Production under Uncertainty and Choice Under Uncertainty in the Emergence of Generalized Expected Utility Theory

Quiggin, John (2001) Production under Uncertainty and Choice Under Uncertainty in the Emergence of Generalized Expected Utility Theory. Theory and Decision, 51: 125-144.

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Author Quiggin, John
Title Production under Uncertainty and Choice Under Uncertainty in the Emergence of Generalized Expected Utility Theory
Journal name Theory and Decision
Publication date 2001-01-01
Sub-type Article (original research)
Open Access Status File (Author Post-print)
Issue 51
Start page 125
End page 144
Subject 340200 Applied Economics
Abstract This paper presents a personal view of the interaction between the analysis of choice under uncertainty and the analysis of production under uncertainty. Interest in the foundations of the theory of choice under uncertainty were stimulated by applications of expected utility theory such as the Sandmo model of production under uncertainty. This interest led to the development of generalized models including rank-dependent expected utility theory. In turn, the development of generalized expected utility models raised the question of whether such models could be used in the analysis of applied problems such as those involving production under uncertainty. Finally, the revival of the state-contingent approach led to the recognition of a fundamental duality between choice problems and producton problems.
Keyword Uncertainty
production
generalized expected utility theory
Q-Index Code C1
Q-Index Status Provisional Code
Institutional Status Unknown

Document type: Journal Article
Sub-type: Article (original research)
Collection: School of Economics Publications
 
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Created: Thu, 05 Feb 2004, 10:00:00 EST