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Theory of Value
E. Baudier,Gerard Debreu +1 more
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The article was published on 1959-01-01 and is currently open access. It has received 2885 citations till now. The article focuses on the topics: Value theory.read more
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The linguistic approach and its application to decision analysis
TL;DR: In a sharp departure from the conventional approaches to decision analysis, the linguistic approach abandons the use of numbers and relies instead on a systematic use of words to characterize the values of variables, thevalues of probabilities, the relations between variables, and the truth-values of assertions about them.
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Cardinal coordinate independence for expected utility
TL;DR: In this paper, the authors consider the existence of a subjective expected utility model to represent a preference relation of a person on the set of bets for money on a finite state space.
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GARCH Options in Incomplete Markets
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Unequal uncertainties and uncertain inequalities: an axiomatic approach
Thibault Gajdos,Eric Maurin +1 more
TL;DR: In this paper, the authors provide an axiomatic characterization of social welfare functions for uncertain incomes and show that any social welfare function that satisfies these axioms should lie strictly between the ex ante and the ex post evaluations of income distributions.
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Economic Methodology: Heterogeneity and Relevance
TL;DR: In this paper, a broad-based critique of contemporary economic methodology starting from the recognition of the deep-seated heterogeneity of the subject matter of economics is proposed, arguing that some reproaches are based on an inadequate recognition of diversity of motivations and concerns underlying different types of economic theory.