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Economists and Uncertainty

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  • Quiggin, John

Abstract

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.

Suggested Citation

  • Quiggin, John, 2005. "Economists and Uncertainty," Risk and Sustainable Management Group Working Papers 151169, University of Queensland, School of Economics.
    • Handle: RePEc:ags:uqsers:151169
    DOI: 10.22004/ag.econ.151169
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    Cited by:

    1. Harin, Alexander, 2006. "Scientific Revolution? A Farewell to EconWPA. MPRA is welcome," MPRA Paper 71, University Library of Munich, Germany.
    2. Dobes, Leo, 2012. "Adaptation to Climate Change: Formulating Policy under Uncertainty," Working Papers 249390, Australian National University, Centre for Climate Economics & Policy.
    3. Alexander Harin, 2006. "Principle of Uncertain Future," Microeconomics harin_alexander.34115-061, Socionet.
    4. Harin, Alexander, 2007. "Principle of uncertain future and utility," MPRA Paper 1959, University Library of Munich, Germany.

    More about this item

    Keywords

    Risk and Uncertainty;

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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