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Production under uncertainty and choice under uncertainty in the emergence of generalized expected utility theory

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  • John Quiggin

    (University of Queensland)

Abstract

Interest in the foundations of the theory of choice under uncertainty was stimulated by applications of expected utility theory such as the Sandmo model of production under uncertainty. 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 production problems.

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  • John Quiggin, 2022. "Production under uncertainty and choice under uncertainty in the emergence of generalized expected utility theory," Theory and Decision, Springer, vol. 92(3), pages 717-729, April.
    • Handle: RePEc:kap:theord:v:92:y:2022:i:3:d:10.1007_s11238-022-09875-y
    DOI: 10.1007/s11238-022-09875-y
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    Cited by:

    1. Perry, Neil & Shankar, Sriram, 2017. "The State-contingent Approach to the Noah's Ark Problem," Ecological Economics, Elsevier, vol. 134(C), pages 65-72.

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    Production; Choice; Uncertainty;
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