Lloyd on Rationality, Uncertainty and Risk

Rod O’Donnell

History of Economics Review, 2015, vol. 61, issue 1, 28-43

Abstract: This paper supports the current re-evaluation of the thought of W.F. Lloyd undertaken by Moore and White, particularly in relation to his institutionally-oriented discussion of agent rationality and his approach to economic modelling. However, it denies the claim made by White that Lloyd advanced a risk-uncertainty distinction into economic thinking in his Two Lectures on the Checks to Population of 1832. The risk-uncertainty claim is linked to the former topics because the remarks prompting the attribution of the distinction are made within the broader contexts of Lloyd’s analysis of agent rationality and his economic modelling methodology.

Date: 2015
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DOI: 10.1080/18386318.2015.11681272

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