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The Foundation for Keynes’s Decision Theoretic Approach to Uncertainty in the General Theory (1936) and the 1937 Quarterly Journal of Economics Reply Article was Acknowledged by Ke...
Brady, Michael Emmett - 2019
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
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Thomas Aquinas on Decision Making Under Uncertainty, Ignorance, and Risk : The Role of Keynes's Weight of the Evidence Concept in His Approach
Brady, Michael Emmett - 2018
Eight centuries ago, Thomas Aquinas clearly differentiated between probability and uncertainty in decision making. He …
Persistent link: https://www.econbiz.de/10014115385
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Adam Smith’s Maximizing Prudent Behavior (Minimize Losses) Versus Jeremy Bentham’s Maximizing Utility (Money)
Brady, Michael Emmett - 2018
Persistent link: https://www.econbiz.de/10012930400
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Smith's Virtue of Prudence Has Nothing to Do with Bentham's Dictum About Maximizing One's Utility (Money)
Brady, Michael Emmett - 2018
Persistent link: https://www.econbiz.de/10012931359
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An Examination of the Fundamental Reasons Why Frank Ramsey Failed in His Reviews of J M Keynes's a Treatise on Probability
Brady, Michael Emmett - 2017
Frank P Ramsey did not consider the possibility of representing the concept of probability by an interval valued approach in his lifetime. Ramsey considered probability to be either ordinal or numerical. There was absolutely no room for interval estimates and interval probability in his...
Persistent link: https://www.econbiz.de/10014122608
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Keynes’s Canonical Statements on Uncertainty Appear in his 1921 a Treatise on Probability in Chapter 26 on Pages 309-312 : Statements about Uncertainty in the General Theory in 1936 and the 1937 Quarterly Journal of Economics Article are, at Best, Very Small Footnotes to Chapter 26 of the A Treatise on Probability
Brady, Michael Emmett - 2019
The Townshend–Keynes exchanges over decision making, weight of the argument (evidence), non numerical probabilities … Davidson, and Post Keynesian and heterodox economists claim marked a major change in Keynes’s approach to decision making … article is a minor footnote to pages 309-312 of chapter 26 of the A Treatise on Probability, which applies to all decision …
Persistent link: https://www.econbiz.de/10014104170
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On the Immense and Severe Confusions and Muddles About the Nature of Subjective and Objective Probability in the Theory of Rational Expectations : A Subjective Probability (Distribution) Can Never Become an Objective Probability (Distribution) or a True or a Correct Probability
Brady, Michael Emmett - 2018
, however, claim that the decision makers can know the limiting, convergent behavior in the short run of the long run series of …
Persistent link: https://www.econbiz.de/10014109858
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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 His Uncertainty Definition in the General Theory
Brady, Michael Emmett - 2017
It is a straight forward exercise to demonstrate that the concept of the weight of the evidence in the A Treatise on Probability and the concept of uncertainty in the General Theory both follow directly from Keynes's analysis and application of Boole's development of the concept of upper and...
Persistent link: https://www.econbiz.de/10012948978
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On J M Keynes's Clear Cut Discussion of Interval Valued Probability in Chapter III of the a Treatise on Probability
Brady, Michael Emmett - 2017
decision maker could act. However, this did not mean that probabilities could not be analyzed technically if numerical and …, given alternatives, that would be valuable to the decision maker. Of course, a problem would occur if the intervals were to …
Persistent link: https://www.econbiz.de/10012950375