Keynes, Mathematics and Probability: A Reappraisal
International Journal of Applied Economics and Econometrics,Volume 20, no. 2, April-June 2012, pp.324-357
62 Pages Posted: 1 Sep 2011 Last revised: 30 May 2014
Date Written: August 31, 2011
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 approach to probability is an interval estimate approach.
Keywords: interval estimates, mathematics, decision rules
JEL Classification: B23, B41, E12
Suggested Citation: Suggested Citation