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 paper 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 the Treatise on Probability. The paper shows, first, that Keynes's "non-numerical" probabilities can be...

The paper discusses the role of George L.S. Shackle in fostering an unconventional approach to individual decision making. Up until the early 1970s Shackle was the single critic of the probabilistic approach to decision making who proposed an alternative formal corpus for dealing with...

This paper argues that the similarities between Ellsberg's and Shackle's frameworks for discussing the limits of the probabilistic approach to decision theory are more important than usually admitted. The paper discusses the grounds on which the ambiguity surrounding the decision-maker in...

The recent financial crisis has renewed the interest in Keynes's thought and his analysis of the role played by individual agents in financial markets. George Akerlof and Robert Shiller, in particular, have drawn on the growing interest in behavioural interpretations of financial markets to hold...

The paper deals with the effect of Piero Sraffa's review of "Prices and Production" on the evolution of Hayek's theory. It is contended that, though Hayek never referred to Sraffa's review in his reformulation of the theory of trade cycle and capital in the 1930s, an important shift in emphasis...