A review essay on Bruce Caldwell, Hayek’s Challenge. An Intellectual Biography of F. A. Hayek, Chicago, The University of Chicago Press, 2004, pp. xi+489 ; Alan Ebenstein, Friedrich Hayek. A Biography, New York, Palgrave, 2001, pp. xiii+403 ; Alan Ebenstein, Hayek’s Journey. The Mind of...

This note argues that a representation of the epistemic state of the individual through a non-additive measure provides a novel account of Keynes’s view of probability theory proposed in his Treatise on Probability. The paper shows, first, that Keynes’s “non-numerical probabilities” can...

This paper deals with the intellectual environment in which George L. S. Shackle’s theory of decision making was formulated and first discussed. Shackle’s approach had a great impact on decision theory in late 1940s and early 1950s being the single formalised attempt to discard the...

A by-product of the recent financial crisis has been the renewed interest in Keynes's works. Both in the press and in scientific journals, a crowd of commentators has emphasised the need to scrutinise the General Theory in order to gain a better understanding of the actual macro-dynamics of the...

In the insurance literature it is often argued that private markets can provide insurance against ‘risk’ but not against ‘uncertainties’ in the sense of Knight (1921) or Keynes (1921). This claim is at odds with the standard economic model of risk exchange which, in assuming that...