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Risk, Uncertainty and Profit

University of Chicago Press (1921)

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  1. From Rational Choice to Reflexivity: Learning From Sen, Keynes, Hayek, Soros, and Most of All, From Darwin.Alex Rosenberg - 2014 - Economic Thought 3 (1):21.
    This paper identifies the major failings of mainstream economics and the rational choice theory it relies upon. These failures were identified by the four figures mentioned in the title: economics treats agents as rational fools; by the time the long … More ›.
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  • Corporate Profit, Entrepreneurship Theory and Business Ethics.Radu Vranceanu - 2014 - Business Ethics, the Environment and Responsibility 23 (1):50-68.
    Economic profit is produced by entrepreneurs, those special individuals able to detect and seize as yet unexploited market opportunities. Many large capitalist firms manage to deliver positive profits even in the most competitive environments. They can do so, thanks to internal entrepreneurs, a subset of their employees able to drive change and develop innovation in the workplace. This paper argues that the goal of increasing economic profit is fully consistent with the corporation doing good for society. However, there is little (...)
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  • The Use of Knowledge in Comparative Economics.Adam G. Martin - 2009 - Erasmus Journal for Philosophy and Economics 2 (1):157-160.
  • Humankind and the Environment: An Anatomy of Surprise and Ignorance.Malte Faber, Reiner Manstetten & John L. R. Proops - 1992 - Environmental Values 1 (3):217 - 241.
    This paper addresses the problem of ‘ignorance’ in philosophy and science, particularly with respect to the conceptualization, study and solution of environmental problems. We begin by distinguishing between ‘risk’, ‘uncertainty’ and ‘ignorance’. We then offer a categorization of ignorance, and use these categories to assess the role of science as a means of reducing ignorance. We note that to proceed with science, several 'acts of faith' are necessary. We conclude with a discussion of the importance of an attitude of openness (...)
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  • Rethinking Risk Assessment for Emerging Technology First-in-Human Trials.Anna Genske & Sabrina Engel-Glatter - 2016 - Medicine, Health Care and Philosophy 19 (1):125-139.
    Recent progress in synthetic biology has enabled the development of novel therapeutic opportunities for the treatment of human disease. In the near future, first-in-human trials will be indicated. FIH trials mark a key milestone in the translation of medical SynBio applications into clinical practice. Fostered by uncertainty of possible adverse events for trial participants, a variety of ethical concerns emerge with regards to SynBio FIH trials, including ‘risk’ minimization. These concerns are associated with any FIH trial, however, due to the (...)
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  • NICE Technology Appraisals: Working with Multiple Levels of Uncertainty and the Potential for Bias. [REVIEW]Patrick Brown & Michael Calnan - 2013 - Medicine, Health Care and Philosophy 16 (2):281-293.
    One of the key roles of the English National Institute for Health and Clinical Excellence (NICE) is technology appraisal. This essentially involves evaluating the cost effectiveness of pharmaceutical products and other technologies for use within the National Health Service. Based on a content analysis of key documents which shed light on the nature of appraisals, this paper draws attention to the multiple layers of uncertainty and complexity which are latent within the appraisal process, and the often socially constructed mechanisms for (...)
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  • Risk, Prudence and Moral Formation in the Laboratory.Paul Scherz - 2018 - Journal of Moral Education 47 (3):304-315.
    Sociologists of science have noted that the institutional cultures and practices of research tend to de-emphasize the risks produced in the lab, resulting in injuries and deaths in recent lab accidents and increased dangers for surrounding communities. In response to these accidents, science ethics and policy increasingly focus on risk management. One strategy to confront these problems is to implement more procedural safeguards, but ethnographies of science suggest that procedural forms can have the unintended effect of contributing to complacency. What (...)
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  • On Imprecise Investment Recommendations.Krzysztof Piasecki - 2014 - Studies in Logic, Grammar and Rhetoric 37 (1):179-194.
    The return rate is considered here as a fuzzy probabilistic set. Then the expected return is obtained as a fuzzy subset in the real line. This result is a theoretical foundation for new investment strategies. All considered strategies result of comparison profit fuzzy index and limit value. In this way we obtain an imprecise investment recommendation. Financial equilibrium criteria are a special case of comparison of the profit index and the limit value. The following criteria are generalized here: the Sharpe's (...)
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  • Against Boredom : 17 Essays on Ignorance, Values, Creativity, Metaphysics, Decision-Making, Truth, Preference, Art, Processes, Ramsey, Ethics, Rationality, Validity, Human Ills, Science, and Eternal Life to Nils-Eric Sahlin on the Occasion of His 60th Birthday. [REVIEW]Johannes Persson, Göran Hermerén & Eva Sjöstrand - unknown
    in Undetermined Table d’Hôte Ingar Brinck: Investigating the development of creativity: The Sahlin hypothesis 7 Linus Broström: Known unknowns and proto-second-personal address in photographic art 25 Johan Brännmark: Critical moral thinking without moral theory 33 Martin Edman: Vad är ett missförhållande? 43 Pascal Engel: Rambling on the value of truth 51 Peter Gärdenfors: Ambiguity in decision making and the fear of being fooled 75 Göran Hermerén: NIPT: Ethical aspects 89 Mats Johansson: Roboethics: What problems should be addressed and why? 103 (...)
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  • Error Propagation in the Elicitation of Utility and Probability Weighting Functions.Pavlo Blavatskyy - 2006 - Theory and Decision 60 (2-3):315-334.
    Elicitation methods in decision-making under risk allow us to infer the utilities of outcomes as well as the probability weights from the observed preferences of an individual. An optimally efficient elicitation method is proposed, which takes the inevitable distortion of preferences by random errors into account and minimizes the effect of such errors on the inferred utility and probability weighting functions. Under mild assumptions, the optimally efficient method for eliciting utilities and probability weights is the following three-stage procedure. First, a (...)
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  • Axiomatization of a Preference for Most Probable Winner.Pavlo R. Blavatskyy - 2006 - Theory and Decision 60 (1):17-33.
    In binary choice between discrete outcome lotteries, an individual may prefer lottery L1 to lottery L2 when the probability that L1 delivers a better outcome than L2 is higher than the probability that L2 delivers a better outcome than L1. Such a preference can be rationalized by three standard axioms and one less standard axiom. A preference for the most probable winner can be represented by a skew-symmetric bilinear utility function. Such a utility function has the structure of a regret (...)
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  • The Price for Information About Probabilities and its Relation with Risk and Ambiguity.Giuseppe Attanasi & Aldo Montesano - 2012 - Theory and Decision 73 (1):125-160.
    In this article, ambiguity attitude is measured through the maximum price a decision maker is willing to pay to know the probability of an event. Two problems are examined in which the decision maker faces an act: in one case, buying information implies playing a lottery, while, in the other case, buying information gives also the option to avoid playing the lottery. In both decision settings, relying on the Choquet expected utility model, we study how the decision maker’s risk and (...)
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  • The Consumer Scam: An Agency-Theoretic Approach.Sareh Pouryousefi & Jeff Frooman - 2019 - Journal of Business Ethics 154 (1):1-12.
    Despite the extensive body of literature that aims to explain the phenomenon of consumer scams, the structure of information in scam relationships remains relatively understudied. The purpose of this article is to develop an agency-theoretic approach to the study of information in perpetrator–victim interactions. Drawing a distinction between failures of observation and failures of judgment in the pre-contract phase, we introduce a typology and a set of propositions that explain the severity of adverse selection problems in three classes of scam (...)
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  • Reasoning in Non-Probabilistic Uncertainty: Logic Programming and Neural-Symbolic Computing as Examples.Tarek R. Besold, Artur D’Avila Garcez, Keith Stenning, Leendert van der Torre & Michiel van Lambalgen - 2017 - Minds and Machines 27 (1):37-77.
    This article aims to achieve two goals: to show that probability is not the only way of dealing with uncertainty ; and to provide evidence that logic-based methods can well support reasoning with uncertainty. For the latter claim, two paradigmatic examples are presented: logic programming with Kleene semantics for modelling reasoning from information in a discourse, to an interpretation of the state of affairs of the intended model, and a neural-symbolic implementation of input/output logic for dealing with uncertainty in dynamic (...)
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  • Rethinking Rationality.Emmanuel M. Pothos & Timothy J. Pleskac - 2022 - Topics in Cognitive Science 14 (3):451-466.
    Topics in Cognitive Science, Volume 14, Issue 3, Page 451-466, July 2022.
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  • Philosophy of Climate Science Part II: Modelling Climate Change.Roman Frigg, Erica Thompson & Charlotte Werndl - 2015 - Philosophy Compass 10 (12):965-977.
    This is the second of three parts of an introduction to the philosophy of climate science. In this second part about modelling climate change, the topics of climate modelling, confirmation of climate models, the limits of climate projections, uncertainty and finally model ensembles will be discussed.
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  • Decision Theory.Katie Steele & H. Orri Stefánsson - 2015 - In Stanford Encyclopedia of Philosophy.
  • Philosophy of Money and Finance.Boudewijn De Bruin, Lisa Maria Herzog, Martin O'Neill & Joakim Sandberg - 2018 - In Edward Zalta (ed.), Stanford Encyclopedia of Philosophy. Palo Alto: Metaphysics Research Lab, Stanford University.
  • A Dialogue on Institutions.C. Mantzavinos - 2021 - Heidelberg, New York: Springer.
    This book consists of a dialogue between two interlocutors, Pablo and a student, who discuss a great range of issues in social philosophy and political theory, and in particular, the emergence, working properties and economic effects of institutions. It uses the dialogical form to make philosophy more accessible, but also to show how ideas develop through intellectual interaction. The fact that one of the interlocutors is the "student" in a place in the real world makes the dialogue quasi-fictive in character (...)
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  • David Makinson on Classical Methods for Non-Classical Problems.Sven Ove Hansson (ed.) - 2013 - Dordrecht, Netherland: Springer.
    The volume analyses and develops David Makinson’s efforts to make classical logic useful outside its most obvious application areas. The book contains chapters that analyse, appraise, or reshape Makinson’s work and chapters that develop themes emerging from his contributions. These are grouped into major areas to which Makinsons has made highly influential contributions and the volume in its entirety is divided into four sections, each devoted to a particular area of logic: belief change, uncertain reasoning, normative systems and the resources (...)
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  • Climate Change, Uncertainty and Policy.Jeroen Hopster - forthcoming - Springer.
    While the foundations of climate science and ethics are well established, fine-grained climate predictions, as well as policy-decisions, are beset with uncertainties. This chapter maps climate uncertainties and classifies them as to their ground, extent and location. A typology of uncertainty is presented, centered along the axes of scientific and moral uncertainty. This typology is illustrated with paradigmatic examples of uncertainty in climate science, climate ethics and climate economics. Subsequently, the chapter discusses the IPCC’s preferred way of representing uncertainties and (...)
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  • The Eclipse of Value-Free Economics. The Concept of Multiple Self Versus Homo Economicus.Aleksander Ostapiuk - 2020 - Wrocław, Polska: Publishing House of Wroclaw University of Economics and Business.
    The books’ goal is to answer the question: Do the weaknesses of value-free economics imply the need for a paradigm shift? The author synthesizes criticisms from different perspectives (descriptive and methodological). Special attention is paid to choices over time, because in this area value-free economics has the most problems. In that context, the enriched concept of multiple self is proposed and investigated. However, it is not enough to present the criticisms towards value-free economics. For scientists, a bad paradigm is better (...)
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  • Handbook of Philosophy of Management.Cristina Neesham & Steven Segal (eds.) - 2019
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  • How Does Personality Trait Affect Online Financial Service Use of College Students in China?Xiuyuan Gong, Xiaofeng Zheng & Qinqin Li - 2022 - Frontiers in Psychology 13.
    Online financial service is an essential part of consumption services provided by companies in modern society. It is vital to figure out the underlying mechanisms that influence online financial service use of college students in China, which is seldom explored. Drawing on the theory of planned behavior, this study explores the effect of personality traits and its joint effect with attitude on online financial service use of college students. Moreover, we examined the interaction effects of key variables in TPB in (...)
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  • Risk, Uncertainty and Precaution in Science: The Threshold of the Toxicological Concern Approach in Food Toxicology.Karim Bschir - 2017 - Science and Engineering Ethics 23 (2):489-508.
    Environmental risk assessment is often affected by severe uncertainty. The frequently invoked precautionary principle helps to guide risk assessment and decision-making in the face of scientific uncertainty. In many contexts, however, uncertainties play a role not only in the application of scientific models but also in their development. Building on recent literature in the philosophy of science, this paper argues that precaution should be exercised at the stage when tools for risk assessment are developed as well as when they are (...)
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  • Safe Contraction Revisited.Hans Rott & Sven Ove Hansson - 2014 - In Sven Ove Hansson (ed.), David Makinson on Classical Methods for Non-Classical Problems (Outstanding Contributions to Logic, Vol. 3). Dordrecht: Springer. pp. 35–70.
    Modern belief revision theory is based to a large extent on partial meet contraction that was introduced in the seminal article by Carlos Alchourrón, Peter Gärdenfors, and David Makinson that appeared in 1985. In the same year, Alchourrón and Makinson published a significantly different approach to the same problem, called safe contraction. Since then, safe contraction has received much less attention than partial meet contraction. The present paper summarizes the current state of knowledge on safe contraction, provides some new results (...)
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  • How the Invisible Hand is Supposed to Adjust the Natural Thermostat: A Guide for the Perplexed.Servaas Storm - 2017 - Science and Engineering Ethics 23 (5):1307-1331.
    Mainstream climate economics takes global warming seriously, but perplexingly concludes that the optimal economic policy is to almost do nothing about it. This conclusion can be traced to just a few “normative” assumptions, over which there exists fundamental disagreement amongst economists. This paper explores two axes of this disagreement. The first axis measures faith in the invisible hand to adjust the natural thermostat. The second axis expresses differences in views on the efficiency and equity implications of climate action. The two (...)
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  • Induction: A Logical Analysis.Uwe Saint-Mont - 2020 - Foundations of Science 27 (2):455-487.
    The aim of this contribution is to provide a rather general answer to Hume’s problem. To this end, induction is treated within a straightforward formal paradigm, i.e., several connected levels of abstraction. Within this setting, many concrete models are discussed. On the one hand, models from mathematics, statistics and information science demonstrate how induction might succeed. On the other hand, standard examples from philosophy highlight fundamental difficulties. Thus it transpires that the difference between unbounded and bounded inductive steps is crucial: (...)
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  • Epistemic Entitlement, Epistemic Risk and Leaching.Luca Moretti & Crispin Wright - forthcoming - Philosophy and Phenomenological Research.
    One type of argument to sceptical paradox proceeds by making a case that a certain kind of metaphysically “heavyweight or “cornerstone” proposition is beyond all possible evidence and hence may not be known or justifiably believed. Crispin Wright has argued that we can concede that our acceptance of these propositions is evidentially risky and still remain rationally entitled to those of our ordinary knowledge claims that are seemingly threatened by that concession. A problem for Wright’s proposal is the so-called Leaching (...)
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  • Communicating Uncertainty About Facts, Numbers, and Science.Anne Marthe van der Bles, Sander van der Linden, Alexandra L. J. Freeman, James Mitchell, Ana Beatriz Galvão, Lisa Zaval & David Spiegelhalter - 2019 - Royal Society Open Science 6 (5).
    Uncertainty is an inherent part of knowledge, and yet in an era of contested expertise, many shy away from openly communicating their uncertainty about what they know, fearful of their audience’s reaction. But what effect does communication of such epistemic uncertainty have? Empirical research is widely scattered across many disciplines. This interdisciplinary review structures and summarises current practice and research across domains, combining a statistical and psychological perspective. This informs a framework for uncertainty communication in which we identify three objects (...)
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  • PUBLIC ENTREPRENEURSHIP: A RECIPE FOR IMPROVED SERVICE DELIVERY IN SOUTH AFRICA's PUBLIC SECTOR.Hammed O. Ojugbele, Oyebanjo Ogunlela & Robertson K. Tengeh - 2022 - Focus on Research in Contemporary Economics 3 (1):191-213.
    This paper aims to evaluate the potential role of public entrepreneurship in improving public sector service delivery in South Africa, with special emphasis on showing the practicability of public entrepreneurship despite the marked differences between the public and the private sector where entrepreneurship originates from. In other words, we are seeking to answer the question of how exactly can public entrepreneurship work in practice in South Africa and beyond? We attempted to answer this question in this paper through a rigorous (...)
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  • The Labour Theory of Property and Marginal Productivity Theory.David Ellerman - 2016 - Economic Thought 5 (1):19.
    After Marx, dissenting economics almost always used 'the labour theory' as a theory of value. This paper develops a modern treatment of the alternative labour theory of property that is essentially the property theoretic application of the juridical principle of responsibility: impute legal responsibility in accordance with who was in fact responsible. To understand descriptively how assets and liabilities are appropriated in normal production, a 'fundamental myth' needs to be cleared away, and then the market mechanism of appropriation can be (...)
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  • Measurement and Quantum Dynamics in the Minimal Modal Interpretation of Quantum Theory.Jacob A. Barandes & David Kagan - 2020 - Foundations of Physics 50 (10):1189-1218.
    Any realist interpretation of quantum theory must grapple with the measurement problem and the status of state-vector collapse. In a no-collapse approach, measurement is typically modeled as a dynamical process involving decoherence. We describe how the minimal modal interpretation closes a gap in this dynamical description, leading to a complete and consistent resolution to the measurement problem and an effective form of state collapse. Our interpretation also provides insight into the indivisible nature of measurement—the fact that you can't stop a (...)
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  • Fragile and Resilient Trust: Risk and Uncertainty in Negotiated and Reciprocal Exchange.Linda D. Molm, David R. Schaefer & Jessica L. Collett - 2009 - Sociological Theory 27 (1):1 - 32.
    Both experimental and ethnographic studies show that reciprocal exchanges (in which actors unilaterally provide benefits to each other without formal agreements) produce stronger trust than negotiated exchanges secured by binding agreements. We develop the theoretical role of risk and uncertainty as causal mechanisms that potentially explain these results, and then test their effects in two laboratory experiments that vary risk and uncertainty within negotiated and reciprocal forms of exchange. We increase risk in negotiated exchanges by making agreements nonbinding and decrease (...)
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  • Decision Making Under Uncertainty: The Relation Between Economic Preferences and Psychological Personality Traits.David Schröder & Gail Gilboa Freedman - 2020 - Theory and Decision 89 (1):61-83.
    Both economists and psychologists are interested in understanding decision making under uncertainty. Yet, they rely on different concepts to analyse human behaviour: economists use economic preference parameters rooted in utility theory, while psychologists use personality traits to describe responses to uncertain situations. Using a large sample of university students, this study examines and contrasts five economic preference parameters and six psychological personality traits that are commonly used to study individuals’ attitudes towards uncertainty. A novelty of this paper is including both (...)
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  • Stakeholder Engagement, Knowledge Problems and Ethical Challenges.J. Robert Mitchell, Ronald K. Mitchell, Richard A. Hunt, David M. Townsend & Jae H. Lee - 2022 - Journal of Business Ethics 175 (1):75-94.
    In the management and business ethics literatures, stakeholder engagement has been demonstrated to lead to more ethical management practices. However, there may be limits on the extent to which stakeholder engagement can, as currently conceptualized, resolve some of the more difficult ethical challenges faced by managers. In this paper we argue that stakeholder engagement, when seen as a way of reducing five types of knowledge problems—risk, ambiguity, complexity, equivocality, and a priori irreducible uncertainty—can aid managers in resolving such ethical challenges. (...)
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  • Rationality of Belief Or: Why Savage’s Axioms Are Neither Necessary nor Sufficient for Rationality. [REVIEW]Itzhak Gilboa, Andrew Postlewaite & David Schmeidler - 2012 - Synthese 187 (1):11-31.
    Economic theory reduces the concept of rationality to internal consistency. As far as beliefs are concerned, rationality is equated with having a prior belief over a “Grand State Space”, describing all possible sources of uncertainties. We argue that this notion is too weak in some senses and too strong in others. It is too weak because it does not distinguish between rational and irrational beliefs. Relatedly, the Bayesian approach, when applied to the Grand State Space, is inherently incapable of describing (...)
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  • Parallel Experimentation: A Basic Scheme for Dynamic Efficiency.David Ellerman - 2014 - Journal of Bioeconomics 16 (3):259–287.
    Evolutionary economics often focuses on the comparison between economic competition and the process of natural selection to select the fitter members of a given population. But that neglects the other "half" of an evolutionary process, the mechanism for the generation of new possibilities that is key to dynamic efficiency. My topic is the process of parallel experimentation which I take to be a process of multiple experiments running concurrently with some form of common goal, with some semi-isolation between the experiments, (...)
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  • Forecasted Risk Taking in Youth: Evidence for a Bounded-Rationality Perspective.Mandeep K. Dhami & David R. Mandel - 2012 - Synthese 189 (S1):161-171.
    This research examined whether youth's forecasted risk taking is best predicted by a compensatory (namely, subjective expected utility) or non-compensatory (e.g., single-factor) model. Ninety youth assessed the importance of perceived benefits, importance of perceived drawbacks, subjective probability of benefits, and subjective probability of drawbacks for 16 risky behaviors clustered evenly into recreational and health/safety domains. In both domains, there was strong support for a noncompensatory model in which only the perceived importance of the benefits of engaging in a risky behavior (...)
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  • Tough Enough? Robust Satisficing as a Decision Norm for Long-Term Policy Analysis.Andreas L. Mogensen & David Thorstad - 2022 - Synthese 200 (1):1-26.
    This paper aims to open a dialogue between philosophers working in decision theory and operations researchers and engineers working on decision-making under deep uncertainty. Specifically, we assess the recommendation to follow a norm of robust satisficing when making decisions under deep uncertainty in the context of decision analyses that rely on the tools of Robust Decision-Making developed by Robert Lempert and colleagues at RAND. We discuss two challenges for robust satisficing: whether the norm might derive its plausibility from an implicit (...)
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  • Overcoming the Impasse in Modern Economics.David Gindis & Francesca Gagliardi - 2011 - Competition and Change 15 (4):336-342.
    In the wake of the global financial crisis of 2008, the greatest economic disaster since the Great Depression, the cover story of the July 18th 2009 issue of The Economist, entitled “What went wrong with economics,” opened with an unequivocally incriminating statement: “Of all the economic bubbles that have been pricked, few have burst more spectacularly than the reputation of economics itself.” In the months surrounding this indictment, many influential economists, including several Nobel laureates, were drawn to the same embarrassing (...)
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  • On the Labor Theory of Property: Is The Problem Distribution or Predistribution?David Ellerman - 2017 - Challenge: The Magazine of Economic Affairs 60 (2):171-188.
    Much of the recent discussion in progressive circles [e.g., Stiglitz; Galbraith; Piketty] has focused the obscene mal-distribution of wealth and income as if that was "the" problem in our economic system. And the proposed redistributive reforms have all stuck to that framing of the question. To put the question in historical perspective, one might note that there was a similar, if not more extreme, mal-distribution of wealth, income, and political power in the Antebellum system of slavery. Yet, it should be (...)
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  • A Sampling Framework for Uncertainty in Individual Environmental Decisions.Mirta Galesic, Astrid Kause & Wolfgang Gaissmaier - 2016 - Topics in Cognitive Science 8 (1):242-258.
    Decisions in the environmental and in particular the climate domain are burdened with uncertainty. Here, we focus on uncertainties faced by individuals when making decisions about environmental behavior, and we use the statistical sampling framework to develop a classification of different sources of uncertainty they encounter. We then map these sources to different public policy strategies aiming to help individuals cope with uncertainty when making environmental decisions.
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  • On the Necessary and Sufficient Conditions for Legitimate Banking Contracts.Philipp Bagus, Amadeus Gabriel & David Howden - 2018 - Journal of Business Ethics 147 (3):669-678.
    What role do demand deposits serve in the financial system? The answer to this simple question has great implications in keeping the legal terms of the contract consistent with the demands of the financial system. Demand deposits are a perfect monetary substitute. Since money is only held to hedge against perceived uncertainty in both the timing and magnitude of future expenditures, demand deposits are demanded for the same reason. From this we derive three main conclusions. First, a financial contract similar (...)
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  • Democracy Despite Voter Ignorance: A Weberian Reply to Somin and Friedman.David Ciepley - 1999 - Critical Review: A Journal of Politics and Society 13 (1-2):191-227.
    Abstract Ilya Somin finds in the public's ignorance of policy issues a reason to reduce the size and scope of government. But one cannot restrict the range of issues that may be raised in a democracy without it ceasing to be a democracy. Jeffrey Friedman argues that, since feedback on the quality of private goods is superior to feedback on the quality of public policies, ?privatizing? public decisions might improve their quality. However, the quality of feedback depends upon the nature (...)
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  • Entrepreneurial Beliefs and Agency Under Knightian Uncertainty.Randall E. Westgren & Travis L. Holmes - 2021 - Philosophy of Management 21 (2):199-217.
    At the centenary of Frank H. Knight’s Risk, Uncertainty, and Profit, we explore the continuing relevance of Knightian uncertainty to the theory and practice of entrepreneurship. There are three challenges facing such assessment. First, RUP is complex and difficult to interpret. The key but neglected element of RUP is that Knight’s account is not solely about risk and uncertainty as states of nature, but about how an agent’s beliefs about uncertain outcomes and confidence in those beliefs guide their choices. Second, (...)
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  • Is It Always Rational to Satisfy Savage's Axioms?Itzhak Gilboa, Andrew Postlewaite & David Schmeidler - 2009 - Economics and Philosophy 25 (3):285-296.
    This note argues that, under some circumstances, it is more rational not to behave in accordance with a Bayesian prior than to do so. The starting point is that in the absence of information, choosing a prior is arbitrary. If the prior is to have meaningful implications, it is more rational to admit that one does not have sufficient information to generate a prior than to pretend that one does. This suggests a view of rationality that requires a compromise between (...)
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  • Authority in the Firm (and the Attempt to Theorize It Away).David Ciepley - 2004 - Critical Review: A Journal of Politics and Society 16 (1):81-115.
    Abstract The classical case for market society appeals to the complementary goods of economic liberty and maximum wealth. A market society overgrown with economic firms, however, partly sacrifices liberty for the sake of wealth. This point was accepted by prewar, theorists of the economic firm, such as Frank Knight and Ronald Coase, and the attempt to moderate, or compensate for, the constriction of economic liberty was a central struggle of the Progressive Era. Since World War II, however, neoclassical economists have (...)
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  • Risk Calculation as Experience and Action—Assessing and Managing the Risks and Opportunities of Nanomaterials.Christian Büscher - 2015 - NanoEthics 9 (3):277-295.
    Discussions about the appropriate way of assessing and managing new or emerging technologies—like nanomaterials—expose the problematic relationship between scientific knowledge production and regulatory decision-making. On one hand, there is a strong demand for scientific expertise to support decisions, especially by analyzing risks and hazards when uncertainties are prevalent and society’s stakes are high. On the other hand, science is criticized for its authoritative claim to objectivity and for keeping the inherent uncertainty, ambiguity, and selectivity of scientific observation latent. Requests for (...)
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  • Induction: The Glory of Science and Philosophy.Uwe Saint-Mont - unknown
    The aim of this contribution is to provide a rather general answer to Hume's problem, the well-known problem of induction. To this end, it is very useful to apply his differentiation between ``relations of ideas'' and ``matters of fact'', and to reconsider earlier approaches. In so doing, we consider the problem formally, as well as empirically. Next, received attempts to solve the problem are discussed. The basic structure of inductive problems is exposed in chap. 6. Our final conclusions are to (...)
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