Indeterminate Probabilities and Smithian and Keynesian Uncertainty

27 Pages Posted: 25 Aug 2014

See all articles by Michael Emmett Brady

Michael Emmett Brady

California State University, Dominguez Hills

Date Written: August 24, 2014

Abstract

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 Finettiā€™s views on uncertainty are diametrically opposed to those of Smith, Keynes, and Knight once the clear cut distinction is drawn between imprecise probabilities and indeterminate probabilities.

Keywords: indeterminate probabilities, imprecise probabilities, uncertainty, Smith, Keynes, Knight, decision making

JEL Classification: B12, B30,B40

Suggested Citation

Brady, Michael Emmett, Indeterminate Probabilities and Smithian and Keynesian Uncertainty (August 24, 2014). Available at SSRN: https://ssrn.com/abstract=2486025 or http://dx.doi.org/10.2139/ssrn.2486025

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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