This paper develops a utility model for evaluating lotteries. In estimating utility, risk averse people use an … researchers to directly specify their attitudes toward risk. …

This paper develops a utility model for evaluating lotteries. In estimating utility, risk averse people use an … model allows researchers to directly specify their attitudes toward risk. The model is advantageous for two reasons. First …, it is based on established principles of probability; second, it resolves several well- known paradoxes. …

issues of time and uncertainty in economics. The source of the difference between their economic ideas was the difference … non-justificationist. We draw on Keynes's "A Treatise on Probability," Hayek's "The Sensory Order," and other works to …. Hayek's theory, not Keynes's, allows us to say when markets will behave in the way Keynes described and when they will …

infringements. It gives promises for both solving fundamental problems of economic theory and creation of new directions and fields …

NEED TO RECONSIDER OUR ACTIONS/DECISIONS WITH RISK AND TROUBLES, SO 'TRUSTING' IS GOING TO HAVE AN IMPORTANT ROLE AS … AND WE WONT TO AVOID THE RISK OF BEING DECEIVED. THESE SOCIAL INTERACTIONS ARE PRECONDITIONS THAT HAVE MANY CONSEQUENCES …

This paper constructs the probability space underlying the random variable of any time dependent econometric …. Furthermore, it is argued that the probability events belonging to this space are forms of understanding economic activity held by …’s probability space. Finally, a model of the dependencies based on agent-based understandings, and evolution thereof, is presented …

-Parametric Statistics, Design of Experiments, Probability, Operations Research, and Stochastic Models. The topics covered include …: statistics, stochastic models, mathematics, operations research, non-parametric statistics, design of experiments, theory of … probability, probability, ANOVA, goodness of fit, density functions, cdf, pdf, Baye's formula, Markov chains, expectation …

This paper constructs the probability space underlying the random variable of any time dependent econometric …. Furthermore, it is argued that the probability events belonging to this space are forms of understanding economic activity held by …’s probability space. Finally, a model of the dependencies based on agent-based understandings, and evolution thereof, is presented …

theory provide a natural way to establish “measurable utility”. In the early 50’s Markowitz introduced the Mean …-Variance theory that is the basis of modern portfolio selection theory. Even if both models were analyzed from virtually all possible …