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Risk, Uncertainty and Expectation in Talmudic Literature

Risk, Uncertainty and Expectation in Talmudic Literature In any environment which allows for individual and groupenterprise, some degree of risk as well as elements of uncertainty andexpectation will be features of virtually every human endeavour. Thesethree decisionmaking categories are especially relevant where businessenterprise is concerned. In modern economics those concepts have beensubject to rigorous theoretical scrutiny as well as empiricalinvestigation of their incidence and relevance in economic life.Analysis of risk, uncertainty and expectations is also a feature ofTalmudic literature this is explored in the light of modern economics.First, the Talmudic scholars showed considerable sophisticationregarding the risk factor, called Zeyoona, as itis interrelated with the business phenomena of profit andloss. Second, their analysis of uncertaintydisplays an amazing degree of modernity in their approach to computationof uncertainties as well as in the methodology. Finally, there arepoints of contact between rational expectations theory and certainTalmudic emphasis in dealing with economic behaviour management of thefuture through rational forecasting and awareness of the role ofinformation in the formation of expectations. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Social Economics Emerald Publishing

Risk, Uncertainty and Expectation in Talmudic Literature

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
0306-8293
DOI
10.1108/EUM0000000000472
Publisher site
See Article on Publisher Site

Abstract

In any environment which allows for individual and groupenterprise, some degree of risk as well as elements of uncertainty andexpectation will be features of virtually every human endeavour. Thesethree decisionmaking categories are especially relevant where businessenterprise is concerned. In modern economics those concepts have beensubject to rigorous theoretical scrutiny as well as empiricalinvestigation of their incidence and relevance in economic life.Analysis of risk, uncertainty and expectations is also a feature ofTalmudic literature this is explored in the light of modern economics.First, the Talmudic scholars showed considerable sophisticationregarding the risk factor, called Zeyoona, as itis interrelated with the business phenomena of profit andloss. Second, their analysis of uncertaintydisplays an amazing degree of modernity in their approach to computationof uncertainties as well as in the methodology. Finally, there arepoints of contact between rational expectations theory and certainTalmudic emphasis in dealing with economic behaviour management of thefuture through rational forecasting and awareness of the role ofinformation in the formation of expectations.

Journal

International Journal of Social EconomicsEmerald Publishing

Published: Nov 1, 1991

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