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Indeterminate Probabilities and Smithian and Keynesian Uncertainty
Brady, Michael Emmett - 2014
Smith, Keynes, and Knight, in that order, made seminal contributions to decision making which emphasized uncertainty and indeterminate probabilities, as opposed to mere imprecision. De Finetti’s views on uncertainty are diametrically opposed to those of Smith, Keynes, and Knight once the clear...
Persistent link: https://www.econbiz.de/10014142839
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Keynes’s Canonical Statements on Uncertainty Appear in his 1921 a Treatise on Probability in Chapter 26 on Pages 309-312 : Statements about Uncertainty in the General Theory in 193...
Brady, Michael Emmett - 2019
Probability, the General Theory,and the 1937 Quarterly Journal of Economics, reveal that Keynes’s discussions about uncertainty in … the General Theory, and the 1937 Quarterly Journal of Economics article are simply small ,minor footnotes to the A … mention or make any reference to the 1937 Quarterly Journal of Economics article, which Joan Robinson, G L S Shackle, Paul …
Persistent link: https://www.econbiz.de/10014104170
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De Finetti-Savage's and Keynes-Knight's approaches to probability and uncertainty : a rejoinder to Feduzi, Runde and Zappia
Arthmar, Rogério; Brady, Michael Emmett - In: History of economic ideas : HEI 25 (2017) 1, pp. 225-233
Persistent link: https://www.econbiz.de/10012127532
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Adam Smith's theory of probability and the roles of risk and uncertainty in economic decision making
Brady, Michael Emmett - In: International journal of applied economics and … 23 (2015) 1, pp. 17-34
Persistent link: https://www.econbiz.de/10010510805
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A comparison, contrast of Adam Smith, J. M. Keynes and Jeremy Bentham on probability, risk, uncertainty, optimism-pessimism and decision making with applications concerning banking...
Brady, Michael Emmett - In: International journal of applied economics and … 19 (2011) 4, pp. 86-111
Persistent link: https://www.econbiz.de/10009530476
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How Should the Post Keynesian School Define ‘Uncertainty’? 1 The Only Correct Answer Is to Use Keynes’s Own Definition Given in Footnote 1 on Page 148 of Chapter 12 of the General...
Brady, Michael Emmett - 2019
The Post Keynesian, Institutionalist and Heterodox schools of economics have failed for 83 years to discern the … of logical probability or of the February,1937 Quarterly Journal of Economics reply article in which Post Keynesians …
Persistent link: https://www.econbiz.de/10012864576
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Keynesian Uncertainty Can Only Be Represented by Imprecise, Non Additive, Interval Valued Probability or Decision Weights Like Keynes’s C : Ordinal Probability Can’t Represent Keyn...
Brady, Michael Emmett - 2020
J M Keynes's two logical relations of rational degree of probability, α, 0≤α≤1 and Evidential Weight of the Argument, w, 0≤w≤1, where w measures the degree of completeness of the evidence, can't be represented or associated with ordinal probability, although Keynes's theory of...
Persistent link: https://www.econbiz.de/10012843351