D. Reidel Publishing Company




Edited by Bernt P. Stigum and Fred Wenstøp

The book appeared in 1983 as Volume 37 in the Publisher’s THEORY AND DECISION LIBRARY, an international series in the philosophy and methodology of the social and behavioral sciences.

A mixture of applied and theoretical papers on the foundations of utility and risk theory are presented in this volume, which, for the main part, stems from FUR-82, the First International Conference on Foundations of Utility and Risk Theory held in Oslo in June 1982. An introductory article gives an overview of various paradoxes in utility and risk theory and discusses these in light of scientific methodology. Theoretical papers included involve attempts at definitive statements of the meaning of old concepts and suggestions for the adoption of new concepts. They also deal with discussions of the status of controversial axioms in various theories of choice under uncertainty and proposals for new axiom systems. The applied papers present empirical tests for controversial axioms, suggest new uses for subjective probabilities, propose new ways of interpreting and constructing cardinal utility indices, and describe problems that decision makers in large organizations and Government face. The contributors are world leaders in the field of theory and decision and include: Maurice Allais, Ole Hagen, Kenneth J. Arrow, John C. Harsanyi, A. Camacho, and Hans W. Gottinger.

Bernt P. Stigum is a professor in the institute of economics, University of Oslo, Norway

Fred Wenstøp is an associate professor of economics in the School of Busines (BI), in Oslo