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...

This paper reviews the classics of financial economics with the benefit of insight offered by the recent financial crisis. The failure of mainstream financial models to explain the observed behavior of markets is put in relation with Itzhak Gilboa's critique of the decisional model used for...