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Mark J. Machina
Mark Joseph Machina (born October 27, 1954) is an American economist noted for work in non-standard decision theory. He is currently a distinguished professor at the University of California, San Diego. The Marschak–Machina triangle, a probability diagram used in expected utility theory, bears his name, along with that of Jacob Marschak Jacob Marschak (23 July 1898 – 27 July 1977) was an American economist. Life Born in a Jewish family of Kyiv, Jacob Marschak (until 1933 Jakob) was the son of a jeweler. During his studies he joined the social democratic Menshevik Party, .... Machina Triangle The Machina Triangle is a way of representing a three dimensional probability vector in a two dimensional space. The probability of a given outcome is denoted by a euclidean distance from the point that represents a lottery (probability). References External links Machina's homepage at the Department of Economics at the University of California* 1954 births ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of California, San Diego
The University of California, San Diego (UC San Diego or colloquially, UCSD) is a public university, public Land-grant university, land-grant research university in San Diego, California. Established in 1960 near the pre-existing Scripps Institution of Oceanography, UC San Diego is the southernmost of the ten campuses of the University of California, and offers over 200 undergraduate and graduate degree programs, enrolling 33,096 undergraduate and 9,872 graduate students. The university occupies near the coast of the Pacific Ocean, with the main campus resting on approximately . UC San Diego is ranked among the best universities in the world by major college and university rankings. UC San Diego consists of twelve undergraduate, graduate and professional schools as well as seven undergraduate residential colleges. It received over 140,000 applications for undergraduate admissions in Fall 2021, making it the second most applied-to university in the United States. UC San Diego H ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lottery (probability)
In expected utility theory, a lottery is a discrete distribution of probability on a set of ''states of nature''. The elements of a lottery correspond to the probabilities that each of the states of nature will occur, e.g. (Rain:.70, No Rain:.30). Much of the theoretical analysis of choice under uncertainty involves characterizing the available choices in terms of lotteries. In economics, individuals are assumed to rank lotteries according to a rational system of preferences, although it is now accepted that people make irrational choices systematically. Behavioral economics studies what happens in markets in which some of the agents display human complications and limitations. Choice under risk According to expected utility theory, someone chooses among lotteries by multiplying his subjective estimate of the probabilities of the possible outcomes by a utility attached to each outcome by his personal utility function. Thus, each lottery has an expected utility, a linear combi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of California, San Diego Faculty
A university () is an institution of higher (or tertiary) education and research which awards academic degrees in several academic disciplines. Universities typically offer both undergraduate and postgraduate programs. In the United States, the designation is reserved for colleges that have a graduate school. The word ''university'' is derived from the Latin ''universitas magistrorum et scholarium'', which roughly means "community of teachers and scholars". The first universities were created in Europe by Catholic Church monks. The University of Bologna (''Università di Bologna''), founded in 1088, is the first university in the sense of: *Being a high degree-awarding institute. *Having independence from the ecclesiastic schools, although conducted by both clergy and non-clergy. *Using the word ''universitas'' (which was coined at its foundation). *Issuing secular and non-secular degrees: grammar, rhetoric, logic, theology, canon law, notarial law.Hunt Janin: "The university ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Massachusetts Institute Of Technology Alumni
Massachusetts (Massachusett: ''Muhsachuweesut Massachusett_writing_systems.html" ;"title="nowiki/> məhswatʃəwiːsət.html" ;"title="Massachusett writing systems">məhswatʃəwiːsət">Massachusett writing systems">məhswatʃəwiːsət'' English: , ), officially the Commonwealth of Massachusetts, is the most populous state in the New England region of the Northeastern United States. It borders on the Atlantic Ocean and Gulf of Maine to the east, Connecticut and Rhode Island to the south, New Hampshire and Vermont to the north, and New York to the west. The state's capital and most populous city, as well as its cultural and financial center, is Boston. Massachusetts is also home to the urban core of Greater Boston, the largest metropolitan area in New England and a region profoundly influential upon American history, academia, and the research economy. Originally dependent on agriculture, fishing, and trade. Massachusetts was transformed into a manufacturing center during th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economists From California
An economist is a professional and practitioner in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within specific markets, macroeconomic analysis, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, statistics, economics computational models, financial economics, mathematical finance and mathematical economics. Professions Economists work in many fields including academia, government and in the private sector, where they may also "study data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes. They assess this information using advanced methods in statistical analysis, mathematics, computer programming ndthey ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Living People
Related categories * :Year of birth missing (living people) / :Year of birth unknown * :Date of birth missing (living people) / :Date of birth unknown * :Place of birth missing (living people) / :Place of birth unknown * :Year of death missing / :Year of death unknown * :Date of death missing / :Date of death unknown * :Place of death missing / :Place of death unknown * :Missing middle or first names See also * :Dead people * :Template:L, which generates this category or death years, and birth year and sort keys. : {{DEFAULTSORT:Living people 21st-century people People by status ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
JSTOR
JSTOR (; short for ''Journal Storage'') is a digital library founded in 1995 in New York City. Originally containing digitized back issues of academic journals, it now encompasses books and other primary sources as well as current issues of journals in the humanities and social sciences. It provides full-text searches of almost 2,000 journals. , more than 8,000 institutions in more than 160 countries had access to JSTOR. Most access is by subscription but some of the site is public domain, and open access content is available free of charge. JSTOR's revenue was $86 million in 2015. History William G. Bowen, president of Princeton University from 1972 to 1988, founded JSTOR in 1994. JSTOR was originally conceived as a solution to one of the problems faced by libraries, especially research and university libraries, due to the increasing number of academic journals in existence. Most libraries found it prohibitively expensive in terms of cost and space to maintain a comprehen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jacob Marschak
Jacob Marschak (23 July 1898 – 27 July 1977) was an American economist. Life Born in a Jewish family of Kyiv, Jacob Marschak (until 1933 Jakob) was the son of a jeweler. During his studies he joined the social democratic Menshevik Party, becoming a member of the Menshevik International Caucus. In 1918 he was the labor minister in the Terek Soviet Republic. In 1919 he emigrated to Germany, where he studied at the University of Berlin and the University of Heidelberg. From 1922 to 1926 he was a journalist, and in 1928 he joined the new Kiel '' Institut für Weltwirtschaft''. With the gathering Nazi storm, he emigrated to England, where he went to Oxford to teach at the Oxford Institute of Statistics, which was funded by the Rockefeller Foundation, allowing him to emigrate in 1939 to the United States. After teaching at the New School for Social Research, in 1943 he went to University of Chicago, where he led the Cowles Commission. He followed the commission's move to Yale ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michigan State University
Michigan State University (Michigan State, MSU) is a public university, public Land-grant university, land-grant research university in East Lansing, Michigan. It was founded in 1855 as the Agricultural College of the State of Michigan, the first of its kind in the United States. It is considered a Public Ivy, or a public institution which offers an academic experience similar to that of an Ivy League university. After the introduction of the Morrill Land-Grant Acts, Morrill Act in 1862, the state designated the college a land-grant institution in 1863, making it the first of the land-grant colleges in the United States. The college became coeducational in 1870. In 1955, the state officially made the college a university, and the current name, Michigan State University, was adopted in 1964. Today, Michigan State has the largest undergraduate enrollment among Michigan's colleges and universities and approximately 634,300 living alums worldwide. The university is a member of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Expected Utility Theory
The expected utility hypothesis is a popular concept in economics that serves as a reference guide for decisions when the payoff is uncertain. The theory recommends which option rational individuals should choose in a complex situation, based on their risk appetite and preferences. The expected utility hypothesis states an agent chooses between risky prospects by comparing expected utility values (i.e. the weighted sum of adding the respective utility values of payoffs multiplied by their probabilities). The summarised formula for expected utility is U(p)=\sum u(x_k)p_k where p_k is the probability that outcome indexed by k with payoff x_k is realized, and function ''u'' expresses the utility of each respective payoff. On a graph, the curvature of u will explain the agent's risk attitude. For example, if an agent derives 0 utils from 0 apples, 2 utils from one apple, and 3 utils from two apples, their expected utility for a 50–50 gamble between zero apples and two is 0.5''u''(0 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Probability
Probability is the branch of mathematics concerning numerical descriptions of how likely an Event (probability theory), event is to occur, or how likely it is that a proposition is true. The probability of an event is a number between 0 and 1, where, roughly speaking, 0 indicates impossibility of the event and 1 indicates certainty."Kendall's Advanced Theory of Statistics, Volume 1: Distribution Theory", Alan Stuart and Keith Ord, 6th Ed, (2009), .William Feller, ''An Introduction to Probability Theory and Its Applications'', (Vol 1), 3rd Ed, (1968), Wiley, . The higher the probability of an event, the more likely it is that the event will occur. A simple example is the tossing of a fair (unbiased) coin. Since the coin is fair, the two outcomes ("heads" and "tails") are both equally probable; the probability of "heads" equals the probability of "tails"; and since no other outcomes are possible, the probability of either "heads" or "tails" is 1/2 (which could also be written ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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