Robert Sugden (economist)
Encyclopedia
Robert Sugden is an English author in the area of cognitive and behavioural economics. Professor Sugden’s research combines game theory
(mainly experimental game theory and coordination games) with moral and political philosophy
. He is associated with the classical-liberal tradition of Hume
, Mill
, and Hayek.
He argues that economic models are not abstractions from, or simplifications of, the real world, but rather descriptions of imaginary worlds whose validity can only be inferred by how reasonable their predictions are.
Robert Sugden explores a number of violations of the von Neumann and Morgenstern
's expected utility
axioms, and develops regret theory
with Graham Loomes. He develops a number of experimental methods to test theories of decision under risk.
Game theory
Game theory is a mathematical method for analyzing calculated circumstances, such as in games, where a person’s success is based upon the choices of others...
(mainly experimental game theory and coordination games) with moral and political philosophy
Political philosophy
Political philosophy is the study of such topics as liberty, justice, property, rights, law, and the enforcement of a legal code by authority: what they are, why they are needed, what, if anything, makes a government legitimate, what rights and freedoms it should protect and why, what form it...
. He is associated with the classical-liberal tradition of Hume
David Hume
David Hume was a Scottish philosopher, historian, economist, and essayist, known especially for his philosophical empiricism and skepticism. He was one of the most important figures in the history of Western philosophy and the Scottish Enlightenment...
, Mill
John Stuart Mill
John Stuart Mill was a British philosopher, economist and civil servant. An influential contributor to social theory, political theory, and political economy, his conception of liberty justified the freedom of the individual in opposition to unlimited state control. He was a proponent of...
, and Hayek.
Theory
Robert Sugden shows how conventions of property, mutual aid, and voluntary supply of public goods can evolve spontaneously out of the interactions of self-interested individuals, and can become moral norms.He argues that economic models are not abstractions from, or simplifications of, the real world, but rather descriptions of imaginary worlds whose validity can only be inferred by how reasonable their predictions are.
Robert Sugden explores a number of violations of the von Neumann and Morgenstern
Oskar Morgenstern
Oskar Morgenstern was a German-born Austrian-School economist. He, along with John von Neumann, helped found the mathematical field of game theory ....
's expected utility
Expected utility hypothesis
In economics, game theory, and decision theory the expected utility hypothesis is a theory of utility in which "betting preferences" of people with regard to uncertain outcomes are represented by a function of the payouts , the probabilities of occurrence, risk aversion, and the different utility...
axioms, and develops regret theory
Regret (decision theory)
Regret is defined as the difference between the actual payoff and the payoff that would have been obtained if a different course of action had been chosen. This is also called difference regret...
with Graham Loomes. He develops a number of experimental methods to test theories of decision under risk.
Awards and fellowships
- Leverhulme Personal Research Professorship, Leverhulme TrustLeverhulme TrustThe Leverhulme Trust was established in 1925 under the will of the First Viscount Leverhulme, William Hesketh Lever, with the instruction that its resources should be used to support "scholarships for the purposes of research and education."...
, February 1998 - January 2003
Selected papers
- G Loomes and R Sugden, Regret theory: An alternative theory of rational choice under uncertainty (1982), The Economic Journal
- R Sugden, Spontaneous order (1989), The Journal of Economic Perspectives
- R Sugden, Reciprocity: the supply of public goods through voluntary contributions (1984), The Economic Journal
- R Sugden, A theory of focal points (1995), The Economic Journal
- R Sugden, Credible worlds: the status of theoretical models in economics (2000), Journal of Economic Methodology
Books
- R Sugden and AH Williams, The principles of practical cost-benefit analysis (1978)
- R Sugden, The economics of rights, co-operation, and welfare (1986)