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By M. Marschak

The papers of Jacob Marschak which stick to in those volumes are a rare mix of unique and fruitful departures in financial and social notion, outstanding readability of exposition, and sensitivity to the values of prior paintings or even competing traditions. They make us surprise alike at their kind, their volume, and their caliber. yet they don't, in spite of this, absolutely replicate Marschak's contributions to the improvement of social technology. He has had an strange impression as one that workouts management. In a proper, organizational feel, this position has been occur in his capability as Director of the Cowles fee for study in Economics, then on the college of Chicago, in that organization's best and influential interval, and later in his crucial position within the Western administration technology Institute, on the college of California at l. a.. i will be able to communicate from first-hand wisdom concerning the first. His unique capacities are, first, the popularity of promising new techniques and of promising younger students, and, moment, getting his colleagues to hitch him in constructing the information and concerning them totally within the beneficial initiatives. there has been an strange mixture of power and humility in his tools; a reveal of strength in pushing the paintings alongside yet a willingness, nearly an insistence, on treating even the main junior affiliate as a completely equivalent colleague in highbrow enhance­ ment, whose feedback of himself used to be to be inspired. His management has been exercised within the absence of formal positions.

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Extra resources for Economic Information, Decision, and Prediction: Selected Essays: Volume I Part I Economics of Decision

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The difference between the utility actually realized and the utility that would have been realized if all circumstances were known. 19 Thus, a rational man playing the oneperson game under ignorance of future circumstances has to base his choices on comparing differences between utilities. 44. Mathematical Presentation: The Chain of Implications In their mathematical presentation, the authors of the Theory of Games do not actually make use of a behavior postulate on utility differences. 6, and we shall refer to them presently.

97-115; [6] 'The Role of Liquidity under Complete and Incomplete Information', Selected Essays, 39; [7] 'Optimal Investment of a Firm' (abstract), Econometrica 18 (April, 1950) 176-177. , London, 1920, Mathematical Appendix, Note IX. Menger, K. [1] 'Das Unsicherheitsmoment in der Wertlehre', Zeitschrift /iir Nationalokonomie 5 (1934) 459-485. Neumann, J. von and Morgenstern, O. [1] Theory of Games and Economic Behavior, Second Edition, Princeton University Press, Princeton, 1947, 641 pp. Neymann, J.

226 (hectographed), July, 1948, and a paper presented at the Madison Meeting of the Econometric Society, September, 1948, Marschak [4]. Acknowledgements are due to various present and former members of the Cowles Commission staff, especially Kenneth J. Arrow, Herman Chernoff, Nathan J. Divinsky, Oifford Hildreth, and Herman Rubin; to Leonard J. Savage, The University of Chicago and to Abraham Wald, Columbia University. 1 Uncertainty in Knight's [1] sense is presumably identical with incomplete information See also Marschak [5]; and Hart [1,2].

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