Probability and uncertainty: the legacy of Georgescu-Roegen

Fulvio Fontini

No 8, "Marco Fanno" Working Papers from Dipartimento di Scienze Economiche "Marco Fanno"

Abstract: In this paper we consider Georgescu-Roegen's approach to uncertainty, showing that his characterization of expectations cannot be reduced to any probabilistic decision making model. Drawing upon Georgescu-Roegen lesson a lexicographical utility function is proposed and analyzed in the mark of his own peculiar scientific methodology. It is demonstrated that such a formulation can be useful in solving usual failure of the expected utility model, such as the Ellsberg paradoxes. The epistemic limits of our re-construction are considered, too.

JEL-codes: B31 D84 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2005-12
New Economics Papers: this item is included in nep-hpe and nep-upt
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Related works:
Journal Article: PROBABILITY AND UNCERTAINTY: THE LEGACY OF GEORGESCU‐ROEGEN (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:pad:wpaper:0008

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