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that J M Keynes’s contributions to probability and decision theory were of a comparative, qualitative nature only. They … approach in applied areas like decision theory. I have chosen Kyburg, Runde ,and Levi because they are representative of how … complete the job of correctly identifying Keynes’s theory because they restricted their analysis to basically one chapter of …
Persistent link: https://www.econbiz.de/10014173593
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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uncertainty in the General Theory is based on the ergodic-non ergodic distinction. It is easy to show that this is false because … footnotes in the General Theory that established the link between Uncertainty and the Weight of the argument (evidence). This … based on Subjective Expected Utility (SEU) theory, which is based on the Ramsey-De Finetti-Savage-Friedman personalist …
Persistent link: https://www.econbiz.de/10014150990
Probability and the concept of uncertainty in the General Theory both follow directly from Keynes's analysis and application of …
Persistent link: https://www.econbiz.de/10012948978
Sraffa made a number of margin notes in chapter 17 in his copy of the General Theory .Contrary to Joan Robinson’s 1978 … claim ,that Sraffa had uncovered logical and mathematical errors in Keynes’s liquidity preference theory of the rate of … interest when he generalized his theory in chapter 17,the margin notes made by Sraffa are all erroneous .Sraffa’s margin notes …
Persistent link: https://www.econbiz.de/10013239107
probability, although Keynes's theory of probability can easily deal with ordinal probability with the aid of Keynes's principle …
Persistent link: https://www.econbiz.de/10012843351