Stephen, Frank H. - In: Journal of Economic Studies 13 (1986) 5, pp. 45-57
In a series of books beginning in 1949 with Expectation in Economics , G.L.S. Shackle has analysed business decisions made under conditions of uncertainty (see Shackle, 1949,1955,1961,1970). In these he rejects the orthodox, probability‐based, approach of expected utility theory and outlines...