PROBABILITY AND UNCERTAINTY: THE LEGACY OF GEORGESCU-ROEGEN

Fulvio Fontini

Metroeconomica, 2009, vol. 60, issue 2, pages 324-342

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's lesson a lexicographical utility function is proposed and analysed in the mark of his own peculiar scientific methodology. It is demonstrated that such a formulation can be useful in solving the usual failure of the expected utility model, such as the Ellsberg paradoxes. The epistemic limits of our re-construction are considered. Copyright © 2008 The Author. Journal compilation © 2008 Blackwell Publishing Ltd.

Date: 2009

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Working Paper: Probability and uncertainty: the legacy of Georgescu-Roegen (2005)
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