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J M Keynes's method was explicitly introduced and used in the A Treatise on Probability in Parts II, III and V. Keynes's method is an inductive logic built on the mathematical logic and algebra of George Boole. Boole introduced non linearity and non additivity into his approach using interval...
Persistent link: https://www.econbiz.de/10012860593
Paul Davidson's technical understanding of the mathematical details of the Limiting Frequency theory of probability and Kolmogorov's measure theoretic extension from additivity to countable additivity, which allows for an extension of the concept of the Law of Large Numbers to the concept or...
Persistent link: https://www.econbiz.de/10012861031
Keynes made it clear to Townshend in their 1937-38 exchanges that Townshend's assessment, that Keynes ‘s theory of liquidity preference in the General Theory was based on Keynes's non numerical probabilities and weight of evidence(argument)analysis from the A Treatise on Probability, was...
Persistent link: https://www.econbiz.de/10012862428
The claim that Keynes's non numerical probabilities are ordinal probabilities was shown to be mathematically impossible by Keynes in chapter 15 of the A Treatise on Probability on pp.162-163 and in chapter 17 on pp.186-194.Keynes's non numerical probabilities are identical to Boole's constituent...
Persistent link: https://www.econbiz.de/10012862430
Keynes's logical, objective, relation of probability, P(a/h)=α,where α is a degree of rational belief, has nothing to do with truth or falsehood. Probability is not truth. The belief that a probability, expectation or expected values can be true (false) appears to involve the same kind of...
Persistent link: https://www.econbiz.de/10012863326