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Shackle's Theory of Decision Making under Uncertainty Synopsis and Brief Appraisal

Shackle's Theory of Decision Making under Uncertainty Synopsis and Brief Appraisal In recent years Professor Shackle's numerous, highly imaginative and original works on the role of expectation and uncertainty in the modelling of economic behaviour have at last become more widely acknowledged. However, still relatively little attention is paid to one of his seminal and earliest studies, that concerned with his own theory of expectations and individual decision making under uncertainty, work on which was begun and published in the 1930s and completed in 1949 with the appearance of the first edition of Expectation in Economics. Thereafter, until the early 1960s, his theory received a modest amount of interest. However, it tended to become neglected reference rarely appears to it in books or papers on expectation, even in those papers discussing decision making under uncertainty see, as one of the latest examples, G. O. Schneller and G. P. Sphicas, 1983. The literature has been dominated by the riskbased, expected utility approach to decision taking. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Economic Studies Emerald Publishing

Shackle's Theory of Decision Making under Uncertainty Synopsis and Brief Appraisal

Journal of Economic Studies , Volume 12 (1/2): 21 – Jan 1, 1985

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
0144-3585
DOI
10.1108/eb002594
Publisher site
See Article on Publisher Site

Abstract

In recent years Professor Shackle's numerous, highly imaginative and original works on the role of expectation and uncertainty in the modelling of economic behaviour have at last become more widely acknowledged. However, still relatively little attention is paid to one of his seminal and earliest studies, that concerned with his own theory of expectations and individual decision making under uncertainty, work on which was begun and published in the 1930s and completed in 1949 with the appearance of the first edition of Expectation in Economics. Thereafter, until the early 1960s, his theory received a modest amount of interest. However, it tended to become neglected reference rarely appears to it in books or papers on expectation, even in those papers discussing decision making under uncertainty see, as one of the latest examples, G. O. Schneller and G. P. Sphicas, 1983. The literature has been dominated by the riskbased, expected utility approach to decision taking.

Journal

Journal of Economic StudiesEmerald Publishing

Published: Jan 1, 1985

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