Note on von Neumann-Morgenstern's Strong Independence Axiom

Econometrica ◽  
1952 ◽  
Vol 20 (4) ◽  
pp. 679 ◽  
Author(s):  
E. Malinvaud
Keyword(s):  
Independence Axiom ◽  
Von Neumann

scholarly journals Weak* Axiom of Independence and the Non-Expected Utility Theory

2012 ◽  
Vol 4 (1) ◽  
pp. 67-75
Author(s):  
Tapan Biswas
Keyword(s):  
Expected Utility ◽  
Utility Theory ◽  
Expected Utility Theory ◽  
Point Of View ◽  
Independence Axiom ◽  
Weak Version ◽  
Von Neumann ◽  
The Mean ◽  
Mean Variance ◽  
Weak Axiom

The axiomatic foundation of the expected utility theory (which states that given a set of uncertain prospects individuals pick up the prospect which yields the highest expected utility) was first laid down by Von Neumann and Morgenstern (1947). This axiom has come under severe criticisms in recent years. A large number of experiments have shown that in making decisions involving uncertain prospects people frequently violate the independence axiom. In this paper we shall consider the problem of choice under uncertainty from a wider point of view and we shall examine the nature of the restriction imposed by the axiom of independence. We shall use the mean-variance utility function to prove our point. Then we shall consider a weak version of the independence axiom namely the weak* axiom of independence. This is the point of departure from the expected utility theory to the realm of the non-expected utility theory. The weak* axiom allows aversion to pure uncertainty and, in the context of the mean-variance utility theory, it is compatible with utility being an increasing function of expected returns at all levels.

Lectures on von Neumann Algebras

2019 ◽  
Author(s):  
Serban-Valentin Stratila ◽  
Laszlo Zsido
Keyword(s):  
Von Neumann Algebras ◽  
Von Neumann

John von Neumann

2004 ◽  
Vol 174 (12) ◽  
pp. 1371 ◽  
Author(s):  
Mikhail I. Monastyrskii
Keyword(s):  
John Von Neumann ◽  
Von Neumann

Information mechanics

2017 ◽  
Author(s):  
Sandip Tiwari
Keyword(s):  
Information Flow ◽  
Irreversible Processes ◽  
State Machines ◽  
Science And Engineering ◽  
Von Neumann ◽  
Principle Of Maximum Entropy ◽  
Information Manipulation ◽  
Classical Quantum ◽  
Physical Laws ◽  
Principle Of Maximum

Information is physical, so its manipulation through devices is subject to its own mechanics: the science and engineering of behavioral description, which is intermingled with classical, quantum and statistical mechanics principles. This chapter is a unification of these principles and physical laws with their implications for nanoscale. Ideas of state machines, Church-Turing thesis and its embodiment in various state machines, probabilities, Bayesian principles and entropy in its various forms (Shannon, Boltzmann, von Neumann, algorithmic) with an eye on the principle of maximum entropy as an information manipulation tool. Notions of conservation and non-conservation are applied to example circuit forms folding in adiabatic, isothermal, reversible and irreversible processes. This brings out implications of fluctuation and transitions, the interplay of errors and stability and the energy cost of determinism. It concludes discussing networks as tools to understand information flow and decision making and with an introduction to entanglement in quantum computing.

Unbounded Linear Operators

2018 ◽  
Author(s):  
D. E. Edmunds ◽  
W. D. Evans
Keyword(s):  
Hilbert Spaces ◽  
Linear Operators ◽  
Von Neumann ◽  
Limit Circle ◽  
Sectorial Operators ◽  
Closed Operators ◽  
The Stability ◽  
Symmetric Operators ◽  
Unbounded Linear Operators ◽  
Special Case

This chapter is concerned with closable and closed operators in Hilbert spaces, especially with the special classes of symmetric, J-symmetric, accretive and sectorial operators. The Stone–von Neumann theory of extensions of symmetric operators is treated as a special case of results for compatible adjoint pairs of closed operators. Also discussed in detail is the stability of closedness and self-adjointness under perturbations. The abstract results are applied to operators defined by second-order differential expressions, and Sims’ generalization of the Weyl limit-point, limit-circle characterization for symmetric expressions to J-symmetric expressions is proved.

Hamilton-Jacobi Theory

2018 ◽  
Author(s):  
Peter Mann
Keyword(s):  
Phase Space ◽  
Bbgky Hierarchy ◽  
Distribution Functions ◽  
Symplectic Integrators ◽  
Partition Functions ◽  
Von Neumann ◽  
Equipartition Theorem ◽  
Recurrence Theorem ◽  
Phase Amplitude ◽  
Canonical Ensembles

This chapter focuses on Liouville’s theorem and classical statistical mechanics, deriving the classical propagator. The terms ‘phase space volume element’ and ‘Liouville operator’ are defined and an n-particle phase space probability density function is constructed to derive the Liouville equation. This is deconstructed into the BBGKY hierarchy, and radial distribution functions are used to develop n-body correlation functions. Koopman–von Neumann theory is investigated as a classical wavefunction approach. The chapter develops an operatorial mechanics based on classical Hilbert space, and discusses the de Broglie–Bohm formulation of quantum mechanics. Partition functions, ensemble averages and the virial theorem of Clausius are defined and Poincaré’s recurrence theorem, the Gibbs H-theorem and the Gibbs paradox are discussed. The chapter also discusses commuting observables, phase–amplitude decoupling, microcanonical ensembles, canonical ensembles, grand canonical ensembles, the Boltzmann factor, Mayer–Montroll cluster expansion and the equipartition theorem and investigates symplectic integrators, focusing on molecular dynamics.

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