De Finetti’s Probabilistic Approach and the Theory of Expectations in Economics

Massimo de Felice and Gianluigi Pelloni
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Massimo de Felice: University of Bari, Facolta di Economia e Commercio
Gianluigi Pelloni: University of Hull, Department of Economics & Commerce

A chapter in Probability and Bayesian Statistics, 1987, pp 159-168 from Springer

Abstract: Abstract The rational expectations revolution has re-proposed the necessity of a deeper analysis of the role expectations play in economic model building. It would be an “intellectual fraud” to claim that the expectations controversy” was triggered by the debate generated by the rational expectations hypothesis. The beginning of such a controversy can be located in the 20’s and 30’s with the issue of the works of Keynes, Knight and of the Austrian and Swedish schools.

Keywords: Subjective Probability; Rational Expectation; Probability Assessment; Probability Calculus; Rational Expectation Hypothesis (search for similar items in EconPapers)
Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-1-4613-1885-9_16

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DOI: 10.1007/978-1-4613-1885-9_16

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