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On the relationship between keynes´s conception of evidential weight and the ellsberg paradox

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  • Alberto Feduzi
Abstract
A number of scholars have noted that Ellsberg’s seminal 1961QJE critique of the subjective expected utility model bears certain resemblances to ideas expressed in J. M. Keynes’s earlier 1921 A Treatise on Probability. Ellsberg did not mention Keynes’s work in his article, but did do so in his doctoral dissertation submitted in 1962 and recently published in 2001. This gives rise to a number of interesting questions concerning the relationship between the contributions of the two authors. The present paper, drawing in part on a conversation with Ellsberg, attempts to answer these questions. The main conclusions that emerge are that Ellsberg formulated the ideas advanced in the QJE article before having read, and thus independently of, Keynes’s work, and that, even though he later recognised the importance and originality of Keynes’s work in his PhD dissertation, he did not fully appreciate the constructive part of Keynes’s analysis. 1. Introduction The last twenty years have seen a revival of

Suggested Citation

  • Alberto Feduzi, 2005. "On the relationship between keynes´s conception of evidential weight and the ellsberg paradox," Departmental Working Papers of Economics - University 'Roma Tre' 0051, Department of Economics - University Roma Tre.
    • Handle: RePEc:rtr:wpaper:0051
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    References listed on IDEAS

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    Cited by:

    1. Keiran Sharpe, 2018. "On Risk and Uncertainty, and Objective versus Subjective Probability," The Economic Record, The Economic Society of Australia, vol. 94(S1), pages 49-72, June.
    2. Ronald Schettkat, 2018. "The Behavioral Economics of John Maynard Keynes," Schumpeter Discussion Papers sdp18007, Universitätsbibliothek Wuppertal, University Library.
    3. Ricardo Crespo & Daniel Heymann & Pablo Schiaffino, 2015. "Dealing with uncertainty evolving beliefs, rationalizations & the origins of economic crises," Documentos de trabajo del Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET) 2015-8, Universidad de Buenos Aires, Facultad de Ciencias Económicas, Instituto Interdisciplinario de Economía Política IIEP (UBA-CONICET).
    4. Ronald Schettkat, 2018. "Revision or Revolution? A Note on Behavioral vs. Neoclassical Economics," Schumpeter Discussion Papers sdp18005, Universitätsbibliothek Wuppertal, University Library.
    5. Alberto Feduzi, 2010. "On Keynes's conception of the Weight of Evidence," Post-Print hal-00870185, HAL.
    6. Feduzi, Alberto, 2010. "On Keynes's conception of the weight of evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 76(2), pages 338-351, November.
    7. Ivan Moscati, 2024. "Ellsberg 1961: text, context, influence," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 47(2), pages 627-653, December.

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