By Jean-Philippe Touffut
''If Augustin Cournot had nonetheless been alive, he can have received the Nobel Memorial Prize in Economics on not less than 3 diverse occasions'', exclaimed Nobel Laureate Robert Aumann in the course of the 2005 Cournot Centre convention. From his earliest courses, Cournot broke from culture together with his predecessors in making use of mathematical modelling to the social sphere. accordingly, he was once the 1st to verify the mathematization of social phenomena as a necessary precept. The fecundity of Cournot's works stems not just from this departure, but in addition from a richness that irrigated the social sciences of the 20th century.In this assortment, the individuals - together with Nobel laureates in economics - spotlight Cournot's profound innovativeness and persisted relevance within the components of business economics, mathematical economics, industry festival, video game conception and epistemology of likelihood and data. all the seven authors reminds us of the strength and modernity of Cournot's idea as a mathematician, historian of the sciences, thinker and, now not least, as an economist. Combining an epistemological point of view with a theoretical one, this ebook could be of significant curiosity to researchers and scholars within the fields of economics, the heritage of monetary idea, and epistemology.
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Additional info for Augustin Cournot: Modelling Economics
Inversely, we could consider as physically certain an event whose contrary is physically impossible, in other words ‘an event whose mathematical probability deviates from unity by no assignable fraction, no matter how small. 47). As a consequence, the concept of the physically impossible event plays a particularly important role in our conception of the applicability of probability calculus, for it enables us to make the transition from mathematical probability to physical reality, and therefore from the conceptual plane to the plane of reality, in so far as it relates a mathematical determination – the ratio of one positive chance to an infinity of negative chances – and a physical reality – the non-existence of the event.
With this in mind, Cournot’s analysis introduces a double distinction: the one between mathematical and philosophical probability on the one hand, and the one between the objective and subjective significances of mathematical probability on the other. 14 Mathematical probability is thus open to exact numerical measurement and calculation operations. This distinguishes mathematical probability from what are called philosophical probabilities, which characterize all the judgements that cannot be formally demonstrated, primarily those by which we attempt to account for reality with the help of explanatory hypotheses.
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Augustin Cournot: Modelling Economics by Jean-Philippe Touffut