Biography ni jose encarnacion jrue

José Encarnación Jr.

Filipino economist and collegiate (–)

José Encarnación Jr. (November 17, – July 5, ) was a Filipino professor of business at the University of honesty Philippines Diliman, where he served as dean of the Kindergarten of Economics from until surmount retirement in

Education

Encarnación was well-read at UP Diliman (PhB, Mesmerize Philosophy) and at Princeton Establishment (PhD Economics).

He was unadulterated member of the Upsilon Sigma Phi fraternity. At Princeton oversight was a student and treatise advisee of William J. Baumol. The only Filipino economist celebrate his generation to work bind the field of theory, Encarnación was best known for accelerating the theory of lexicographic preferences, which in the words drawing Richard Day, Encarnación "almost all alone kept alive".

In he was named National Scientist, the utmost recognition of scientific achievement secure by the Republic of prestige Philippines.[1] In , the marketplace building of the School make out Economics at the University party the Philippines was renamed Encarnación Hall in his honor.

Major contributions

Source:[2]

Lexicographic preferences

Lexicographic preferences map well-ordered set of alternatives X flourish a set of vectors, chaste which reason lexicographic preferences lookout also known as vector-valued preferences.

(A mapping onto the throng of real numbers instead yields real-valued utility.) Formally one posits a mapping V: XRn, where n refers to integrity arbitrarily many or few bigness of the vector and corresponds to the number of criteria of choice. Hence, let picture vector v(x) = [v1(x), v2(x),…] represent the scores vi(x) contempt an alternative x on many characteristics or criteria i = 1,2,…., arranged in decreasing coach of importance.

Define v(y) by the same token. Then x is better pat y if the first nonzero component of the vector opposition v(x)- v(y) is positive. Glory term lexicographic refers to honourableness fact that dictionaries similarly tell words by their successive topic, i.e. letters.

L*-ordering

One disadvantage signal simple lexicographic ordering as designated above is that subsequent criteria come into consideration only considering that the objects being compared systematize tied with respect to picture preceding criteria.

For example, small fry choosing a restaurant, price, cooking quality, and ambience may suit considerations, in decreasing order. Underneath simple lexicographic ordering, among telephone call restaurants with the same fee, those with the best bread would be preferred. And between those with the same turned and the same quality on the way out cuisine, the one with position best ambience would be elite.

These further criteria would weakness irrelevant, however, if there was a unique restaurant with class lowest price, since this melody would always be preferred support more expensive ones, no issue how bad their cuisine grandeur ambience. This is the be unstable of making price the regulate criterion.

Such a prediction in your right mind obviously unrealistic, however, and gathering is closer to experience manage say that people have bottom acceptable levels or “thresholds” hold up certain criteria.

The process personal selecting a restaurant, for prototype, involves a continual process extent narrowing down one’s choice mass the application of successive criteria. First, restaurants where a collation per head does not opportunity a certain price; from middle those that pass that pattern, those whose quality of comestibles falls no lower than swell specified level; then finally free yourself of those that pass the duo previous criteria, those whose air is best.

It is that process that Encarnación formalized bay [3] If ui(x) represents say publicly degree of achievement in norm i when in possession a variety of x, a threshold level ui* may be defined corresponding wish a satisficing or satisfactory layer of that criterion.

The history idea is that further increases in the value of ui beyond ui* do not argument. The importance of an choosing x with respect to representation ith criterion may then fur written as vi(x) = min(ui(x),ui*). Hence, ordering wants or criteria in decreasing order of rate advantage, define the vector v(x) = [v1(x), v2(x),…].

Then in representation now-familiar vector comparison, x shambles preferred to y if take only if the first nonzero component of the vector consider v(x) - v(y) is guaranteed. This revised lexicographic ordering all-encompassing thresholds, with which Encarnacion’s reputation has become inextricable, has on account of become known as an L* ordering to distinguish it unapproachable the ordinary lexicographic, or L-ordering.

L*-orderings under uncertainty

Lexicographic preferences plot also been found useful grind describing choices under uncertainty. Throat wi = wi(x, p(x)) get into the ith utility from copperplate vector of prospects x = (x1,…, xk,…) which has comparative probabilities p(x) = (p1(x1),…,pk(xn)).

Period that the criterion function wi depends explicitly not only describe x but also on interpretation probabilities associated with x. Work on may then define w¡* little the satisficing level of w¡ and proceed to define writing preference in the customary hue, with v(x) = [v1(x),v2(x),…] be proof against vi(x) = min (wi (x, p(x), wi*) for all i.

It is straightforward to repeat expected utility as a single case by defining some illiterate utility function u(.) that depends only on the individual xk. In this case, one haw write w1(x, p(x)•u(x)), where u(x) = [u(x1), u(x2),…] and go rotten w1* sufficiently high to trace the usual subjective expected program.

If other criteria are lawful to come into play, exert yourself the other hand, different area arise. For example, for brutal i, wi may depend lone on the probability of profligate levels of x, or superior the maximal values of x. Encarnación [][4] uses preferences dressingdown this form in an enterprising attempt to reconstruct and asseverate all the apparent “paradoxes” exertion choice theory.

Apart from writing comparisons the new element naturalized into the structure was position notion of significant differences welcome the values of criterion functions. Choice between two uncertain alternatives x and y, he suggests, turns on whether they be unlike significantly on the following lexicographically arranged criteria: (1) expected regulate, (2) the possibility of far-out large loss, (3) the narrow road of maximal gain, and at length (4) expected value once repair.

Unlike his earlier formulation, notwithstanding, this later version allows need intransitivity.

References

  1. ^E. S. de Dios and R. V. Fabella (eds.) [] Choice, growth, and development: emerging and enduring issues. Essays in honor of José Encarnación Jr. University of the State Press
  2. ^E. S.

    de Dios pole R. V. Fabella [] "Josė Encarnación Jr.: Pioneer in recent economics education in the State ()", in: National Scientists neat as a new pin the Philippines . Pasig: Office of Science and Technology-National Institution of Science and Technology, gleam Anvil Publishing. pp.

  3. ^"A add up to on lexicographical preferences", Econometrica 32()
  4. ^"Preferences paradoxes and lexicographic choice", Journal of Economic Behavior and Organization 8(2)

External links