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After the Crisis: Financial Economics and Decision TheoryCarlo ZappiaUniversity of Siena - Department of Economic Policy, Finance and Development; University of Siena - Department of Economics March, 26 2012 HISTORY OF ECONOMIC THOUGHT AND POLICY, Forthcoming Abstract: This paper reviews the classics of financial economics with the benefit of insight offered by the recent financial crisis. The failure of mainstream financial models to explain the observed behavior of markets is put in relation with Itzhak Gilboa’s critique of the decisional model used for assessing choice under uncertainty. The paper argues that Gilboa’s attempt to develop an alternative theory of decision under uncertainty has a clear Keynesian derivation.
Number of Pages in PDF File: 18 Keywords: financial markets, decision theory, uncertainty JEL Classification: B26, D81, G11 Accepted Paper SeriesDate posted: March 28, 2012Suggested CitationContact Information
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