Production under Uncertainty and Choice under Uncertainty in the Emergence of Generalized Expected Utility Theory
 John Quiggin
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This paper presents a personal view of the interaction between the analysis of choice under uncertainty and the analysis of production under uncertainty. Interest in the foundations of the theory of choice under uncertainty was stimulated by applications of expected utility theory such as the Sandmo model of production under uncertainty. This interest led to the development of generalized models including rankdependent expected utility theory. In turn, the development of generalized expected utility models raised the question of whether such models could be used in the analysis of applied problems such as those involving production under uncertainty. Finally, the revival of the statecontingent approach led to the recognition of a fundamental duality between choice problems and production problems.
 Title
 Production under Uncertainty and Choice under Uncertainty in the Emergence of Generalized Expected Utility Theory
 Journal

Theory and Decision
Volume 51, Issue 24 , pp 125144
 Cover Date
 200112
 DOI
 10.1023/A:1015546825052
 Print ISSN
 00405833
 Online ISSN
 15737187
 Publisher
 Kluwer Academic Publishers
 Additional Links
 Topics
 Keywords

 Uncertainty
 Generalized Expected Utility
 Production Theory
 Choice Theory
 Industry Sectors
 Authors

 John Quiggin ^{(1)}
 Author Affiliations

 1. School of Economics, Faculty of Economics and Commerce, Australian National University, Canberra, ACT, 0200, Australia