Based on the correspondence between Paul Samuelson, Leonard Jimmie Savage, Milton Friedman and Jacob Marschak between May and September 1950, the article reconstructs the joint intellectual journey that led Samuelson to accept expected utility theory and Savage to revise his initial motivations...

I examine some neoclassical, behavioral, and heuristic models of individual decision-making, and argue that the diverse psychological mechanisms these models posit are cognitively too demanding to be implemented, consciously or unconsciously, by actual decision makers. Accordingly, these models...

I examine some behavioral and heuristic models of individual decision-making and argue that the diverse psychological mechanisms these models posit are too demanding to be implemented, either consciously or unconsciously, by actual decision makers. Accordingly, and contrary to what their...

This paper examines how some of the main exponents of the Austrian school of economics addressed the issues related to the measurability of utility. The first part is devoted to the period before World War I. During this period, Menger and Wieser treated de facto utilities as if they were...