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John Maynard Keynes’s Upper and Lower Valued Probabilities : A Study of How Statisticians, Philosophers, Logicians, Historians, and Economists Failed to Comprehend Keynes’s Breakthrough Application of G.Boole’s Interval Approach to Probability in the 20th Century
Brady, Michael Emmett - 2017
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
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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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The Economic Consequences of G L S Shackle's Ignorance of Keynes's Theory of Probability, Uncertainty, and Decision Making
Brady, Michael Emmett - 2017
Persistent link: https://www.econbiz.de/10012974099
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J M Keynes's Concept of Uncertainty has Nothing to do with Paul Davidson's Ergodic-Non Ergodic Distinction, which Requires that the Limiting-Relative Frequency Interpretation of Probability be the General Case
Brady, Michael Emmett - 2013
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
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J M Keynes's Non (Sub) Additive, Interval Valued Approach to Probability is the Foundation for Both Keynes's Weight of the Evidence Analysis in the A Treatise on Probability and Hi...
Brady, Michael Emmett - 2017
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
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Sraffa’s Conceptualization of Own Rates Is Based only on Probabilistic Price Expectations because Sraffa Accepted Ramsey’s Definition that Confidence Is Measured by Subjective Prob...
Brady, Michael Emmett - 2021
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
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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 Keynesian Uncertainty
Brady, Michael Emmett - 2020
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