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020 _a9783031530784
_9978-3-031-53078-4
024 7 _a10.1007/978-3-031-53078-4
_2doi
050 4 _aHB139-141
072 7 _aKCA
_2bicssc
072 7 _aBUS021000
_2bisacsh
072 7 _aKCA
_2thema
100 1 _aHacıoğlu, Volkan.
_eauthor.
_4aut
_4http://id.loc.gov/vocabulary/relators/aut
_978443
245 1 4 _aThe Economic Analysis of Random Events
_h[electronic resource] :
_bEconomic Perspectives on Probability Theory, Statistical Inference and the Nature of Chance /
_cby Volkan Hacıoğlu.
250 _a1st ed. 2024.
264 1 _aCham :
_bSpringer International Publishing :
_bImprint: Palgrave Macmillan,
_c2024.
300 _aXVII, 182 p. 22 illus., 11 illus. in color.
_bonline resource.
336 _atext
_btxt
_2rdacontent
337 _acomputer
_bc
_2rdamedia
338 _aonline resource
_bcr
_2rdacarrier
347 _atext file
_bPDF
_2rda
505 0 _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.
520 _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. .
650 0 _aEconometrics.
_957695
650 0 _aStatistics .
_965982
650 0 _aProbabilities.
_965724
650 0 _aPhilosophy.
_966189
650 0 _aEconomics
_xHistory.
_957572
650 1 4 _aQuantitative Economics.
_970330
650 2 4 _aStatistics in Business, Management, Economics, Finance, Insurance.
_969738
650 2 4 _aProbability Theory.
_967428
650 2 4 _aPhilosophy of Probability.
_978444
650 2 4 _aHistory of Economic Thought and Methodology.
_971917
710 2 _aSpringerLink (Online service)
773 0 _tSpringer Nature eBook
776 0 8 _iPrinted edition:
_z9783031530777
776 0 8 _iPrinted edition:
_z9783031530791
776 0 8 _iPrinted edition:
_z9783031530807
856 4 0 _uhttps://doi.org/10.1007/978-3-031-53078-4
912 _aZDB-2-ECF
912 _aZDB-2-SXEF
999 _c60607
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