By M. Marschak
The papers of Jacob Marschak which stick with in those volumes are a unprecedented mix of unique and fruitful departures in financial and social proposal, very good readability of exposition, and sensitivity to the values of past paintings or even competing traditions. They make us wonder alike at their style, their volume, and their caliber. yet they don't, nevertheless, totally mirror Marschak's contributions to the improvement of social technological know-how. He has had an strange impression as one that routines management. In a proper, organizational experience, this position has been happen in his ability as Director of the Cowles fee for study in Economics, then on the collage of Chicago, in that organization's best and influential interval, and later in his imperative position within the Western administration technological know-how Institute, on the collage of California at l. a.. i will be able to converse from first-hand wisdom in regards to the first. His specified capacities are, first, the popularity of promising new recommendations and of promising younger students, and, moment, getting his colleagues to affix him in constructing the guidelines and regarding them absolutely within the precious projects. there has been an strange blend of power and humility in his equipment; a show of strength in pushing the paintings alongside yet a willingness, virtually an insistence, on treating even the main junior affiliate as a completely equivalent colleague in highbrow improve ment, whose feedback of himself used to be to be inspired. His management has been exercised within the absence of formal positions.
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Additional info for Economic Information, Decision, and Prediction: Selected Essays: Volume I Part I Economics of Decision
It was pointed out by Tintner 7 that the utility index might be considered, not as a function of distribution parameters but as a functional of the distribution function itself. This is tantamount to the use of the domain of probabilities, A, as in Part I above. To become more than a change in notation, this suggestion will need an additional postulate (part IV). With the help of such a postulate, it will be shown in Part V that indifference sets in the A-space must be parallel hyperplanes. This will, in turn, imply the possibility of defining utility functions determined up to linear transformations.
S") = w X -t 0 S" BestS= V -1 0 -3 1 2 3 t 0 1 SIt 0 S' EX E(X-EX)2= P'(X) P"(X) 0 t t 0 1 0 0 1 0 0 Il(S') and Il(S"), are computed for the three different utility functions, u, wand v. Thus, ofthe two strategies S' and S", S" (resulting in a smaller variance of X) is chosen when the utility function is u or the linear transform v of u. But when the utility function is the nonlinear monotone transform w of u, a different strategy may be chosen - although the man maximizes his moral expectation.
Being replaced by its transform l/t(aJ. 6) dy,(a) = tB'",d",la. ,(a)=@"",v",la. Then V", consists of all products of the 'generalized distance' with arbitrary (and positive) constants, m. 5), with v", substituted for u, implies @"",v", a = v", (a). 7) 2:p. ifJ (all) 4>d~r> = 4>d", (a), 2:p. ) d~) = d",(a). 1), it would be possible to define a utility function v",(a) unique up to a proportionality factor. Thus v",(a) is even more strictly 'measurable' than the function v(a) derived with the aid of Postulate IV.
Economic Information, Decision, and Prediction: Selected Essays: Volume I Part I Economics of Decision by M. Marschak