Indeterminate Probabilities and Smithian and Keynesian Uncertainty
27 Pages Posted: 25 Aug 2014
Date Written: August 24, 2014
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 Finetti’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: Suggested Citation