This paper provides an overview of the work of Gigerenzer, thereby focusing on his criticisms of the Heuristics and Biases theory of Kahneman and Tversky. It is proposed that Gigerenzer's work can be both thematically and chronologically organized as: historical research on statistics =...

Adam Smith and J M Keynes were both practitioners of virtue ethics who rejected Benthamite Utilitarianism. Their axiomatic foundations consist of the following three axioms only. The first is that probabilities are nonadditive, in general. Additivity is a special case. The second is that...

The SIPTA (Society for Imprecise Probability,Theory and Application) view of Keynes's contributions to imprecise probability and application form a one-to-one, onto mapping from the claims of Henry E. Kyburg to what is accepted as being what Keynes's contribution was. Thus, if one is familiar...

B. Hill’s work on the “Confidence approach “ to decision making under uncertainty is based on the use of interval valued probability that is categorized as being imprecise, in contrast to the standard Bayesian requirement that a probability assessment must be precise. This requirement is...

Economists, working in the Heterodox schools of economics, have severely confused Keynes's interval valued probability–weight of the evidence approach to decision making from the A Treatise on Probability, that Keynes integrated into the General Theory by way of his definition of uncertainty...

Keynes made it clear to Townshend in their 1937-38 exchanges that Townshend's assessment, that Keynes ‘s theory of liquidity preference in the General Theory was based on Keynes's non numerical probabilities and weight of evidence(argument)analysis from the A Treatise on Probability, was...

Eight centuries ago, Thomas Aquinas clearly differentiated between probability and uncertainty in decision making. He viewed probability eclectically as having elements that involved propositions about events, frequency of events, and single events. He found an important role in his approach for...

The focus of this paper is on the use of staff policy recommendations in central banks. Based on the responses to a recent survey conducted by the Bank of International Settlements, the paper tries to answer two questions. (1) How (to what extent) do central bank decision-makers make use of...

Power is a core concept in the analysis and design of organisations. In this paper we consider positional power in hierarchies. One of the problems with the extant literature on positional power in hierarchies is that it is mainly restricted to the analysis of power in terms of the bare...