Paradox, accounting values, and intelligible regulation

Alex Arthur

CRITICAL PERSPECTIVES ON ACCOUNTING, 2010, vol. 21, issue 8, 647-654

Abstract: Expected utility theory, which includes estimating the probabilities of uncertain future outcomes, is the classical model for rational economic decision making, and, by implication, rational valuation and financial reporting regulation. In Wittgensteinian terms it is a ‘hinge’ of the language game in which these practices are embedded. When rendered explicit, however, this ‘hinge’ appears to be formally incoherent. The exploration of this problem has consequences for all of our arguments over the epistemological underpinnings of accounting reports – whether realist, representational, constructivist, or otherwise.

Keywords: Paradox; Expected value; Accounting regulation; Intelligibility; Language (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:eee:crpeac:v:21:y:2010:i:8:p:647-654

DOI: 10.1016/j.cpa.2010.06.018

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