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Book part
Publication date: 30 October 2020

Carlo Zappia

This chapter documents an exchange between Leonard Savage, founder of the subjective probability approach to decision-making, and Karl Popper, advocate of the so-called…

Abstract

This chapter documents an exchange between Leonard Savage, founder of the subjective probability approach to decision-making, and Karl Popper, advocate of the so-called propensity approach to probability, of which there is no knowledge in the literature on probability theory. Early in 1958, just after being informally tested by Daniel Ellsberg with a test of consistency in decision-making processes that originated the so-called Ellsberg Paradox, Savage was made aware that a similar argument had been put forward by Popper. Popper found it paradoxical that two apparently similar events should be attributed the same subjective probability even though evidence supporting judgment in one case was different than in the other case. On this ground, Popper rejected the subjective probability approach. Inspection of the Savage Papers archived at Yale University Library makes it possible to document Savage’s reaction to Popper, of which there is no evidence in his published writings. Savage wrote to Popper denying that his criticism had paradoxical content and a brief exchange followed. The chapter shows that while Savage was unconvinced by Popper’s argument he was not hostile to an axiomatically founded generalization of his theory.

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Research in the History of Economic Thought and Methodology: Including a Symposium on Sir James Steuart: The Political Economy of Money and Trade
Type: Book
ISBN: 978-1-83867-707-7

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Article
Publication date: 1 November 1998

Birger P. Priddat

Analysing the values theories of the nineteenth century, there is a remarkable difference between German and English theories: the idea of subjective value is a very…

Abstract

Analysing the values theories of the nineteenth century, there is a remarkable difference between German and English theories: the idea of subjective value is a very German idea, from the beginning of the nineteenth century, ignored by textbooks of the history of economic thought. The German conception of subjective value is subjective, but not individualistic, and is different from the marginalistic conception of value later on. In the German tradition ‐ Hufeland, Lotz, Rau, Hermann, Knies, Wagner, etc. ‐ the value theory deals with “meaning”. The economic actor is able to choose subjectively, but in the context of a collective meaning. We get some new insights into the very German idea of a social economy.

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International Journal of Social Economics, vol. 25 no. 10
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 1 February 1989

E.E. Berns

Menger′s Grundsätze is explored; the Aristotelianbackground of the discourse is probed, as is the problematic image ofMenger sketched in the secondary literature as soon…

Abstract

Menger′s Grundsätze is explored; the Aristotelian background of the discourse is probed, as is the problematic image of Menger sketched in the secondary literature as soon as it is confronted with this Aristotelanism and with the subjective value theory and the motif of time, error and uncertainty. The conflicting elements of this picture are pieced together.

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Journal of Economic Studies, vol. 16 no. 2
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 15 February 2008

Jon‐Arild Johannessen and Johan Olaisen

This paper seeks to use systemic thinking for the purpose of criticizing neoclassical utility theory.

Abstract

Purpose

This paper seeks to use systemic thinking for the purpose of criticizing neoclassical utility theory.

Design/methodology/approach

First, the systemic‐theoretical ontology, epistemology and methodology are presented. Then the basis for the utility theory, and later spin‐offs, the decision theory and game theory, for which among others Jon Elster is a main agent, are criticized.

Findings

The psychological hypothesis, on which the utility theory is based, is rejected as untrue.

Originality/value

The fact that a theory can be explained in simple mathematical terms may make it popular, but this will hardly make it more scientific, despite its display of numerous mathematical terms. This paper's contribution has been to provide a critique of this concept.

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Kybernetes, vol. 37 no. 2
Type: Research Article
ISSN: 0368-492X

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Article
Publication date: 1 March 1985

Tomas Riha

Nobody concerned with political economy can neglect the history of economic doctrines. Structural changes in the economy and society influence economic thinking and…

Abstract

Nobody concerned with political economy can neglect the history of economic doctrines. Structural changes in the economy and society influence economic thinking and, conversely, innovative thought structures and attitudes have almost always forced economic institutions and modes of behaviour to adjust. We learn from the history of economic doctrines how a particular theory emerged and whether, and in which environment, it could take root. We can see how a school evolves out of a common methodological perception and similar techniques of analysis, and how it has to establish itself. The interaction between unresolved problems on the one hand, and the search for better solutions or explanations on the other, leads to a change in paradigma and to the formation of new lines of reasoning. As long as the real world is subject to progress and change scientific search for explanation must out of necessity continue.

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International Journal of Social Economics, vol. 12 no. 3/4/5
Type: Research Article
ISSN: 0306-8293

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Article
Publication date: 2 June 2021

İbrahim Sani Mert, Cem Sen and Amro Alzghoul

Workplace social courage is a courageous behavior that can damage the actor's social relationships, social image and accrue face-loss costs. Sometimes, it is difficult to…

Abstract

Purpose

Workplace social courage is a courageous behavior that can damage the actor's social relationships, social image and accrue face-loss costs. Sometimes, it is difficult to differentiate courageous behavior from incivility that predicts higher levels of psychological distress. While workplace social courage is widely discussed in the management literature, less is known about the conditions under which individuals are more or less likely to exhibit courageous behaviors. Given the theoretical considerations, in the present study, the authors consider two indicators of quality of life, which are life satisfaction and happiness, and set the aim of the study as to investigate the relationships between organizational justice and two dimensions of quality of life – life satisfaction and happiness – with particular attention to the mediation function performed by courage.

Design/methodology/approach

Cross-sectional survey data (n = 408) were obtained from employees working in Turkey Fortune companies and analyzed with variance-based structural equation modeling (VB-SEM) technique.

Findings

The results showed that perceived organizational justice is a strong antecedent for workplace social courage. Workplace social courage emerges as a facilitator for subjective happiness and life satisfaction. Workplace social courage mediated the association between perceived organizational justice and subjective happiness, and between perceived organizational justice and life satisfaction. Prescriptions for theory development and practitioners are highlighted, research limitations and future directions are acknowledged.

Originality/value

So far, most of the work done in this subject is mainly in western countries, and it is considered as a virtue, feature, emotion and behavior in the studies of social scientists, and mainly focused on how employees need the courage to perform the desired behaviors that affect organizational outcomes positively such as organizational citizenship behavior, job performance, job satisfaction, life satisfaction, psychological well-being. Also, the authors studied how social courage positively relates to beneficial voice and silence, as well as negatively relates to detrimental voice and silence, how courage is correlated with psychological empowerment, coaching and how courage mediates on quality of life. As can be seen, there is little empirical work when it comes to the antecedents of courage in business life. Therefore, this study, which has been done with different variables in a different culture and country, aims to support and bring a new breath to the subject. Besides, the mediating effect of courage on the organizational variables is also among the trendiest subjects.

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Kybernetes, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0368-492X

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Histories of Economic Thought
Type: Book
ISBN: 978-0-76230-997-9

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Article
Publication date: 23 March 2012

Larry A. DiMatteo

The purpose of this paper is to better understand how commercial contracts are interpreted and the level of control that contracting parties have over the judicial…

Abstract

Purpose

The purpose of this paper is to better understand how commercial contracts are interpreted and the level of control that contracting parties have over the judicial interpretation of their contracts.

Design/methodology/approach

The paper approaches the subject of commercial contract interpretation through an analysis of four dichotomies debated in legal scholarship and found in judicial decisions. The four dichotomies are formalism versus realism, literalism versus contextualism, facilitation versus regulation, and rules versus standards.

Findings

The main finding of the paper is that both poles of each of the dichotomies play important roles in the interpretation and enforcement of commercial contracts. For example, contract interpretation characterized by a high degree of formalism looks to the four‐corners of the contract for interpretive answers. In turn, some courts make use of external factors – such as distributive justice or public policy concerns in interpreting contracts.

Research limitations/implications

One of the research implications of the paper is the need for a more in‐depth analysis of how contracting parties may agree on how their contracts are to be interpreted and whether courts should be obligated to enforce party‐mandated rules of interpretation.

Practical implications

The practical implication of understanding the means and methods of contract interpretation is that it leads to a better understanding of commercial contracts in transborder transactions.

Originality/value

The value of this research lies upon the fundamental premise that the same philosophies and theories of interpretation found in most legal systems are replicated in the area of international commercial contracting.

Details

Journal of International Trade Law and Policy, vol. 11 no. 1
Type: Research Article
ISSN: 1477-0024

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Article
Publication date: 30 December 2019

Jordan Taylor Bakhsh, Luke R. Potwarka and Ryan Snelgrove

The purpose of this paper is to explore the effects that exposure to a youth day event at an elite sport competition has on youth spectators’ motivations to participate in…

Abstract

Purpose

The purpose of this paper is to explore the effects that exposure to a youth day event at an elite sport competition has on youth spectators’ motivations to participate in the sport on display.

Design/methodology/approach

The paper was underpinned by the theory of planned behavior (TPB). Pre- and post-event questionnaires were administered to local grade seven and eight students (n=318) as part of a youth day event at the 2016 Milton International Track Cycling Challenge in Ontario, Canada. Questionnaires assessed each TPB construct one week before the youth day and immediately following the event.

Findings

The paper provides empirical insights about the shifts from pre- to post-event behavioral antecedent measures. Results suggest youth day events can be effective at driving positive shifts in participation intention and subjective norm among youth populations.

Research limitations/implications

A control group was not possible as an ethical limitation was created from the school boards which did not allow for some students/classes within the study to not experience the event. Researchers are encouraged to develop a study which allows for a youth control group and assesses the shift in behavioral antecedents at multiple time points post-event.

Practical implications

The paper includes implications for how to leverage subjective norms as a means of motivating post-event participation.

Originality/value

The paper fulfils a methodological gap to move beyond cross-sectional data and employ pre-post event research designs to measure the effect spectating an elite sport competition can have on youth’s motivation to participate in the sport on display.

Details

International Journal of Event and Festival Management, vol. 11 no. 1
Type: Research Article
ISSN: 1758-2954

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Abstract

Details

Documents on Modern History of Economic Thought: Part C
Type: Book
ISBN: 978-0-76230-998-6

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