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the involuntary unemployment of Keynes's General Theory. Setting the Speculative Demand for Money category, M2 (L2), equal …
Persistent link: https://www.econbiz.de/10013053238
I will argue that when Keynes states that, in general, probabilities are not susceptible to numerical estimation, he is arguing that the probabilities, in general, can’t be represented by single number answers or point estimates. But they can be represented by intervals. Keynes’s general...
Persistent link: https://www.econbiz.de/10014178069
Both Smith and Keynes have very similar conceptual approaches to what probability is, how it is used and applied and the areas of application in which it can aid a decision maker. They both accept an interval approach to probability based on inequalities and bounds versus ordinal, subjectivist...
Persistent link: https://www.econbiz.de/10014187963
that J M Keynes’s contributions to probability and decision theory were of a comparative, qualitative nature only. They … approach in applied areas like decision theory. I have chosen Kyburg, Runde ,and Levi because they are representative of how … complete the job of correctly identifying Keynes’s theory because they restricted their analysis to basically one chapter of …
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of an interval estimate. His critique of Keynes's theory is based on a poor reading of chapter 3 of the A Treatise on …
Persistent link: https://www.econbiz.de/10014194579
uncertainty in the General Theory is based on the ergodic-non ergodic distinction. It is easy to show that this is false because … footnotes in the General Theory that established the link between Uncertainty and the Weight of the argument (evidence). This … based on Subjective Expected Utility (SEU) theory, which is based on the Ramsey-De Finetti-Savage-Friedman personalist …
Persistent link: https://www.econbiz.de/10014150990
Smith, Keynes, and Knight, in that order, made seminal contributions to decision making which emphasized uncertainty and indeterminate probabilities, as opposed to mere imprecision. De Finetti’s views on uncertainty are diametrically opposed to those of Smith, Keynes, and Knight once the clear...
Persistent link: https://www.econbiz.de/10014142839
Knight’s risk/uncertainty distinction is reviewed in its original context as a contribution to the theory of profit … entrepreneurship theory. Von Mises distinguishes between class probability (i.e. risk) and case probability (i.e. uncertainty) in … reviewed, focusing on his logical theory of probability in A Treatise on Probability which he subsequently contextualised in …
Persistent link: https://www.econbiz.de/10014030458
), a Lakatosian concept, of Keynes in The General Theory of Employment, Interest and Money (TGT) with those of its …
Persistent link: https://www.econbiz.de/10013084582