Showing 1 - 10 of 269
Persistent link: https://www.econbiz.de/10009530476
Persistent link: https://www.econbiz.de/10010510805
Persistent link: https://www.econbiz.de/10012974099
-data-knowledge provided in the real world of decision making did not allow a decision maker to specify precise, definite, exact, numerical … approaches to probability claim that ALL probabilities can be represented by a single numeral between 0 and 1 and the decision … economic decision makers were confronted with knowledge structures that were not sharp and clear, but cloudy and amorphous …
Persistent link: https://www.econbiz.de/10014156196
Eight centuries ago, Thomas Aquinas clearly differentiated between probability and uncertainty in decision making. He … from the A Treatise on Probability and confidence from Keynes’s General Theory, as well as Adam Smith’s views on …’s weight of the evidence concept in Keynes’s A Treatise on Probability and confidence concept from Keynes’s General Theory …
Persistent link: https://www.econbiz.de/10014115385
Expected Utility (SEU) approach can be traced back to Bentham’s original arguments about the ability of rational decision … the areas of application in which it can aid a decision maker. They both accept an interval approach to probability based … very similar views with respect to analyzing speculative bubbles, lenders versus borrowers risk assessments, the dangers of …
Persistent link: https://www.econbiz.de/10014187963
Persistent link: https://www.econbiz.de/10012930400
Persistent link: https://www.econbiz.de/10012931359
asserted that all rational decision makers would be able to actually maximize utility and returns as long as government would … axiom was that all the relevant information, data, evidence or knowledge base is complete, so that individual decision … maximize utility or profits, in general, for Smith and Keynes, except as a very special case. The only conclusion possible is …
Persistent link: https://www.econbiz.de/10012895420
The SIPTA (Society for Imprecise Probability,Theory and Application) view of Keynes's contributions to imprecise … mathematical contributions made to the theory of imprecise probability by Keynes, such as upper and lower probabilities, non … additive probabilities,sub additive probabilities, interval valued estimates, decision weights, etc, in Parts II, III, IV and V …
Persistent link: https://www.econbiz.de/10012825120