Showing papers by "Kenneth J. Arrow published in 1988"
Book•
01 Dec 1988
36 citations
01 Jan 1988
TL;DR: The Eighth World Congress of the International Economic Association (WEA) as discussed by the authors has been held in London since 1987. And it has attracted a large number of delegates from countries containing the bulk of the world's population and with widely varying modes of economic organisation and income levels.
Abstract: I welcome the delegates of the Eighth World Congress of the International Economic Association. We come from countries containing the bulk of the world’s population and represent economies with widely varying modes of economic organisation and income levels. The International Economic Association was founded thirty-three years ago as a federation of national economic associations from as wide a variety of nations as possible. Among us today are two of the early leaders of the Association, Sir Austin Robinson and Academician Tigran Khachaturov. Throughout its history the Association has continued to maintain and strengthen the ties of intellectual interaction among economists, regardless of changes in the political climate. We have contributed, I am proud to say, to the common elements of mankind in seeking better understanding and contributing to the universal aspiration for a better material life. We have had, and will have, many and strong differences of opinion. It is only by frank expression that we understand and learn from each other. The serious and unpolemical nature of the papers at this Congress shows the underlying universality of respect for evidence and logical argument.
4 citations
TL;DR: The analysis of economic behaviour under uncertainty has existed ever since Daniel Bernoulli's famous paper (1738) as mentioned in this paper, where he applied his expected utility theory to explain the de mand for marine insurance.
Abstract: A basis for the analysis of economic behaviour under uncertainty has existed ever since Daniel Bernoulli’s famous paper (1738) Indeed, Bernoulli applied his expected-utility theory to explaining the de mand for marine insurance—the problem, of course, being to explain positive demand for a risk with negative expected value Bernoulli saw clearly that both the Gedanken evidence of the St Petersburg paradox and the real-world purchase of insurance were simply state ments that the certainty-equivalent of a risk was not its expected value; his clear analysis led him to the synthesis of an alternative theory of behaviour
1 citations