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De Finetti’s Probabilistic Approach and the Theory of Expectations in Economics

In: Probability and Bayesian Statistics

Author

Listed:
  • Massimo de Felice

    (University of Bari, Facolta di Economia e Commercio)

  • Gianluigi Pelloni

    (University of Hull, Department of Economics & Commerce)

Abstract

The rational expectations revolution has re-proposed the necessity of a deeper analysis of the role expectations play in economic model building. It would be an “intellectual fraud” to claim that the expectations controversy” was triggered by the debate generated by the rational expectations hypothesis. The beginning of such a controversy can be located in the 20’s and 30’s with the issue of the works of Keynes, Knight and of the Austrian and Swedish schools.

Suggested Citation

  • Massimo de Felice & Gianluigi Pelloni, 1987. "De Finetti’s Probabilistic Approach and the Theory of Expectations in Economics," Springer Books, in: R. Viertl (ed.), Probability and Bayesian Statistics, pages 159-168, Springer.
    • Handle: RePEc:spr:sprchp:978-1-4613-1885-9_16
    DOI: 10.1007/978-1-4613-1885-9_16
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