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Irving Fisher, Ragnar Frisch and the Elusive Quest for Measurable Utility

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  • Robert W. Dimand

    (Department of Economics, Brock University)

Abstract

Commitment to the behaviorist approach to utility theory, to the usefulness of mathematics in economic analysis and to equalization of the marginal utility of income as a principle of just taxation brought Irving Fisher and Ragnar Frisch to attempt to measure the marginal utility of income, and led them to collaborate in forming the Econometric Society and sponsoring the establishment of the Cowles Commission, institutions advancing economic theory in connection to mathematics and statistics. To be presented at a symposium at the University of Oslo, December 3, 2019, honoring the 50th anniversary of the award to Ragnar Frisch of the Royal Bank of Sweden Prize in Economic Science in Memory of Alfred Nobel and the 30th anniversary of the award of that prize to Trygve Haavelmo.

Suggested Citation

  • Robert W. Dimand, 2019. "Irving Fisher, Ragnar Frisch and the Elusive Quest for Measurable Utility," Cowles Foundation Discussion Papers 2206, Cowles Foundation for Research in Economics, Yale University.
    • Handle: RePEc:cwl:cwldpp:2206
    as

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    File URL: https://cowles.yale.edu/sites/default/files/files/pub/d22/d2206.pdf
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    References listed on IDEAS

    as
    1. Dupont-Kieffer, Ariane, 2013. "Mesure de l’utilité marginale et indice de prix chez Ragnar Frisch Le difficile mariage de la théorie économique et des instruments statistiques," OEconomia, Editions NecPlus, vol. 2013(01), pages 23-57, March.
    2. David Colander, 2007. "Edgeworth's Hedonimeter and the Quest to Measure Utility," Middlebury College Working Paper Series 0723, Middlebury College, Department of Economics.
    3. Fisher, Irving, 1918. "Is "Utility" the Most Suitable Term for the Concept It is Used to Denote?," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 8, pages 335-337.
    4. Robert Dimand & Robert Koehn, 2002. "From edgeworth to fisher to vickrey: A comment on Michael J. Boskin's Vickrey lecture," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 30(2), pages 205-208, June.
    5. Olav Bjerkholt (ed.), 1995. "Foundations of Modern Econometrics," Books, Edward Elgar Publishing, volume 0, number 46.
    6. David Colander, 2007. "Retrospectives: Edgeworth's Hedonimeter and the Quest to Measure Utility," Journal of Economic Perspectives, American Economic Association, vol. 21(2), pages 215-226, Spring.
    7. Bjerkholt, Olav, 2017. "On The Founding Of The Econometric Society," Journal of the History of Economic Thought, Cambridge University Press, vol. 39(2), pages 175-198, June.
    8. Vilfredo Pareto, 2008. "Summary of Some Chapters of a New Treatise on Pure Economics by Professor Pareto," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 67(3), pages 453-504, December.
    9. Stephen Brown & William Goetzmann & Alok Kumar, 1998. "The Dow Theory: William Peter Hamilton's Track Record Re-Considered," Yale School of Management Working Papers ysm85, Yale School of Management, revised 01 Apr 2008.
    10. Herbert E. Scarf, 1967. "On the Computation of Equilibrium Prices," Cowles Foundation Discussion Papers 232, Cowles Foundation for Research in Economics, Yale University.
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    More about this item

    Keywords

    Irving Fisher; Ragnar Frisch; Measurable utility; Axiomatic approach to utility;
    All these keywords.

    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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