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Variety of Opinion and the Speculative Demand for Money: An Analysis in Terms of Fuzzy Concepts

  • Sheila C. Dow

    (Department of Economics, University of Stirling, Scotland)

  • Dipak Ghosh

    (Department of Economics, University of Stirling, Scotland)

The purpose of the paper is to explore the potential for applying fuzzy logic to economic decision-making under Keynesian uncertainty, and in particular to circumstances where variety of opinion is important. Fuzzy logic is shown to apply where expectations may differ because the nature of the subject matter impedes any ‘crisp’ way of describing the underlying variables. The particular case of the speculative demand for money is considered, since it explicitly reflects variety of opinion as to whether interest rates are ‘high’ or ‘low’. We also explore the potential application of the concept to monetary policy-making.

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Paper provided by SCEME in its series SCEME Working Papers: Advances in Economic Methodology with number 007/2004.

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Length: 33 pages
Date of creation: Jan 2004
Date of revision:
Handle: RePEc:sti:wpaper:007/2004
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