Arbeitspapier
A critical reinterpretation of Shacklean decision theory
Shackle was one of the representative critics of probability calculus. His alternative decision theory was mathematically reformalized by Katzner till 1990s. Following the Katzner's reformalized framework, this paper presents a new interpretation of Shacklean theory by focusing on the common stage structure of the decision-making. This paper shows that the characteristics of Shackle-Katzner framework can be explained as: (1) the non-distributive and non-additive ordinal measure of subjective uncertainty, (2) the incomplete list of imaginable future states, (3) the valuation of "importance" reflecting various types of loss-psychology, and (4) the final choice of the action is made on the set of importance intervals. The purpose of this paper is to investigate how the foundational stance of Shackle-Katzner framework about the decision-making elicits the different formal structure, and to provide a new interpretation of Shacklean decision theory.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 2022-19
- Klassifikation
-
Wirtschaft
History of Economic Thought: Microeconomics
Current Heterodox Approaches: General
Criteria for Decision-Making under Risk and Uncertainty
- Thema
-
Shackle
uncertainty
expected utility theory
non-additivity
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Kwak, Se Ho
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Massachusetts, Department of Economics
- (wo)
-
Amherst, MA
- (wann)
-
2022
- DOI
-
doi:10.7275/ampr-b019
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Kwak, Se Ho
- University of Massachusetts, Department of Economics
Entstanden
- 2022
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