The basic proposition of this paper is that Keynes’s analysis of uncertainty has continuing relevance as a contribution to economic theory and decision theory. Keynes’s original analysis and its subsequent development by Post Keynesians can provide the foundations for a more general theory of decision-making under uncertainty. Keynes’s analysis can be extended to encompass both orthodox risk-based theories such as subjective expected utility theory as well as recent non-risk-based research on ambiguity and the heuristics and biases approach of Tversky and Kahneman.

A Post Keynesian Theory of Decision-Making Under Uncertainty

FONTANA G;
2004-01-01

Abstract

The basic proposition of this paper is that Keynes’s analysis of uncertainty has continuing relevance as a contribution to economic theory and decision theory. Keynes’s original analysis and its subsequent development by Post Keynesians can provide the foundations for a more general theory of decision-making under uncertainty. Keynes’s analysis can be extended to encompass both orthodox risk-based theories such as subjective expected utility theory as well as recent non-risk-based research on ambiguity and the heuristics and biases approach of Tversky and Kahneman.
2004
Uncertainty, Decision-making, Post Keynesian economics
File in questo prodotto:
File Dimensione Formato  
JEP_25(5)_2004.pdf

non disponibili

Licenza: Non specificato
Dimensione 230.68 kB
Formato Adobe PDF
230.68 kB Adobe PDF   Visualizza/Apri   Richiedi una copia

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/20.500.12070/3136
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus 47
  • ???jsp.display-item.citation.isi??? 39
social impact