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Economy, probability and risk

Elena Druica and Viorel Cornescu

Manager Journal, 2007, vol. 5, issue 1, 14-26

Abstract: The science of probabilities has earned a special place because it tried through its concepts to build a bridge between theory and experimenting.As a formal notion which by definition does not lead to polemic, probability, nevertheless, meets a series of difficulties of interpretation whenever the probability must be applied to certain particular situations.Usually, the economic literature brings into discussion two interpretations of the concept of probability:the objective interpretation often found under the name of frequency or statistical interpretation and the subjective or personal interpretation. Surprisingly, the third appproach is excluded:the logical interpretation.The purpose of the present paper is to study some aspects of the subjective and logical interpretation of the probability, as well as the implications in the economics.

Keywords: objective; subjective and logical probability; uncertainty; risk (search for similar items in EconPapers)
Date: 2007
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