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Author: Johan E. Gustafsson Publisher: Cambridge University Press ISBN: 110860496X Category : Science Languages : en Pages : 116
Book Description
Suppose that you prefer A to B, B to C, and C to A. Your preferences violate Expected Utility Theory by being cyclic. Money-pump arguments offer a way to show that such violations are irrational. Suppose that you start with A. Then you should be willing to trade A for C and then C for B. But then, once you have B, you are offered a trade back to A for a small cost. Since you prefer A to B, you pay the small sum to trade from B to A. But now you have been turned into a money pump. You are back to the alternative you started with but with less money. This Element shows how each of the axioms of Expected Utility Theory can be defended by money-pump arguments of this kind. This title is also available as Open Access on Cambridge Core.
Author: Johan E. Gustafsson Publisher: Cambridge University Press ISBN: 110860496X Category : Science Languages : en Pages : 116
Book Description
Suppose that you prefer A to B, B to C, and C to A. Your preferences violate Expected Utility Theory by being cyclic. Money-pump arguments offer a way to show that such violations are irrational. Suppose that you start with A. Then you should be willing to trade A for C and then C for B. But then, once you have B, you are offered a trade back to A for a small cost. Since you prefer A to B, you pay the small sum to trade from B to A. But now you have been turned into a money pump. You are back to the alternative you started with but with less money. This Element shows how each of the axioms of Expected Utility Theory can be defended by money-pump arguments of this kind. This title is also available as Open Access on Cambridge Core.
Author: Sven Ove Hansson Publisher: Springer ISBN: 3319774344 Category : Philosophy Languages : en Pages : 727
Book Description
This Undergraduate Textbook introduces key methods and examines the major areas of philosophy in which formal methods play pivotal roles. Coverage begins with a thorough introduction to formalization and to the advantages and pitfalls of formal methods in philosophy. The ensuing chapters show how to use formal methods in a wide range of areas. Throughout, the contributors clarify the relationships and interdependencies between formal and informal notions and constructions. Their main focus is to show how formal treatments of philosophical problems may help us understand them better. Formal methods can be used to solve problems but also to express new philosophical problems that would never have seen the light of day without the expressive power of the formal apparatus. Formal philosophy merges work in different areas of philosophy as well as logic, mathematics, computer science, linguistics, physics, psychology, biology, economics, political theory, and sociology. This title offers an accessible introduction to this new interdisciplinary research area to a wide academic audience.
Author: L. Randall Wray Publisher: Springer ISBN: 1137539925 Category : Business & Economics Languages : en Pages : 322
Book Description
This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.
Author: Edward F. McClennen Publisher: Cambridge University Press ISBN: 9780521360470 Category : Education Languages : en Pages : 42
Book Description
In this major contribution to the theory of rational choice the author sets out the foundations of rational choice, and then sketches a dynamic choice framework in which principles of ordering and independence follow from a number of apparently plausible conditions. However there is potential conflict among these conditions, and when they are weakened to avoid it, the usual foundations of rational choice no longer prevail. The thrust of the argument is to suggest that the theory of rational choice is less determinate than many suppose.
Author: Christine Desan Publisher: Oxford University Press, USA ISBN: 0198709579 Category : Business & Economics Languages : en Pages : 501
Book Description
In this revisionist history of the development of the modern monetary system, Desan argues that money effectively creates economic activity rather than emerging from it. Her account demonstrates that money's design has been a project central to governance and formative to markets.
Author: Larry S. Temkin Publisher: Oxford University Press ISBN: 0190208651 Category : Philosophy Languages : en Pages : 639
Book Description
In choosing between moral alternatives -- choosing between various forms of ethical action -- we typically make calculations of the following kind: A is better than B; B is better than C; therefore A is better than C. These inferences use the principle of transitivity and are fundamental to many forms of practical and theoretical theorizing, not just in moral and ethical theory but in economics. Indeed they are so common as to be almost invisible. What Larry Temkin's book shows is that, shockingly, if we want to continue making plausible judgments, we cannot continue to make these assumptions. Temkin shows that we are committed to various moral ideals that are, surprisingly, fundamentally incompatible with the idea that "better than" can be transitive. His book develops many examples where value judgments that we accept and find attractive, are incompatible with transitivity. While this might seem to leave two options -- reject transitivity, or reject some of our normative commitments in order to keep it -- Temkin is neutral on which path to follow, only making the case that a choice is necessary, and that the cost either way will be high. Temkin's book is a very original and deeply unsettling work of skeptical philosophy that mounts an important new challenge to contemporary ethics.
Author: Frank Lad Publisher: Wiley-Interscience ISBN: Category : Mathematics Languages : en Pages : 516
Book Description
The mathematical implications of personal beliefs and values in science and commerce Amid a worldwide resurgence of interest in subjectivist statistical method, this book offers a fresh look at the role of personal judgments in statistical analysis. Frank Lad demonstrates how philosophical attention to meaning provides a sensible assessment of the prospects and procedures of empirical inferential learning. Operational Subjective Statistical Methods offers a systematic investigation of Bruno de Finetti's theory of probability and logic of uncertainty, which recognizes probability as the measure of personal uncertainty at the heart of its mathematical presentation. It identifies de Finetti's "fundamental theorem of coherent provision" as the unifying structure of probabilistic logic, and highlights the judgment of exchangeability rather than causal independence as the key probabilistic component of statistical inference. Broad in scope, yet firmly grounded in mathematical detail, this text/reference Invites readers to address the subjective personalist meaning of probability as motivating the mathematical construction Contains numerous examples and problems, including computing problems using Matlab, assuming no background in Matlab Explains how to use the material in three distinct sequential courses in math and statistics, as well as in courses at the graduate level in applied fields Provides an introductory basis for understanding more complex structures of statistical analysis Complete with fifty illustrations, Operational Subjective Statistical Methods makes an intriguing discipline accessible to professionals, students, and the interested general reader. It contains a wealth of teaching and research material, and offers profound insight into the relationship between philosophy, faith, and scientific method.
Author: Martin J. Osborne Publisher: Open Book Publishers ISBN: 180511123X Category : Business & Economics Languages : en Pages : 382
Book Description
Models in Microeconomic Theory covers basic models in current microeconomic theory. Part I (Chapters 1-7) presents models of an economic agent, discussing abstract models of preferences, choice, and decision making under uncertainty, before turning to models of the consumer, the producer, and monopoly. Part II (Chapters 8-14) introduces the concept of equilibrium, beginning, unconventionally, with the models of the jungle and an economy with indivisible goods, and continuing with models of an exchange economy, equilibrium with rational expectations, and an economy with asymmetric information. Part III (Chapters 15-16) provides an introduction to game theory, covering strategic and extensive games and the concepts of Nash equilibrium and subgame perfect equilibrium. Part IV (Chapters 17-20) gives a taste of the topics of mechanism design, matching, the axiomatic analysis of economic systems, and social choice. The book focuses on the concepts of model and equilibrium. It states models and results precisely, and provides proofs for all results. It uses only elementary mathematics (with almost no calculus), although many of the proofs involve sustained logical arguments. It includes about 150 exercises. With its formal but accessible style, this textbook is designed for undergraduate students of microeconomics at intermediate and advanced levels.
Author: Dr. Thomas Cowan Publisher: Chelsea Green Publishing ISBN: 1603586202 Category : Health & Fitness Languages : en Pages : 178
Book Description
"[This book] deserves to be in everyone’s library. . . . It’s loaded with great information, and it can save your life or the life of someone you love."—Dr. Joseph Mercola "This book is life-changing for those trying to understand their own bodies, or those of loved ones, and it’s truly transformative in the hands of medical professionals, especially young doctors."—Foreword Reviews Thomas Cowan was a 20-year-old Duke grad—bright, skeptical, and already disillusioned with industrial capitalism—when he joined the Peace Corps in the mid-1970s for a two-year tour in Swaziland. There, he encountered the work of Rudolf Steiner and Weston A. Price—two men whose ideas would fascinate and challenge him for decades to come. Both drawn to the art of healing and repelled by the way medicine was—and continues to be—practiced in the United States, Cowan returned from Swaziland, went to medical school, and established a practice in New Hampshire and, later, San Francisco. For years, as he raised his three children, suffered the setback of divorce, and struggled with a heart condition, he remained intrigued by the work of Price and Steiner and, in particular, with Steiner’s provocative claim that the heart is not a pump. Determined to practice medicine in a way that promoted healing rather than compounded ailments, Cowan dedicated himself to understanding whether Steiner’s claim could possibly be true. And if Steiner was correct, what, then, is the heart? What is its true role in the human body? In this deeply personal, rigorous, and riveting account, Dr. Cowan offers up a daring claim: Not only was Steiner correct that the heart is not a pump, but our understanding of heart disease—with its origins in the blood vessels—is completely wrong. And this gross misunderstanding, with its attendant medications and risky surgeries, is the reason heart disease remains the most common cause of death worldwide. In Human Heart, Cosmic Heart, Dr. Thomas Cowan presents a new way of understanding the body’s most central organ. He offers a new look at what it means to be human and how we can best care for ourselves—and one another.
Author: Lara Buchak Publisher: ISBN: 0199672164 Category : Business & Economics Languages : en Pages : 273
Book Description
Lara Buchak sets out a new account of rational decision-making in the face of risk. She argues that the orthodox view (expected utility theory) is too narrow, and suggests an alternative, more permissive theory: one that allows individuals to pay attention to the worst-case or best-case scenario, and vindicates the ordinary decision-maker.
Author: Johan E. Gustafsson
Author: Johan E. Gustafsson
Author: Sven Ove Hansson
Author: L. Randall Wray
Author: Edward F. McClennen
Author: Christine Desan
Author: Larry S. Temkin
Author: Frank Lad
Author: Martin J. Osborne
Author: Dr. Thomas Cowan
Author: Lara Buchak