The normative decision theory in economics: a philosophy of science perspective. The case of the expected utility theory

Małecka, Magdalena

doi:10.1080/1350178x.2019.1640891

Cited by 18 publications

(9 citation statements)

References 71 publications

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“…The population was the individuals or group to whom the survey relates. Out of the 46 colleges of education in Ghana, sixteen (16) colleges of education affiliated with the University of Cape Coast was used as the study area [45]. Therefore, the total population comprises of all admission officers, quality assurance staff, and Heads of departments at the colleges of education affiliated with the University of Cape Coast.…”

Section: Populationmentioning

confidence: 99%

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Reliability and Efficiency of Computerized Systems for Admission into Colleges of Education Affiliated with the University of Cape Coast

Gyane

Essah

Senior³

et al. 2021

AJRCoS

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The automated selection system used by colleges of education affiliated to the University of Cape Coast is a multiuser computerized system which students can access and apply to universities at any place with internet access, and can be admitted, rejected, or included in a waiting list for further assessment. The study sought to investigate the extent to which the computerized selection system at educational colleges affiliated with the Cape Coast University has impacted the efficiency and credibility of the process, by evaluating the step by step stages in admission processes that are handled electronically. The study contribute to literature since there is no studies on the reliability and efficiency of Ghanaian colleges of education affiliated to the universities. The type of research design for the study was descriptive design with a quantitative research method. The total population comprises of all admission officers, quality assurance staff, and Heads of departments at the colleges of education affiliated with the University of Cape Coast. The researchers' sample size for the study was one hundred and ninety-two (192). The questionnaire survey was carried out to collect data for the study. Quantitative analysis was done with the use of Statistical Package for Social Sciences. The results show that electronic sorting and selection of applications is efficient in checking the application forms, testing duplicate files, verifying college requirements, and verifying seat availability. The study revealed that there was a positive and high relationship between the efficiency of electronic sorting and selection of admission applications and the reliability of the computerized system.

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Section: Populationmentioning

confidence: 99%

“…Normative decision theory at the most general level allows agents to have consistent preferences (or be representable as having) and to select them according to their preferences [16]. The priorities are the admission requirements and restrictions in each academic year that are fed into the system before the admission period.…”

Section: Introductionmentioning

confidence: 99%

Reliability and Efficiency of Computerized Systems for Admission into Colleges of Education Affiliated with the University of Cape Coast

Gyane

Essah

Senior³

et al. 2021

AJRCoS

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“…Daniel Hausmann and McPherson (2006) point out that the ethical principle of 'minimal benevolence' underlies these theories: a presumed value judgement stating that one should be able to make oneself better off by satisfying preferences. I refer to the values in science discussion in order to I claim that the theoretical modifications of the expected utility theory (EUT) can be better understood once we notice that decision theorists were proposing modifications of EUT by accounting for empirical evidence, as well as in the light of their commitment to the notion of rationality ('minimal notion of rationality' defined explicitly by decision theorists) (Małecka, 2020). This commitment is a form of value-ladenness that significantly impacted the development of EUT and contributed to, mistakenly and confusingly, treating EUT as a normative theory.…”

Section: Theory Formationmentioning

confidence: 99%

Values in economics: a recent revival with a twist

Małecka

2021

Journal of Economic Methodology

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This article reviews the relatively recent trend in economic methodology that consists in bringing insights from the debate in philosophy of science on values in science in order to analyse value-ladenness of economic research. The text claims that these insights from philosophy of science offer a slightly new approach to the topic of value judgments in economics that has been discussed in philosophy of economics for decades. It suggests that the perspective of philosophy of science reviewed in the article invites to rethinking analyses of feminist economists as important contributions to economic methodology.

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“…As a qualitativequantitative conversion mechanism, the utility function of each evaluation factor in the overall evaluation is to explain preferences or to illustrate the perception of the event's pros and cons. Research applications in utility theory include the formation of an economic perspective [27] and the determination of whether access to an insurance market affects investments in safety measures [28]. This study defines utility function equations and utility intervals.…”

Section: Utility Theory and Valuationmentioning

confidence: 99%

Establishing Merger Feasibility Simulation Model Based on Multiple-Criteria Decision-Making Method: Case Study of Taiwan’s Property Management Industry

Chien

2021

Sustainability

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The purpose of this study is to propose a feasible operational evaluation model for property mergers. It is expected that through the merger of enterprises, the comprehensive improvement of business management and the promotion of logistics supply resources will be effectively promoted, so that enterprises can effectively reduce operating costs and achieve maximum profits. This study uses the modified Delphi method and analytic hierarchy process method to find out the key factors of the common dilemmas in Taiwan’s property management companies, and the weight of their impact on the operation. Finally, we use the expected utility theory to develop a valuation model for whether the property is suitable for integration, and to evaluate this, the result is used as a reference indicator for merger operations. After 30 years of vigorous development in Taiwan’s property management companies, due to fierce market competition, most of the companies have reduced their profitability in the face of common dilemmas. The study found that the merger model should be accurately evaluated by the evaluation model. The sharing of logistics resources can indeed bring about the benefits of investment and marketing to the merger, and improve the profitability of the company. At the time of writing, there is no research on such a combined analysis of the property management industry in Taiwan. This research method uses multiple decision analysis theory and utility theory to develop a decision-making model that is suitable for consolidation. It can also be applied to the assessment of mergers in other fields, such as the clean service industry, real estate brokerage and other industry merger assessments. This is also the biggest contribution of this research paper.

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The normative decision theory in economics: a philosophy of science perspective. The case of the expected utility theory

Cited by 18 publications

References 71 publications

Reliability and Efficiency of Computerized Systems for Admission into Colleges of Education Affiliated with the University of Cape Coast

Reliability and Efficiency of Computerized Systems for Admission into Colleges of Education Affiliated with the University of Cape Coast

Values in economics: a recent revival with a twist

Establishing Merger Feasibility Simulation Model Based on Multiple-Criteria Decision-Making Method: Case Study of Taiwan’s Property Management Industry

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