In this volume we present some o~ the papers that were delivered at
FUR-82 - the First International Con~erence on Foundations o~
Utility and Risk Theory in Oslo, June 1982. The purpose o~ the
con~erence was to provide a ~orum within which scientists could
report on interesting applications o~ modern decision theory and
exchange ideas about controversial issues in the ~oundations o~ the
theory o~ choice under un certainty. With that purpose in mind we
have selected a mixture of applied and theoretical papers that we
hope will appeal to a wide spectrum o~ readers ~rom graduate
students in social science departments and business schools to
people involved in making hardheaded decisions in business and
government. In an introductory article Ole Hagen gives an overview
o~ various paradoxes in utility and risk theory and discusses these
in the light o~ scientific methodology. He concludes the article by
calling ~or joint efforts to provide decision makers with warkable
theories. Kenneth Arrow takes up the same issue on a broad basis in
his paper where he discusses the implications o~ behavior under
uncertainty for policy. In the theoretical papers the reader will
~ind attempts at de~initive Statements of the meaning o~ old
concepts and suggestions for the adoption o~ new concepts. For
instance, Maurice Allais discusses four di~ferent interpretations
o~ the axioms o~ probability and explains the need ~or an empirical
characterization o~ the concept of chance.
General
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