The purpose of this chapter is to portray a mode of inquiry into expectations by three Cambridge authors in which the expectations are not conceptualized or modelled on the basis of a probability distribution. As to whether this is due to a clearly stated opposition (as in the case of Keynes) or...

While Keynes is known for his theory of normal backwardation in futures markets, he is less known as a trader in these markets. The question arises whether his theory acted as a guide to his trading activity or, rather, whether it was his trading activity that shaped his theory. Backwardation...