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Format: 1 online resource (195 pages)

Edition: 1st ed.

ISBN: 9783031530784

Note: Intro -- Preface -- Acknowledgments -- Contents -- List of Figures -- List of Tables -- 1 General Overview and Structural Organization -- 1.1 Introduction -- References -- 2 The Nature of Randomness and the Element of Chance -- 2.1 Introduction -- 2.2 Definitions of Randomness in Relation to the Element of Chance -- 2.3 From Personal Beliefs to Chance Situations: Facts and Artifacts of Scientific Reality -- 2.3.1 The Principal Principle and Chance Situations -- 2.3.2 The Basic Chance Principle and Humean Supervenience -- 2.4 Conclusion -- References -- 3 Rethinking the Concept of (In)Opportunity Cost and Parable of Broken Window: A Reflection on the Ideas of Frédéric Bastiat -- 3.1 Introduction -- 3.2 Parable of Broken Window as Random Economic Event -- 3.2.1 The Difference Between Random Event and Random 'Economic' Event -- 3.2.2 Broken Window Incident (De Re) as Opposed to Incidence (De Dicto): Ex-Ante and Ex-Post Analysis -- 3.2.3 The Concept of (In)Opportunity Cost and the Element of Time -- 3.3 Lessons of Destruction: Learned and Unlearned -- 3.3.1 The Three-Partite Structural Function of Chance Situations in Alternative Life-Worlds with Different Technological Endowments -- 3.3.2 The Adaptation of Learning Curve to the Theory of Creative Destruction -- 3.4 The Process of Creative Destruction and Cycles of Innovation -- 3.5 Closing Remarks -- References -- 4 The Effect of Human Action on Random Economic Events: Praxeological Learning and Its Relation to Artificial Intelligence -- 4.1 Introduction -- 4.2 The Categorical Distinctions in Probability Theory: A Comparison of Random (Economic) Events in Collective Classes and Individual Cases -- 4.3 Learning and Praxeology: Praxeological Action Learning -- 4.4 From Action Learning by Humans to Active Learning by Machines: The Relation of Praxeology to Artificial Intelligence. , 4.5 A Brief Overlook of the History of ChatGPT and Principles of Artificial General Intelligence (AGI) in Conclusion -- References -- 5 The Question of Conjecture in Economics and Probability: On the Applicability of Probability Theory to the Randomness of Economic Events -- 5.1 Introduction -- 5.2 The Anatomic Panorama of Probability, Statistics and Truth in Relation to the Concept of Randomness and the Question of Conjecture From Historical Perspective -- 5.3 The Question of Conjecture in Relation to the Concepts of Certainty, Probability, Possibility and Impossibility -- 5.4 Keynes' Logical Interpretation of Probability and His Intent to 'Rehabilitate' the Principle of Indifference Caused by Insufficient Reason -- 5.5 The Concept of 'Kollektive' and Limiting Value of Relative Frequencies Explained Within Carnapian Interpretation of Logical Probability -- 5.6 The Practical Application of Probability Theory to Random Economic Events Requires Construction of Local Collectives as Opposed to Unknown Statistical Populations -- 5.7 The Critique Concerning the Use of Probability in Economics and the Concept of Scientism in Relation to the Law of Frequency of Errors Together with Some Considerations for Closure -- References -- 6 The Anatomy of Accident as a Deviation from Random Walk -- 6.1 Introduction -- 6.2 From the Classical Origins of the Problem of Random Walk Phenomenon to the Modern Model of Donsker's Invariance Principle -- 6.3 The Practical Mapping of Random Walk: Kalman Filter Approach and Randomness Versus Stochasticity -- 6.4 The Practical Mapping of Random Walk: Bortkiewicz's the So-Called 'Law of Small Numbers' and the Data of Prussian Cavaliers Died by Warhorse Kick in Between 1875 and 1894 That Follows Poisson Distribution. , 6.5 Final Remarks from the Retrospective to the Prospective Theory of Economic Thought in Relation to the Law of Small Numbers as Opposed to the Law of Large Numbers -- Appendix 6.1: A Historical Example for the Practical Mapping of Random Walk: John Venn's First Graphical Illustration -- Appendix 6.2 -- Appendix 6.3: Critical Considerations About the "Belief in the Law of Small Numbers" Versus Scaling Law-A Theoretical Note: Comment on Tversky and Kahneman (1971) -- References -- 7 Observability and Learnability as Opposed to 'Seen and Unseen' -- 7.1 Introduction -- 7.2 The Degrees of Observability in Relation to the States of Learnability -- 7.3 Two Examples for the observations of Concrete Situations as Opposed to Abstract Cases From the Science of Astronomy -- 7.4 Immutable Rules for Observability and Learnability in Conclusion -- 7.5 A Brief Comparison of How Random Events are Treated in Economics Versus Other Fields of Science: From the Historical Background of the Past to the Present Investigations -- 7.5.1 The Treatment of Randomness from the Viewpoint of Econophysics: Historical Background -- 7.5.2 The problem of 'Marginal Utility' Measurement in a Statistical Method and the Approach of "Psychophysics" by Weber-Fechner Law Redesigned for Intertemporal Utility Analysis -- 7.5.3 The Treatment of Randomness from the Viewpoint of Econophysics: Contemporary Considerations in Relation to Scaling Laws versus Newton's Laws -- References -- Name Index -- Subject Index.

Additional Edition: Print version: Hacıoğlu, Volkan The Economic Analysis of Random Events Cham : Springer International Publishing AG,c2024 ISBN 9783031530777

Language: English