IDEAS home Printed from https://ideas.repec.org/p/sti/wpaper/031-2009.html
   My bibliography  Save this paper

A Behavioural Perspective on Keynesian Decision Theory

Author

Listed:
  • Martin Jones

    (University of Dundee)

Abstract

Keynes's theory of probability has been studied intensively in the past few years with much discussion of its relevance to modern economics. This paper examines Keynes's ideas in light of criticisms made by other authors and comes to the conclusion that Keynes's views on rationality are critically flawed. However, it is asserted that this actually allows more freedom for investigation when it is combined with insights from behavioural economics and gives examples where this could be fruitful. One of the side-effects of this is that there is a narrowing of the gap between Keynesian and mainstream behavioural views on decision-making.

Suggested Citation

  • Martin Jones, 2009. "A Behavioural Perspective on Keynesian Decision Theory," SCEME Working Papers: Advances in Economic Methodology 031/2009, SCEME.
  • Handle: RePEc:sti:wpaper:031/2009
    as

    Download full text from publisher

    File URL: http://www.sceme.org.uk/wps/SCEME031_Jones_2009.pdf
    Download Restriction: no

    More about this item

    Keywords

    uncertainty; Keynes; behavioral economics;

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sti:wpaper:031/2009. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Matthias Klaes). General contact details of provider: http://edirc.repec.org/data/scemeuk.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.