04208nam a22005175i 4500001001800000003000900018005001700027007001500044008004100059020003700100024003500137050001400172072001600186072002300202072001500225100008900240245018700329250001800516264008500534300006600619336002600685337002600711338003600737347002400773505056700797520169801364650002503062650002503087650002603112650002303138650003103161650003503192650007803227650003103305650003803336650005603374710003403430773002603464776003603490776003603526776003603562856004603598912001403644912001503658999001703673978-3-031-53078-4DE-He21320251030112304.0cr nn 008mamaa240608s2024    sz |    s    |||| 0|eng d  a97830315307849978-3-031-53078-47 a10.1007/978-3-031-53078-42doi 4aHB139-141 7aKCA2bicssc 7aBUS0210002bisacsh 7aKCA2thema1 aHacıoğlu, Volkan.eauthor.4aut4http://id.loc.gov/vocabulary/relators/aut97844314aThe Economic Analysis of Random Eventsh[electronic resource] :bEconomic Perspectives on Probability Theory, Statistical Inference and the Nature of Chance /cby Volkan Hacıoğlu.  a1st ed. 2024. 1aCham :bSpringer International Publishing :bImprint: Palgrave Macmillan,c2024.  aXVII, 182 p. 22 illus., 11 illus. in color.bonline resource.  atextbtxt2rdacontent  acomputerbc2rdamedia  aonline resourcebcr2rdacarrier  atext filebPDF2rda0 a1. 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.  aThis 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. . 0aEconometrics.957695 0aStatistics .965982 0aProbabilities.965724 0aPhilosophy.966189 0aEconomicsxHistory.95757214aQuantitative Economics.97033024aStatistics in Business, Management, Economics, Finance, Insurance.96973824aProbability Theory.96742824aPhilosophy of Probability.97844424aHistory of Economic Thought and Methodology.9719172 aSpringerLink (Online service)0 tSpringer Nature eBook08iPrinted edition:z978303153077708iPrinted edition:z978303153079108iPrinted edition:z978303153080740uhttps://doi.org/10.1007/978-3-031-53078-4  aZDB-2-ECF  aZDB-2-SXEF  c60607d60607