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Marshall, Jevons, and the Development of the Expected Utility Hypothesis
History of Political Economy, 1992Edward E Schlee, Schlee Edward E
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A Homiletic Exposition of the Expected Utility Hypothesis
Economica, 1977The expected utility hypothesis is an important and celebrated result which allows some sense to be made of decision-making under uncertainty. It is however a result made up of many pieces. Here an attempt is made to make as clear as possible the assumptions used in deriving the expected utility hypothesis, and so to see which ones are needed to ...
Blackorby, Charles +2 more
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The Expected Utility Hypothesis and Demand‐Supply Restrictions
American Journal of Agricultural Economics, 1978AbstractThe implications of expected utility theory are examined in order to determine restrictions relevant to reduced form econometric models. In general, Hicksian certainty restrictions do not hold under risk aversion. However, under output price uncertainty, the qualitative nature of the Hicksian restrictions are generally preserved for a commonly ...
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Firm's hedging behavior without the expected utility hypothesis
Economics Letters, 1986zbMATH Open Web Interface contents unavailable due to conflicting licenses.
Safra, Zvi, Zilcha, Itzhak
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Expected Utility Hypothesis – its origin and development
2016The following thesis introduces the origin of Expected Utility Hypothesis with its historical background and describes its early development. In the first chapter, the history and solutions to St. Petersburg Paradox are presented, as it is closely related to the von Neumann-Morgenstern Expected Utility Theory which is the core notion of the thesis.
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Invariance of the efficient sets when the expected utility hypothesis is relaxed
Journal of Economic Behavior & Organization, 1990Abstract We consider risk averse decision makers who choose from a given set X of random variables and whose preference ordering need not be transitive or representable by a real utility index. We show that when all nonlinear preference functionals possess the first and the second degree stochastic dominance, the efficient set in X remains unchanged.
Itzhak Zilcha, Soo Hong Chew
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SSRN Electronic Journal, 2017
Rabin and Thaler (2001) declared Expected Utility an ex-hypothesis or a dead parrot alluding to the famous sketch from Monthy Pythons Flying Circus. Following Cox and Sadiraj (2006) and others, one should distinguish between Expected Utility (EU) theory (a purely mathematical theory based on axioms) and Expected Utility models (EU theory plus a given ...
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Rabin and Thaler (2001) declared Expected Utility an ex-hypothesis or a dead parrot alluding to the famous sketch from Monthy Pythons Flying Circus. Following Cox and Sadiraj (2006) and others, one should distinguish between Expected Utility (EU) theory (a purely mathematical theory based on axioms) and Expected Utility models (EU theory plus a given ...
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2020
A teoria da utilidade é o fundamento do marginalismo que serve de base à teoria neoclássica. Desde suas origens, na década de 1870, ela passou por diversas transformações: um início hedonista (Jevons), adquiriu contornos ordinalistas (Pareto) que foram radicalizados em meados do século XX, viu a retomada da cardinalidade (von Neumann e Morgenstern), a
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A teoria da utilidade é o fundamento do marginalismo que serve de base à teoria neoclássica. Desde suas origens, na década de 1870, ela passou por diversas transformações: um início hedonista (Jevons), adquiriu contornos ordinalistas (Pareto) que foram radicalizados em meados do século XX, viu a retomada da cardinalidade (von Neumann e Morgenstern), a
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