Jump to ContentJump to Main Navigation
Measuring UtilityFrom the Marginal Revolution to Behavioral Economics$
Users without a subscription are not able to see the full content.

Ivan Moscati

Print publication date: 2018

Print ISBN-13: 9780199372768

Published to Oxford Scholarship Online: December 2018

DOI: 10.1093/oso/9780199372768.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 09 December 2019

Marschak and Utility Measurement at Yale

Marschak and Utility Measurement at Yale

The Age of Confidence II, 1960–1965

Chapter:
(p.239) chapter 14 Marschak and Utility Measurement at Yale
Source:
Measuring Utility
Author(s):

Ivan Moscati

Publisher:
Oxford University Press
DOI:10.1093/oso/9780199372768.003.0015

Chapter 14 continues the history of the experimental attempts to measure utility by discussing two further experiments performed at Yale University in the early 1960s, one by Trenery Dolbear and the other by Jacob Marschak in association with Gordon Becker and Morris DeGroot. Like the experiments conducted in the 1950s, these were also based on expected utility theory (EUT) and aimed at measuring the utility of money of individuals on the basis of their preferences between gambles where small amounts of money were at stake. There are some differences in the designs of the experiments of the 1950s and those of the 1960s. Like the experimenters of the 1950s, however, Dolbear, Marschak, Becker, and DeGroot also confidently assessed their experimental findings as validating EUT: the theory was not 100 percent correct, but in an approximate sense, it appeared to be an acceptable descriptive theory of decision-making under risk.

Keywords:   measuring utility experimentally, Jacob Marschak, stochastic choice, Yale University, Trenery Dolbear, preference comparison, Gordon Becker, Morris DeGroot, confidence in EUT

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .