory of uncertainty? It is a fact that almost all man's economic decisions are made under conditions of uncertainty, but this fact alone does not provide a strong enough argument for making the effort necessary to generalize ordinary preference theory designed for a world of perfect certainty. In accordance with Occam's Razor, the mathematician may well welcome a generalization of assumptions even if it does not promise more than a restatement of known results. The economist, however, will only be well disposed towards making the effort if he can expect to achieve new insights and interesting results, for he is interested in the techniques necessary for the generalization only as means to an end, not as ends in themselves. A stronger reason for developing a theory of uncertainty, therefore, seems to be the fact that there are kinds of economic activities to which the non-stochastic preference theory has no access or has access only through highly artificial constructions. Such activities include portfolio decisions of wealth holders, speculation, and insurance. These will be considered in detail in the last chapter of the book. The main purpose of this book, however, is not to apply a theory of uncertainty to concrete economic problems, the purpose rather is to formulate such a theory Operations Research/Decision Theory Economic Theory/Quantitative Economics/Mathematical Methods Operations research Decision making Economic theory Volkswirtschaft (DE-588)4063885-6 gnd rswk-swf Wirtschaft (DE-588)4066399-1 gnd rswk-swf Unsicherheit (DE-588)4186957-6 gnd rswk-swf Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd rswk-swf Entscheidungstheorie (DE-588)4138606-1 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Entscheidungstheorie (DE-588)4138606-1 s Unsicherheit (DE-588)4186957-6 s DE-604 Entscheidung bei Unsicherheit (DE-588)4070864-0 s Volkswirtschaft (DE-588)4063885-6 s Wirtschaft (DE-588)4066399-1 s Erscheint auch als Druck-Ausgabe 9783790804362 Erscheint auch als Druck-Ausgabe 9783642615481 https://doi.org/10.1007/978-3-642-61547-4 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Sinn, Hans-Werner Economic Decisions Under Uncertainty Operations Research/Decision Theory Economic Theory/Quantitative Economics/Mathematical Methods Operations research Decision making Economic theory Volkswirtschaft (DE-588)4063885-6 gnd Wirtschaft (DE-588)4066399-1 gnd Unsicherheit (DE-588)4186957-6 gnd Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd Entscheidungstheorie (DE-588)4138606-1 gnd |
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| title | Economic Decisions Under Uncertainty |
| title_auth | Economic Decisions Under Uncertainty |
| title_exact_search | Economic Decisions Under Uncertainty |
| title_exact_search_txtP | Economic Decisions Under Uncertainty |
| title_full | Economic Decisions Under Uncertainty by Hans-Werner Sinn |
| title_fullStr | Economic Decisions Under Uncertainty by Hans-Werner Sinn |
| title_full_unstemmed | Economic Decisions Under Uncertainty by Hans-Werner Sinn |
| title_short | Economic Decisions Under Uncertainty |
| title_sort | economic decisions under uncertainty |
| topic | Operations Research/Decision Theory Economic Theory/Quantitative Economics/Mathematical Methods Operations research Decision making Economic theory Volkswirtschaft (DE-588)4063885-6 gnd Wirtschaft (DE-588)4066399-1 gnd Unsicherheit (DE-588)4186957-6 gnd Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd Entscheidungstheorie (DE-588)4138606-1 gnd |
| topic_facet | Operations Research/Decision Theory Economic Theory/Quantitative Economics/Mathematical Methods Operations research Decision making Economic theory Volkswirtschaft Wirtschaft Unsicherheit Entscheidung bei Unsicherheit Entscheidungstheorie Hochschulschrift |
| url | https://doi.org/10.1007/978-3-642-61547-4 |
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