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Uncertainty means partially or totally knowing the probabilities to accomplish an action’s potential results.
Persistent link: https://www.econbiz.de/10008490475
Gossen´s theory of time allocation is compared to Gary Becker´s theory. It is shown in how far Gossen can be regarded …
Persistent link: https://www.econbiz.de/10005835693
We provide the reader with a qualitative summary of the main ideas from econophysics and finance theory, starting with …
Persistent link: https://www.econbiz.de/10005835847
The principle of uncertain future: the probability of a future event contains an (hidden) uncertainty. The first consequence of the principle: the real values of high probabilities are lower than the preliminarily determined ones; conversely, the real values of low probabilities can be higher...
Persistent link: https://www.econbiz.de/10005835901
This study attempts to estimate the ‘utility cost’ of temporary employment contracts purged of the psychological …
Persistent link: https://www.econbiz.de/10005835973
A new approach is presented. It is based on a generalization of a breach of a term of contract and on the economic uncertainty principle. Problems, which can be solved, research fields, which can be augmented or created, and fields of applications in practical economy are reviewed. The role of...
Persistent link: https://www.econbiz.de/10005836335
further and use a standard strategy from trading theory to pinpoint why thermodynamic analogies necessarily fail to describe …
Persistent link: https://www.econbiz.de/10005836640
General Equilibrium Theory in econometrics is based on the vague notion of utility. Prices, dynamics, and market … equilibria are supposed to be derived from utility. Utility is sometimes treated like a potential, other times like a Lagrangian … gradient of utility in equilibrium, but I observe instead that price as the gradient of utility is an integrability condition …
Persistent link: https://www.econbiz.de/10005837138
Since value and utility are the highest profile abstractions that underlie an epoch’s intellectual climate and ethical …-essentialization of value and substantialization of utility. But now the two concepts face a thorough transvaluation as the world …. Such extrapolations form the context in which the fourth historical phase of value and utility is hypothesized, leading to …
Persistent link: https://www.econbiz.de/10011258850
This short paper is devoted to two items: 1) An analysis of Prelec’s weighting function at the probability p = 1 is highlighted (this analysis was performed by R. Duncan Luce in two articles with Ragnar Steingrimsson and János Aczél and here is referred to as the “Luce problem”). 2) The...
Persistent link: https://www.econbiz.de/10011259321