Probability and uncertainty: the legacy of Georgescu-Roegen

In this paper we consider Georgescu-Roegen's approach to uncertainty, showing that his characterization of expectations cannot be reduced to any probabilistic decision-making model. Drawing upon Georgescu-Roegen's lesson a lexicographical utility function is proposed and analysed in the mark of his own peculiar scientific methodology. It is demonstrated that such a formulation can be useful in solving the usual failure of the expected utility model, such as the Ellsberg paradoxes. The epistemic limits of our re-construction are considered.