Ethics and economics in Karl Menger

Giandomenica Becchio

A chapter in Unexplored Dimensions: Karl Mengeron Economics and Philosophy (1923–1938), 2009, pp 21-35 from Emerald Group Publishing Limited

Abstract: Menger disagreed with this view for various reasons. Also, the subjective expectation is infinite. There are many cases where man's behaviour fails to conform to mathematical expectations: games in which a player can win only one very large amount with a very small probability or games offering a single moderate amount with a very high probability. Furthermore, we can always find a sequence of payoffsx1,x2,x3,…, which yield infinite expected value, and then propose, say, thatu(xn)=2n, so that expected utility is also infinite. Menger therefore proposed that utility must also be bounded above for paradoxes of this type to be resolved.

Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:eme:aaeczz:s1529-2134(2009)0000012004

DOI: 10.1108/S1529-2134(2009)0000012004

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