PROBABILITY AND UNCERTAINTY: THE LEGACY OF GEORGESCU‐ROEGEN

Fulvio Fontini

Metroeconomica, 2009, vol. 60, issue 2, 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.

Date: 2009
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https://doi.org/10.1111/j.1467-999X.2008.00337.x

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Working Paper: Probability and uncertainty: the legacy of Georgescu-Roegen (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:bla:metroe:v:60:y:2009:i:2:p:324-342

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