04410nam a22005655i 4500 978-3-031-53078-4 DE-He213 20251030112304.0 cr nn 008mamaa 240608s2024 sz | s |||| 0|eng d 9783031530784 978-3-031-53078-4 10.1007/978-3-031-53078-4 doi HB139-141 KCA bicssc BUS021000 bisacsh KCA thema Hacıoğlu, Volkan. author. aut http://id.loc.gov/vocabulary/relators/aut 78443 The Economic Analysis of Random Events [electronic resource] : Economic Perspectives on Probability Theory, Statistical Inference and the Nature of Chance / by Volkan Hacıoğlu. 1st ed. 2024. Cham : Springer International Publishing : Imprint: Palgrave Macmillan, 2024. XVII, 182 p. 22 illus., 11 illus. in color. online resource. text txt rdacontent computer c rdamedia online resource cr rdacarrier text file PDF rda 1. Introduction -- 2. The True Nature of Randomness and the Element of Chance -- 3. Rethinking the Concept of (In)Opportunity Cost & Parable of Broken Window: A Reflection of Frederic Bastiat -- 4. The Economic Effect of Human Action in Relation to Artificial Intelligence -- 5. The Question of Conjecture in Economics and Probability: On the Applicability of Probability Theory to the Randomness of Economic Events -- 6. The Anatomy of Accident as a Deviation from Random Walk -- 7. Observable and Unobservable as Opposed to 'Seen and Unseen' -- 8. Conclusions. This book investigates applications of probability theory to random events from an economic standpoint and considers how economics can deal with uncertainty in today’s world. As such the nature of chance and probability will be discussed with examples taken from the theoretical literature in probability and the history of economic thought, as well as real-life events. Chapters cover the nature of randomness and the element of chance, the concepts of both hidden costs and opportunity costs, the economic effect of human action, the randomness of economic events, random walk hypotheses and observable and unobservable phenomena. It situates the discussion in John Maynard Keynes’ and Ronald Fisher’s seminal works on probability, as well as introducing key tenets of probability theory and how these can be applied to economic events. The book considers the relationship between artificial intelligence and economic events, the role of big data, and international examples from different economic systems and how these can be evaluated. It also introduces a multidisciplinary exploration of other social sciences and how they deal with uncertainty, to assess the extent to which it is possible to apply probability theory to economic events which are by nature erratic and uncertain. This book will be of interest to researchers and students in economics, statistics, and those in the social sciences interested in questions of randomness and chance. Volkan Hacıoğlu is an Associate Professor in the Faculty of Economics at Istanbul University. His research interests are in economic policy, economic theory, history of economic thought, statistical methods and economic growth. . Econometrics. 57695 Statistics . 65982 Probabilities. 65724 Philosophy. 66189 Economics History. 57572 Quantitative Economics. 70330 Statistics in Business, Management, Economics, Finance, Insurance. 69738 Probability Theory. 67428 Philosophy of Probability. 78444 History of Economic Thought and Methodology. 71917 SpringerLink (Online service) Springer Nature eBook Printed edition: 9783031530777 Printed edition: 9783031530791 Printed edition: 9783031530807 https://doi.org/10.1007/978-3-031-53078-4 ZDB-2-ECF ZDB-2-SXEF 60607 60607