Economists and Uncertainty
John Quiggin ()
No 151169, Risk and Sustainable Management Group Working Papers from University of Queensland, School of Economics
Among economists, discussion of problems involving uncertainty is polarised between advocates of formal decision theories, who claim that uncertainty can be tamed by careful consideration of information and elicitation of preferences, and critics who argue that uncertainty is fundamentally irreducible. Improvements and generalisations of formal decision theory, responding to critical arguments, have generated new counterexamples and anomalies, and new evidence about the limits of our capacity to deal with uncertainty. So, although our understanding of the issues has deepened, the fundamental debate is unresolved.
Keywords: Risk; and; Uncertainty (search for similar items in EconPapers)
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Working Paper: Economists and uncertainty (2005)
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