Fuzzy logic and Keynes's speculative demand for money
Sheila Dow and
Dipak Ghosh ()
Journal of Economic Methodology, 2009, vol. 16, issue 1, 57-69
The purpose of the paper is to explore the potential for using fuzzy logic to analyse economic decision-making under Keynesian uncertainty, and in particular in circumstances where variety of opinion is important. Fuzzy logic is shown to apply where expectations may differ because the nature of the subject matter impedes any 'crisp' way of describing the underlying variables. The particular case of the speculative demand for money is considered, since it explicitly reflects variety of opinion as to whether interest rates are 'high' or 'low'.
Keywords: fuzzy logic; liquidity preference; diversity of opinion; B41; C0; E41; E50 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:taf:jecmet:v:16:y:2009:i:1:p:57-69
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