We propose a simple model of decision making under risk inspired by the "half-full, half-empty" glass metaphor. The model is intuitive in that it is closely related to the expected value criterion and its parameters have a clear behavioral interpretation, and parsimonious in that it provides an...

A number of scholars have noted that Ellsberg’s seminal 1961QJE critique of the subjective expected utility model bears certain resemblances to ideas expressed in J. M. Keynes’s earlier 1921 A Treatise on Probability. Ellsberg did not mention Keynes’s work in his article, but did do so in...

<i> Incertezza Knightiana, fallimenti di mercato e Stato sociale</i> (di Alberto Feduzi) - ABSTRACT: This paper examines the possibility of providing a rigorous theoretical foundation to the piggy-bank function of the welfare state, by considering a recent contribution in the modern decision theory...

Various modern decision theories seek to capture the intuition behind Keynes's conception of evidential weight. Keynes was nevertheless hesitant about the practical relevance of weight in the process of rational decision making because of the 'stopping problem' of finding a rational principle to...

The purpose of this essay is to identify certain points at which the presentation in "Vanity" appears incomplete or in error, especially as regards the interpretations of Mill and Spencer. It is shown that, while the authors have stated their case well, certain mischaracterizations,...

The Elgar Dictionary of Economic Quotations is a unique compendium of quotations on subjects of interest to economists and those who are generally intrigued by the social sciences. The coverage is not merely confined to economists, but includes quotes from essayists, jurists, philosophers,...