G.L.S. Shackle was one of the representative critics against probability-based economic theory, and influenced some Post-Keynesians and Austrians. During the 1980s and 1990s, his alternative framework was mathematically reconstructed by Katzner. In this paper, we will reformalize the...

Shackle was one of the representative critics of probability calculus. His alternative decision theory was mathematically reformalized by Katzner till 1990s. Following the Katzner's reformalized framework, this paper presents a new interpretation of Shacklean theory by focusing on the common...