Foundations of Utility and Risk Theory with Applications

  • Bernt P. Stigum
  • Fred Wenstøp

Part of the Theory and Decision Library book series (TDLU, volume 37)

Table of contents

  1. Front Matter
    Pages i-ix
  2. Introduction

    1. Front Matter
      Pages 1-1
    2. Maurice Allais
      Pages 3-4
    3. Ole Hagen
      Pages 5-17
  3. Concepts of Probability

    1. Front Matter
      Pages 33-33
    2. Maurice Allais
      Pages 35-86
  4. Arguments Against Expected Utility

    1. Front Matter
      Pages 105-105
    2. Edward F. McClennen
      Pages 117-136
  5. Probability and Utility in Reality

    1. Front Matter
      Pages 179-179
    2. Roman Krzysztofowicz
      Pages 201-216
    3. George Wright, Peter Whalley
      Pages 233-244
  6. Choice Withoud Expected Utility

  7. Game Theory and Rational Bhavior

  8. Utility and Resource Allocation

  9. Decision Making in Organizations

    1. Front Matter
      Pages 397-397
    2. Andrew J. Mackinnon, Alexander J. Wearing
      Pages 399-422
    3. Hans W. Gottinger
      Pages 423-442
    4. Peter H. Farquhar, Peter C. Fishburn
      Pages 443-459
  10. Back Matter
    Pages 483-494

About this book


In this volume we present some o~ the papers that were delivered at FUR-82 - the First International Con~erence on Foundations o~ Utility and Risk Theory in Oslo, June 1982. The purpose o~ the con~erence was to provide a ~orum within which scientists could report on interesting applications o~ modern decision theory and exchange ideas about controversial issues in the ~oundations o~ the theory o~ choice under un­ certainty. With that purpose in mind we have selected a mixture of applied and theoretical papers that we hope will appeal to a wide spectrum o~ readers ~rom graduate students in social science departments and business schools to people involved in making hardheaded decisions in business and government. In an introductory article Ole Hagen gives an overview o~ various paradoxes in utility and risk theory and discusses these in the light o~ scientific methodology. He concludes the article by calling ~or joint efforts to provide decision makers with warkable theories. Kenneth Arrow takes up the same issue on a broad basis in his paper where he discusses the implications o~ behavior under uncertainty for policy. In the theoretical papers the reader will ~ind attempts at de~initive Statements of the meaning o~ old concepts and suggestions for the adoption o~ new concepts. For instance, Maurice Allais discusses four di~ferent interpretations o~ the axioms o~ probability and explains the need ~or an empirical characterization o~ the concept of chance.


environment evaluation game theory information nature organization organizations

Editors and affiliations

  • Bernt P. Stigum
    • 1
  • Fred Wenstøp
    • 2
  1. 1.University of OlsoNorway
  2. 2.Norwegian School of ManagementBekkestuaNorway

Bibliographic information

  • DOI
  • Copyright Information Springer Science+Business Media B.V. 1983
  • Publisher Name Springer, Dordrecht
  • eBook Packages Springer Book Archive
  • Print ISBN 978-90-481-8364-7
  • Online ISBN 978-94-017-1590-4
  • Buy this book on publisher's site
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