In the literature on his philosophical ideas the correspondence Keynes had with Hugh Townshend over the just-published General Theory has attracted significant attention. Excerpts from the exchange have been used as a relevant piece of evidence by scholars who claim that Keynes came to reject...

This paper analyses the impact of adverse economic shocks on human capital formation in the case of India. It uses the extended theoretical model of Basu and Van (1998). The study has been carried out for the period between 1999 and 2002 and covers 385 districts. The results show that during a...

Bayesian rationality is the paradigm of rational behavior in neoclassical economics. A rational agent in an economic model is one who maximizes her subjective expected utility and consistently revises her beliefs according to Bayes’s rule. The paper raises the question of how, when and why...

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...

In the history of economic thought, Shackle was one of the representative critics about probability based economic theory. Specifically, he constructed his own concept of subjective uncertainty called potential surprise to replace probability. In 1980s, the potential surprise is axiomatized by...

This paper conducts a systematic comparison of behavioral economics's challenges to the standard accounts of economic behaviors within three dimensions: under risk, over time and regarding other people. A new perspective on two underlying methodological issues, i.e., interdisciplinarity and the...

After the publication of Keynes' "General Theory," economics was frequently described as schizophrenia: (neo-) classical at the micro-level, but Keynesian at the macro-level. In actuality, Keynes' revolution was, to a substantial part, based on the behavioral micro-foundations of the world we...

Keynes' General Theory (GT) ist in zweierlei Hinsicht umfassender als das (neo-) klassische Modell: (1) sie schließt das Vollbeschäftigungsgleichgewicht als Sonderfall ein und (2) sie basiert auf realistischem mikroökonomischem Verhalten, dessen sozial isolierter, den Eigennutz maximierender...

The existence of ambiguity presents a challenge to decision-makers as it eliminates the ability to apply standard optimization approaches, such as those based on calculating the objective expected values of alternative actions. In reality, ambiguity arises in most strategically important...

Following a long-standing philosophical tradition, impartiality is a distinctive and determining feature of moral judgments, especially in matters of distributive justice. This broad ethical tradition was revived in welfare economics by Vickrey, and above all, Harsanyi, under the form of the...