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|Original Research (Original Article)|| |
THE UNCERTAINTY PROBLEM IN ECONOMICS
General economic theories disregard the uncertainty. Traditional approachcs related with uncertainty, depending on Law of Large Numbers, assuming constant marginal utility and unability responding to complete Logical preference ordering rules is not available for solving the problem. The reason is ordinal utility approach. While in reality measurability of utility is proved; consequently adopting cardinal utility approach in the analysis will become the solution of the uncertainty problem.
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