Ellsberg Rules and Keynes’s State of Long-Term Expectation: More Than an Accordance

Autor:	Marcello Basili
Rok vydání:	2013
Předmět:	jel:D81 Keynes Ellsberg expectation consensus distribution uncertainty epsilon-contamination jel:B16
Popis:	This paper advances an intuitive way to represent Keynes’s notion of long-term expectation. The epsilon-contamination approach is introduced and a rational and coherent decision rule is derived. The result is evidence that Ellsberg and Keynes share the notion of uncertainty and adopt the same class of decision rules.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=od_______645::c04acf5abf459ab33922d7774cbab95c http://repec.deps.unisi.it/quaderni/685.pdf Zobrazit plný text záznamu