Fundamental Uncertainty and Ambiguity
AbstractThis 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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Bibliographic InfoArticle provided by Eastern Economic Association in its journal Eastern Economic Journal.
Volume (Year): 26 (2000)
Issue (Month): 1 (Winter)
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- 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.
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- 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.
- Beckert, Jens, 2009. "Koordination und Verteilung: Zwei Ansätze der Wirtschaftssoziologie," MPIfG Discussion Paper 09/2, Max Planck Institute for the Study of Societies.
- Dequech, David, 2000. "Confidence and action: a comment on Barbalet," The Journal of Socio-Economics, Elsevier, vol. 29(6), pages 503-515, November.
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