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Risk, Uncertainty and Expectation as language game categories: - what we can still learn from Keynes

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  • Mário Gómez

Abstract

In this paper we will discuss the relation between the rationality of the agents, and the probability context that involves them in the decision process made by Keynes but considering categories such as expectation as language game, in the sense that Roger Koppl understand it as-if rationalizations. In this sense Keynes’s expectations can be understand and see as only a very particular category: cognitive expectation and the uncertain situation as a very specific circumstance in production process. If expectation theory is one of the crucial issues in economic theory, a language game theory of expectation provide a more general case that need to be re-examinate as a stimulating approach

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  • Mário Gómez, 2009. "Risk, Uncertainty and Expectation as language game categories: - what we can still learn from Keynes," Working Papers Department of Economics 2009/14, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
    • Handle: RePEc:ise:isegwp:wp142009
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    References listed on IDEAS

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    1. Arthur, W Brian, 1994. "Inductive Reasoning and Bounded Rationality," American Economic Review, American Economic Association, vol. 84(2), pages 406-411, May.
    2. Koppl, Roger & Yeager, Leland B., 1996. "Big Players and Herding in Asset Markets: The Case of the Russian Ruble," Explorations in Economic History, Elsevier, vol. 33(3), pages 367-383, July.
    3. Roger Koppl & Richard Langlois, 2001. "Organizations and Language Games," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 5(3), pages 287-305, September.
    4. Roger Koppl & Carlo Nardone, 1997. "The Angular Distribution of Asset Returns in Delay Space," Finance 9703001, University Library of Munich, Germany.
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    More about this item

    Keywords

    history of the economic ideas in Latin America; economic theory; expectations; theory of expectations.;
    All these keywords.

    JEL classification:

    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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