Modern Monetary Theory (MMT) advocates fiscal control of money supply, with a view toward assuring full employment and robust growth without inducing high inflation. Successful implementation requires a strong, determined state that commands a relatively self-sufficient economy and refuses to...

It is often easier to identify agents’ preferences for action, holding probabilities fixed, than to delineate all the possible consequences of actions. Under what conditions can such preferences be formulated as if agents maximize expected utility? As Green and Osband (1991) noted,...

When people flip coins, they usually believe that heads and tails are nearly equally likely. However, most potential events invite far more uncertainty, with sharply conflicting hypotheses competing for favor and people unclear about how to rate them. Looking at a single outcome, it is...