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Your search for "von Neumann and Morgenstern" over the article keywords returned 12 results.

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1. psychological games

Traditional game-theoretic models assume that utilities depend only on actions. This is not sufficient for describing the motivations and choices of decision ...

By Martin Dufwenberg. From The New Palgrave Dictionary of Economics, Second Edition, 2008

2. risk

The phenomenon of risk plays a pervasive role in economics. Without it, financial and capital markets would consist of the exchange of a single instrument ...

By Mark J. Machina and Michael Rothschild. From The New Palgrave Dictionary of Economics, Second Edition, 2008

3. capital asset pricing model

Two general approaches to the problem of valuing assets under uncertainty may be distinguished. The first approach relies on arbitrage arguments of one ...

By M.J. Brennan. From The New Palgrave Dictionary of Economics, Second Edition, 2008

4. Nash, John Forbes (born 1928)

Nash originated general non-cooperative game theory in seminal articles in the early 1950s by formally distinguishing between non-cooperative and cooperative ...

By Joel Watson. From The New Palgrave Dictionary of Economics, Second Edition, 2008

5. Allais paradox

The ‘Allais paradox’ is that risk-averse persons’ choices between alternatives tend to vary according to the absolute amounts of potential ...

By Maurice Allais. From The New Palgrave Dictionary of Economics, Second Edition, 2008

6. finance

The neoclassical theory of finance is based on the study of (a) efficient markets, meaning markets that use all available information in setting prices, ...

By Stephen A. Ross. From The New Palgrave Dictionary of Economics, Second Edition, 2008

7. incentive compatibility

Incentive compatibility – a characteristic of mechanisms whereby each agent knows that his best strategy is to follow the rules, no matter what the other ...

By John O. Ledyard. From The New Palgrave Dictionary of Economics, Second Edition, 2008

8. interpersonal utility comparisons (new developments)

Recent developments on interpersonal utility comparisons rely on various interpretations of ‘utility’ indicators and combine in various degrees the ‘subjective’ ...

By Claude d'Aspremont. From The New Palgrave Dictionary of Economics, Second Edition, 2008

9. game theory in economics, origins of

Game theory entered economics with the publication in 1944 of the Theory of Games and Economic Behavior by John von Neumann and Oskar Morgenstern. The ...

By Robert Leonard. From The New Palgrave Dictionary of Economics, Second Edition, 2008

10. utilitarianism and economic theory

Utilitarianism is a family of moral and political philosophies according to which general utility or social welfare is ultimately the sole ethical value ...

By Jonathan Riley. From The New Palgrave Dictionary of Economics, Second Edition, 2008