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On the Accuracy of Economic Observations, Second edition


Princeton, New Jersey: Princeton University Press 1963. First Edition. xiv, 322 pages. 8vo. Publisher's brown cloth with brown and green printed dust jacket. The first printing of the second edition. INSCRIBED by Morgenstern on the front flyleaf: "To Louis Fischer who also wants to get to the bottom of 'facts', sincerely, Oskar Morgenstern Dec 1963" A bright clean copy with a but of shelf wear to the dust jacket. Fine / Near Fine. Cloth. [24263]


Oskar Morgenstern is best known for his work with mathematician John von Neumann. They together founded the field of Game Theory and it's application to economics. Von Neumann–Morgenstern utility theorem is one of the results. Their major book, Theory of Games and Economic Behavior, was published by Princeton University Press in 1953.

This work, On the Accuracy of Economic Observations, was first published in 1950. In this edition, Professor Morgenstern "vividly reinforces his appeal for greater awareness of the possibilities of error and inaccuracy in published economic statistics. As he points out the difficulty of the problem in obtaining basic data as well as the dangers of using it without careful discrimination, the author does not pretend to have an easy or quick solution but, rather, he encourages greater honesty in the production and publication of statistics and sounder understanding, on the part of the users, of the actual nature of the data." (dj flaps).

Books signed by Morgenstern are scarce in the marketplace.


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