This paper shows that, for CEU preferences, the axioms consquentialism, state independenceand conditional certainty equivalent consistency under updating characterise a family of capacities,called Genralised Neo-Additive Capacities (GNAC). This family contains as special casesamong others...

In recent years most Austrian developments have argued for a definitive shift away from the search for equilibrium constructs and in favor of the analysis of those institutions which favor ordered outcomes of the market process. These developments imply an inevitable withdrawal from...

This paper discusses the evolution of decision theory after Savage's Foundations. Two developments are examined. First, it is presented the rationale of Shackle's proposal to abandon probabilistic decision making. Second, it is discussed the axiomatisation provided by the non-additive...

This paper reviews the classics of financial economics with the benefit of insight offered by the recent financial crisis. The failure of mainstream financial models to explain the observed behavior of markets is put in relation with Itzhak Gilboa's critique of the decisional model used for...

In this paper, we propose an interpretation of the Hilbert space method used in quantum theory in the context of decision making under uncertainty. For a clear comparison we will stay as close as possible to the framework of SEU suggested by Savage (1954). We will use the Ellsberg (1961) paradox...

The paper discusses the role of George L. S. Shackle in fostering an unconventional approach to individual decision making. Shackle's peculiar place in the history of economics is attested by the fact that, over the period going from von Neumann and Morgenstern's Theory of Games up to early...