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Fundamental Uncertainty and Ambiguity

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  • David Dequech

    ()
    (Institute of Economics, University of Campinas)

Abstract

This paper is an attempt to go beyond dichotomic taxonomies of the concept of uncertainty. It argues for the need to distinguish between at least two types of situation that have been opposed to what neoclassical economics deals with under the rubric of uncertainty or risk. These situations are associated with the concepts of, respectively, ambiguity and fundamental uncertainty. It is also argued that Keynes refers both to situations of ambiguity and of fundamental uncertainty in his several writings, without explicitly distinguishing between them. Finally, the paper also discusses whether ambiguity and fundamental uncertainty come in (ordinal) degrees.

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File URL: http://college.holycross.edu/RePEc/eej/Archive/Volume26/V26N1P41_60.pdf
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Bibliographic Info

Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 26 (2000)
Issue (Month): 1 (Winter)
Pages: 41-60

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Handle: RePEc:eej:eeconj:v:26:y:2000:i:1:p:41-60

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Related research

Keywords: Risk; Uncertainty;

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Cited by:
  1. David Dequech, 2005. "Confidence and alternative Keynesian methods of asset choice," Review of Political Economy, Taylor & Francis Journals, vol. 17(4), pages 533-547.
  2. Dequech, David, 2000. "Confidence and action: a comment on Barbalet," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 29(6), pages 503-515, November.
  3. Dequech, David, 2006. "The new institutional economics and the theory of behaviour under uncertainty," Journal of Economic Behavior & Organization, Elsevier, vol. 59(1), pages 109-131, January.
  4. David Dequech, 2006. "Towards An Alternative To The Game-Theoretic Concept Of Conventions," Anais do XXXIV Encontro Nacional de Economia [Proceedings of the 34th Brazilian Economics Meeting] 77, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
  5. Győrffy, Dóra, 2012. "Intézményi bizalom és a döntések időhorizontja
    [Institutional confidence and the time line of decision-making]
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(4), pages 412-425.
  6. Feduzi, Alberto, 2007. "On the relationship between Keynes's conception of evidential weight and the Ellsberg paradox," Journal of Economic Psychology, Elsevier, vol. 28(5), pages 545-565, October.
  7. Piotti, Geny, 2007. "Why do companies relocate? The German discourse on relocation," MPIfG Discussion Paper 07/14, Max Planck Institute for the Study of Societies.
  8. Beckert, Jens, 2009. "Koordination und Verteilung: Zwei Ansätze der Wirtschaftssoziologie," MPIfG Discussion Paper 09/2, Max Planck Institute for the Study of Societies.
  9. Rogerio P. Andrade & Daniela Magalhes Prates, 2013. "Exchange rate dynamics in a peripheral monetary economy," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 35(3), pages 399-416, April.
  10. Basili, Marcello & Zappia, Carlo, 2009. "Keynes's "non-numerical" probabilities and non-additive measures," Journal of Economic Psychology, Elsevier, vol. 30(3), pages 419-430, June.
  11. Fontana, Giuseppe & Gerrard, Bill, 2004. "A Post Keynesian theory of decision making under uncertainty," Journal of Economic Psychology, Elsevier, vol. 25(5), pages 619-637, October.
  12. Marcello Basili & Carlo Zappia, 2007. "The weight of argument and non-additive measures: a note," Department of Economic Policy, Finance and Development (DEPFID) University of Siena 003, Department of Economic Policy, Finance and Development (DEPFID), University of Siena.
  13. Doron Faran, 2009. "The Theory of the Business, Falsification and Avoiding Managerial Unawareness," Interdisciplinary Management Research, Faculty of Economics in Osijek, Croatia, vol. 5, pages 89-101.
  14. Jussi Ahokas, 2012. "Geographies of Monetary Economy and the European economic crisis," ERSA conference papers ersa12p437, European Regional Science Association.

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