Book reviews

Publishing Year 2012 Issue 2012/1
Language English Pages 42 P. 125-166 File size 195 KB
DOI 10.3280/SPE2012-001008
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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 assessing choice under uncertainty. The paper argues that Gilboa’s attempt to develop an alternative theory of decision under uncertainty has a clear Keynesian derivation.

Keywords: Financial markets, decision theory, uncertainty

Jel codes: B26, D81, G11

, Book reviews in "HISTORY OF ECONOMIC THOUGHT AND POLICY" 1/2012, pp 125-166, DOI: 10.3280/SPE2012-001008