Uncertainty in Economics
A History
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Beschreibung
This book introduces the economic theories that have placed uncertainty at the core of economic discourse. Covering the works of John Maynard Keynes and Frank Knight, as well as those of John von Neumann, Oskar Morgenstern, and Leonard Savage, it reconstructs the complex history of how economists have analyzed uncertainty, as distinct from risk, in the twentieth century. The text delves into the question of the extent to which uncertainty is a measurable entity, focusing on the perspective of those authors who have attempted to demonstrate its irreducibility to risk, with particular regard to Daniel Ellsberg and the ensuing current decision theory. The book will appeal to scholars of the history of economic thought, as well as students of advanced microeconomics, decision theory, game theory, and history of economic thought.
This book introduces the economic theories that have placed uncertainty at the core of economic discourse. Covering the works of John Maynard Keynes and Frank Knight, as well as those of John von Neumann, Oskar Morgenstern, and Leonard Savage, it reconstructs the complex history of how economists have analyzed uncertainty, as distinct from risk, in the twentieth century. The text delves into the question of the extent to which uncertainty is a measurable entity, focusing on the perspective of those authors who have attempted to demonstrate its irreducibility to risk, with particular regard to Daniel Ellsberg and the ensuing current decision theory. The book will appeal to scholars of the history of economic thought, as well as students of advanced microeconomics, decision theory, game theory, and history of economic thought.
Presents a comprehensive history of theories focusing on the notion of uncertainty in economics Offers a peculiar interpretation of the Keynesian view of uncertainty Written for students and scholars of the history of economic thought
Autor*in
Carlo Zappia
Themen in »Uncertainty in Economics«
decision-making under uncertainty John Maynard Keynes William Stanley Jevons John von Neumann Keynesian uncertainty utility theory decision theory decision-making under risk history of economic thought history of economics game theory ambiguity probability Bayesian rationality paradoxes of choice
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“Zappia’s book is a useful book for understanding that uncertainty has deep roots—historical and theoretical—in probability and utility.” (Anna Carabelli, OEconomia, Vol. 15 (3), 2025)
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