Production under Uncertainty and Choice under Uncertainty in the Emergence of Generalized Expected Utility Theory

Theory and Decision 51 (2/4):125-144 (2001)
  Copy   BIBTEX


This paper presents a personal view of the interaction between the analysis of choice under uncertainty and the analysis of production under uncertainty. Interest in the foundations of the theory of choice under uncertainty was stimulated by applications of expected utility theory such as the Sandmo model of production under uncertainty. This interest led to the development of generalized models including rank-dependent expected utility theory. In turn, the development of generalized expected utility models raised the question of whether such models could be used in the analysis of applied problems such as those involving production under uncertainty. Finally, the revival of the state-contingent approach led to the recognition of a fundamental duality between choice problems and production problems



    Upload a copy of this work     Papers currently archived: 89,528

External links

Setup an account with your affiliations in order to access resources via your University's proxy server

Through your library

Similar books and articles

Empirical rules of thumb for choice under uncertainty.Rolf Aaberge - 2011 - Theory and Decision 71 (3):431-438.
Revealed Preference and Expected Utility.Stephen A. Clark - 2000 - Theory and Decision 49 (2):159-174.
Economic choice in generalized expected utility theory.John Quiggin - 1995 - Theory and Decision 38 (2):153-171.
Consequentialism and rational choice: Lessons from the Allais paradox.Bruno Verbeek - 2008 - Pacific Philosophical Quarterly 89 (1):86–116.
Economic (ir)rationality in risk analysis.Sven Ove Hansson - 2006 - Economics and Philosophy 22 (2):231-241.


Added to PP

163 (#106,456)

6 months
37 (#87,142)

Historical graph of downloads
How can I increase my downloads?

Author's Profile

John Quiggin
University of Queensland

Citations of this work

No citations found.

Add more citations

References found in this work

The sociology of science: theoretical and empirical investigations.Robert King Merton - 1973 - Chicago: University of Chicago Press. Edited by Norman W. Storer.
Sul Significato Soggettivo della Probabilittextà.Bruno De Finetti - 1931 - Fundamenta Mathematicae 17:298--329.
Rawls and Bentham reconciled.Udo Ebert - 1988 - Theory and Decision 24 (3):215-223.

Add more references