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Ramsey was born in Cambridge where his father was President (i.e. Vice-Master) of Magdalene College . He was educated at Winchester College before returning to Cambridge to study Mathematics at Trinity College . Ramsey's intelligence was remarkable, and impressed many academics at Cambridge. He was well-read in a wide array of fields, having an interest in almost anything. In politics, he had 's '' Tractatus Logico-Philosophicus ''. This impressed him deeply, and in 1923 he travelled to Austria to discuss it with Wittgenstein, who was then working as a teacher in a small village. Ramsey was instrumental in persuading Wittgenstein that his research in philosophy was incomplete, and to take up residence at Cambridge. Back in England , in 1924 he became a fellow of King's College at the young age of 21. He produced a prodigious amount of work in the areas of the Logic , Economics and Philosophy . In 1927 he published the influential article ''Facts and Propositions'', in which he proposed the first Redundancy Theory Of Truth . One of the theorems proved by Ramsey in his 1930 paper ''On a problem of formal logic'', which sparked the growth in this field, now bears his name (see Ramsey Theory and Ramsey's Theorem ). It was an important early result in Combinatorics , supporting the idea that within some sufficiently large systems, however disordered, there must be some order. His immortal contribution to economic theory was the elegant concept of Ramsey Pricing . This is applicable in situations where a (regulated) monopolist wants to maximise Consumer Surplus whilst at the same time ensuring that its costs are adequately covered. This is achieved by setting the price such that the markup over Marginal Cost is inversely proportional to the Price Elasticity Of Demand for that good. See ''A contribution to the theory of taxation'' ''(Economic Journal March 1927)'' and ''A mathematical theory of saving''. Ramsey was a good friend of economist John Maynard Keynes whose work on Probability stimulated Ramsey to develop arguments for subjective probability ( Bayesian Probability ). His 1926 essay ''Truth and Probability'' (published posthumously in 1931) anticipated many of the developments in mathematical Decision Theory later made by John Von Neumann , Oskar Morgenstern , Leonard J. Savage , and others. As with the similar development by Bruno De Finetti the work only became well known in the 1950s. Unfortunately suffering from chronic liver problems, Ramsey contracted Jaundice after an abdominal operation and died in 1930 at the age of 26, ending a highly promising career too early. His philosophical works included ''Universals'' (1925), ''Facts and propositions'' (1927), ''Universals of law and of fact'' (1928), ''Knowledge'' (1929), ''Theories'' (1929), and ''General propositions and causality'' (1929). A few philosophers consider him to have been, or at least to have had the potential to be, an even greater philosopher than Wittgenstein . Wittgenstein mentions him in the introduction to his Philosophical Investigations as an influence (but not as great an influence as Piero Sraffa ). Frank Ramsey's younger brother, Arthur Michael Ramsey , was Archbishop Of Canterbury from 1961 to 1974 . The Decision Analysis Society awards annually the Frank P. Ramsey Medal to recognise substantial contributions to Decision Theory and its application to important classes of real decision problems. SEE ALSO FURTHER READING
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