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

See all articles by Michael Emmett Brady

Michael Emmett Brady

California State University, Dominguez Hills

Date Written: August 31, 2011

Abstract

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

Brady, Michael Emmett, Keynes, Mathematics and Probability: A Reappraisal (August 31, 2011). International Journal of Applied Economics and Econometrics,Volume 20, no. 2, April-June 2012, pp.324-357. Available at SSRN: https://ssrn.com/abstract=1920569 or http://dx.doi.org/10.2139/ssrn.1920569

Michael Emmett Brady (Contact Author)

California State University, Dominguez Hills ( email )

1000 E. Victoria Street, Carson, CA
Carson, CA 90747
United States

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