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dc.contributor.authorFeduzi, Albertoen
dc.contributor.authorRunde, Jochenen
dc.contributor.authorZappia, Cen
dc.date.accessioned2018-06-19T08:08:48Z
dc.date.available2018-06-19T08:08:48Z
dc.date.issued2014-01en
dc.identifier.issn1464-3545
dc.identifier.urihttps://www.repository.cam.ac.uk/handle/1810/277205
dc.description.abstractThe well-known Knightian distinction between quantifiable risk and unquantifiable uncertainty is at odds with the dominant subjectivist conception of probability associated with de Finetti, Ramsey and Savage. Risk and uncertainty are rendered indistinguishable on the subjectivist approach insofar as an individual’s subjective estimate of the probability of any event can be elicited from the odds at which she would be prepared to bet for or against that event. The risk/uncertainty distinction has however never quite gone away and is currently under renewed theoretical scrutiny. The purpose of this article is to show that de Finetti’s understanding of the distinction is more nuanced than is usually admitted. Relying on usually overlooked excerpts of de Finetti’s works commenting on Keynes, Knight and interval valued probabilities, we argue that de Finetti suggested a relevant theoretical case for uncertainty to hold even when individuals are endowed with subjective probabilities. Indeed, de Finetti admitted that the distinction between risk and uncertainty is relevant when different individuals sensibly disagree about the probability of the occurrence of an event. We conclude that the received interpretation of de Finetti’s understanding of subjective probability needs to be qualified on this front.
dc.titleDe Finetti on uncertaintyen
dc.typeArticle
prism.endingPage21
prism.issueIdentifier1en
prism.publicationDate2014en
prism.publicationNameCambridge Journal of Economicsen
prism.startingPage1
prism.volume38en
dc.identifier.doi10.17863/CAM.24499
dcterms.dateAccepted2013-07-30en
rioxxterms.versionofrecord10.1093/cje/bet054en
rioxxterms.versionAM*
rioxxterms.licenseref.urihttp://www.rioxx.net/licenses/all-rights-reserveden
rioxxterms.licenseref.startdate2014-01en
dc.contributor.orcidRunde, Jochen [0000-0001-9596-5144]
dc.identifier.eissn1464-3545
rioxxterms.typeJournal Article/Reviewen
cam.issuedOnline2013-10-15en


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