This paper assesses the rationale of George Shackle's argument against Bayesian decision making in the light of recent developments of modern decision theory. The focus is on the so-called non-additive probability approach to decision theory under uncertainty, which, not unlike Shackle's...

The paper discusses the role of George L. S. Shackle in fostering an unconventional approach to individual decision making. Shackle's peculiar place in the history of economics is attested by the fact that, over the period going from von Neumann and Morgenstern's Theory of Games up to early...