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The Origins of expected utility theory

Lengwiler, Yvan. (2009) The Origins of expected utility theory. In: Vinzenz Bronzin's Option Pricing Models Exposition and Appraisal. Berlin, pp. 535-546.

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Official URL: http://edoc.unibas.ch/dok/A5253757

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Abstract

Blaise Pascal — one of the founders of probability theory — is the first scholar to have made an expected utility argument as a principle to guide decisions. I trace the development of this idea through the literature, discussing the contributions of Cramer and Bernoulli, Fechner and Stevens, Dupuit, Gossen, and Jevons, Jordan, Menger, Arrow, and Von Neumannn and Morgenstern. I find that the basic form in which we use expected utility theory today was formulated very early, but it took the research community a surprisingly long time to grasp its full potential.
Faculties and Departments:06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften > Professuren Wirtschaftswissenschaften > Finanzmärkte (Lengwiler)
UniBasel Contributors:Lengwiler, Yvan
Item Type:Book Section
Book Section Subtype:Book Chapter
Bibsysno:Link to catalogue
Publisher:Springer
ISBN:978-3-540-85710-5 (hbk.) ; 3-540-85710-9 (hbk.)
Note:Publication type according to Uni Basel Research Database: Book item
Last Modified:13 Apr 2018 06:17
Deposited On:22 Mar 2012 14:13

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