Rational Economic Decision Making: The Relevance Among The Axioms of The Theory of Expected Utility

Abstract

Abstract

The theory of expected utility which is suggested by John Von Neumann and Oscar Morgenstern in 1944 has had great currency since it was first suggested in 1944 because of its solid and consistent axiomatic structure.  The theory explains economic behavior, decision making process, economic preference and choice using axioms. Although it still prevents its popularity; it has been seriously questioned by several behavioral and experimental research from 1950 because of  the apparent difference between reality and the theory. The huge gap between economic behavior in real life situations and the way that the theory suggests it have been revealed and economists’ view has been often citicisized for falling short of reality.

This paper provides a detailed description of all of the axioms of the theory of expected utility, reveals the relevance among them  and presents a guidance for economic and interdisciplinary research. 

Keywords

• Expected utility theory,economic decision making,axioms,rationality

Rasyonel İktisadi Karar Alma:Beklenen Fayda Teorisi Aksiyomları Arasındaki İlişki

Abstract

John Von Neumann ve Oscar Morgenstern tarafından 1944 yılında önerilen beklenen fayda teorisi  ilk defa önerildiği 1944 yılından beri sağlam ve tutarlı aksiyomatik yapısı nedeniyle büyük rağbet görmüş, geçerlilik kazanmıştır. Bu teori iktisadi davranışı, karar alma süreçlerini, iktisadi tercih ve seçimi aksiyomları kullanarak açıklamaktadır. Her ne kadar popülaritesini korusa da; realite ve teori arasındaki bariz farklılık nedeniyle 1950 yılından sonra çeşitli davranışsal ve deneysel araştırmalarla ciddi biçimde sorgulanmıştır. Gerçek hayattaki iktisadi davranış ve teorinin öngörüsü arasındaki büyük boşluk açıklanmış ve iktisatçıların görüşü sıklıkla gerçeklikten uzak olmakla eleştirilmiştir.

Bu makale beklenen fayda teorisinin aksiyomlarının tamamının detaylı tanımını sağlamakta, aralarındaki ilişkiyi ortya çıkarmakta ve iktisadi ve disiplinlerarası araştırmalar için bir kılavuz sunmaktadır.

Keywords

• Beklenen fayda teorisi,iktisadi karar alma,aksiyomlar,rasyonalite

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