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The Keynes-Knight and the de Finetti-Savage's Approaches to Probability: an Economic Interpretation

Rogério Arthmar

History of Economic Ideas2016https://doi.org/10.1400/242582article
ABDC B
Weight
0.69

Abstract

The definition of ‘uncertainty’ proposed by Bruno de Finetti and Leonard J. Savage is significantly different from the one advanced by J. M. Keynes and Frank H. Knight. Recent studies seem to have overlooked this aspect of de Finetti and Savage’s 1962 paper "Sul Modo di Scegliere le Probabilità Iniziali". This particular work has been cited as supporting the claim that there are similarities between the de Finetti-Savage’s conception of uncertainty and the Keynes-Knight’s approach. This claim, however, loses much of its appeal once it is realized that the discussion by de Finetti and Savage involves only the initial probabilities.

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https://doi.org/https://doi.org/10.1400/242582

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@article{rogério2016,
  title        = {{The Keynes-Knight and the de Finetti-Savage's Approaches to Probability: an Economic Interpretation}},
  author       = {Rogério Arthmar},
  journal      = {History of Economic Ideas},
  year         = {2016},
  doi          = {https://doi.org/https://doi.org/10.1400/242582},
}

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0.69

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact1.00 × 0.4 = 0.40
M · momentum0.42 × 0.15 = 0.06
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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