Back to Search
Start Over
Expected utility theory and experimental utility measurement, 1950–1985. From confidence to scepticism.
- Source :
-
European Journal of the History of Economic Thought . Dec2017, Vol. 24 Issue 6, p1318-1354. 37p. - Publication Year :
- 2017
-
Abstract
- The paper reconstructs the history of the experimental attempts to measure the cardinal utility of money between 1950 and 1985 within the framework provided by expected utility theory (EUT). It is shown that this history displays a definite trajectory: from the confidence in EUT and the EUT-based measurement of utility of the 1950s to the scepticism that, from the mid-1970s, haunted the validity of EUT as well as the significance of the utility measures obtained through it. By exploring the diverse aspects and causes of this trajectory, the paper covers new ground in the history of both decision theory and utility measurement. [ABSTRACT FROM PUBLISHER]
- Subjects :
- *UTILITY theory
*UTILITY functions
*MONEY
*DECISION theory
*SKEPTICISM
Subjects
Details
- Language :
- English
- ISSN :
- 09672567
- Volume :
- 24
- Issue :
- 6
- Database :
- Academic Search Index
- Journal :
- European Journal of the History of Economic Thought
- Publication Type :
- Academic Journal
- Accession number :
- 126828357
- Full Text :
- https://doi.org/10.1080/09672567.2017.1378692