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Probability (1921), as well as its connections to the later General Theory (1936), that is correct. However … Theory, as well as the importance of Keynes's “non-numerical” (interval valued) probabilities and Keynes's concept of the … weight of the evidence as being the main foundation upon which Keynes had erected his Liquidity Preference Theory of the rate …
Persistent link: https://www.econbiz.de/10012893312
., 1922, of Keynes’s A Treatise on Probability is comprised of claims about Keynes’s logical theory of probability that, to … belief for 100 years, that Ramsey not only destroyed and demolished Keynes’s logical theory of probability, but that Keynes … subjective theory of probability himself, calls into question the claims made by academics writing on Keynes that they are …
Persistent link: https://www.econbiz.de/10013237897
January, 1922 issue of the Cambridge Magazine that supposedly demolished and destroyed Keynes’s logical theory of probability ….Ramsey had no idea about what Keynes’s logical theory of probability was. For instance, Ramsey had no idea that Keynes’s logical … Ramsey did destroy and demolish Keynes’s theory, a theory that is the backbone of Keynes’s 1936 General Theory.Apparently, it …
Persistent link: https://www.econbiz.de/10013238907
Keynes’s theory is based on propositions, imprecise, Inexact, interval valued probability (or decision weights that are non …-additive), and deals with degrees of rational belief while Ramsey’s theory is based on actual events or outcomes, is precise and … preferences are linear.L J Savage’s important restriction, ignored by most all economists ,that his subjective theory of …
Persistent link: https://www.econbiz.de/10013241913
21 of the General Theory in 1936 first presenting the model on pp.298-299 and then discussing his IS-LM model’s strengths … important if an IS-LM framework was to be a good summary of the General Theory. We then consider whether Hicks’s IS-LM framework …
Persistent link: https://www.econbiz.de/10013242376
Keynes had successfully applied his theory of logical, imprecise probability in his Indian Currency and Finance(1913 … clearly shown by Keynes to be an interval valued theory of probability of upper and lower bounds. In January, 1922,an 18 year … probability with better epistemological foundations, while his theory was about inexact, imprecise, non additive interval valued …
Persistent link: https://www.econbiz.de/10013243909
In 1990,J. Runde presented a formal, mathematical representation of Keynes’s theory of evidential weight, as presented …
Persistent link: https://www.econbiz.de/10013244590