Probability in Economics

by Omar Hamouda, Robin Rowley

Overview

Notions of probability and uncertainty have been increasingly prominant in modern economics. This book considers the philosophical and practical difficulties inherent in integrating these concepts into realistic economic situations. It outlines and evaluates the major developments, indicating where further work is needed.
This book addresses:
* probability, utility and rationality within current economic thought and practice
* concepts of ignorance and indeterminancy
* experimental economics
* econometrics, with particular reference inference and estimation.

Product Details

ISBN-13:	9780415067126
Publisher:	Taylor & Francis
Publication date:	05/30/1996
Series:	Routledge Frontiers of Political Economy , #5
Pages:	208
Product dimensions:	5.44(w) x 8.50(h) x (d)

About the Author

Hamouda, Omar; Rowley, Robin

Table of Contents

1. Introduction 2. Varieties of Probability 3. Expected Utility 4. Rationality and Conditional Expectations 5. Ignorance, Surprise and Vagueness 6. Experiments, Dynamics, and Cognitive Illusions 7. Evidence, Support, and Beliefs 8. Economics 9. Concluding Remarks and Overview

Editorial Reviews

Focuses on troublesome aspects of probability as used by economists and argues that they too often neglect the philosophical underpinnings of their efforts to develop models with probabilistic ingredients. Draws from econometrics, economic theory, and decision analysis to discuss such topics as the varieties of probability, expected utility, rationality and conditional expectations, and cognitive illusions. Keeps the mathematics at as low a level as is possible for economics. Annotation c. Book News, Inc., Portland, OR (booknews.com)

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