Ramsey, De Finetti and Savage: Decisions Under Uncertainty

Carlo Zappia ()
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Carlo Zappia: University of Siena

Chapter Chapter 5 in Uncertainty in Economics, 2025, pp 77-107 from Springer

Abstract: Abstract This chapter provides a comprehensive account of the subjectivist approach to probability that emerged as the dominant paradigm in economics in the second half of the twentieth century. After an analysis of the contributions of Frank Ramsey and Bruno de Finetti, the chapter focuses on the reasoning scheme employed by Leonard Savage to incorporate decisions under uncertainty into a probabilistic framework that essentially coincides with that used for risk.

Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spshcp:978-3-031-91221-4_5

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DOI: 10.1007/978-3-031-91221-4_5

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