Subjects -> BUSINESS AND ECONOMICS (Total: 3841 journals)
    - ACCOUNTING (145 journals)
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    - BUSINESS AND ECONOMICS (1411 journals)
    - CONSUMER EDUCATION AND PROTECTION (20 journals)
    - COOPERATIVES (4 journals)
    - ECONOMIC SCIENCES: GENERAL (232 journals)
    - ECONOMIC SYSTEMS, THEORIES AND HISTORY (255 journals)
    - FASHION AND CONSUMER TRENDS (20 journals)
    - HUMAN RESOURCES (103 journals)
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    - MICROECONOMICS (23 journals)
    - PRODUCTION OF GOODS AND SERVICES (125 journals)
    - PUBLIC FINANCE, TAXATION (42 journals)
    - TRADE AND INDUSTRIAL DIRECTORIES (2 journals)

BUSINESS AND ECONOMICS (1411 journals)                  1 2 3 4 5 6 7 8 | Last

Showing 1 - 200 of 1566 Journals sorted alphabetically
360 : Revista de Ciencias de la Gestión     Open Access   (Followers: 14)
4OR: A Quarterly Journal of Operations Research     Hybrid Journal   (Followers: 14)
Abacus     Hybrid Journal   (Followers: 21)
Accounting Forum     Hybrid Journal   (Followers: 33)
Acta Amazonica     Open Access   (Followers: 7)
Acta Commercii     Open Access   (Followers: 5)
Acta Marisiensis : Seria Oeconomica     Open Access   (Followers: 1)
Acta Oeconomica     Full-text available via subscription   (Followers: 4)
Acta Scientiarum. Human and Social Sciences     Open Access   (Followers: 11)
Acta Universitatis Danubius. Œconomica     Open Access   (Followers: 4)
Acta Universitatis Lodziensis : Folia Geographica Socio-Oeconomica     Open Access   (Followers: 2)
Acta Universitatis Nicolai Copernici Zarządzanie     Open Access   (Followers: 5)
AD-minister     Open Access   (Followers: 5)
Adam Academy : Journal of Social Sciences / Adam Akademi : Sosyal Bilimler Dergisi     Open Access   (Followers: 6)
AdBispreneur : Jurnal Pemikiran dan Penelitian Administrasi Bisnis dan Kewirausahaan     Open Access   (Followers: 1)
Admisi dan Bisnis     Open Access   (Followers: 1)
ADR Bulletin     Open Access   (Followers: 10)
Advanced Sustainable Systems     Hybrid Journal   (Followers: 7)
Advances in Developing Human Resources     Hybrid Journal   (Followers: 35)
Advances in Economics and Business     Open Access   (Followers: 27)
Africa Journal of Management     Hybrid Journal   (Followers: 3)
African Affairs     Hybrid Journal   (Followers: 78)
African Business     Full-text available via subscription   (Followers: 6)
African Development Review     Hybrid Journal   (Followers: 46)
African Journal of Business Ethics     Open Access   (Followers: 8)
African Review of Economics and Finance     Open Access   (Followers: 8)
Afro Eurasian Studies     Open Access   (Followers: 2)
Afro-Asian Journal of Finance and Accounting     Hybrid Journal   (Followers: 9)
Agronomy     Open Access   (Followers: 18)
Akademik Yaklaşımlar Dergisi     Open Access   (Followers: 1)
Akademika : Journal of Southeast Asia Social Sciences and Humanities     Open Access   (Followers: 8)
AL-Qadisiyah Journal For Administrative and Economic sciences     Open Access   (Followers: 3)
Alphanumeric Journal : The Journal of Operations Research, Statistics, Econometrics and Management Information Systems     Open Access   (Followers: 11)
American Economic Journal : Applied Economics     Full-text available via subscription   (Followers: 280)
American Enterprise Institute     Free   (Followers: 3)
American Journal of Business     Hybrid Journal   (Followers: 23)
American Journal of Business and Management     Open Access   (Followers: 73)
American Journal of Business Education     Open Access   (Followers: 17)
American Journal of Economics and Business Administration     Open Access   (Followers: 40)
American Journal of Economics and Sociology     Hybrid Journal   (Followers: 45)
American Journal of Evaluation     Hybrid Journal   (Followers: 18)
American Journal of Finance and Accounting     Hybrid Journal   (Followers: 25)
American Journal of Health Economics     Full-text available via subscription   (Followers: 22)
American Journal of Industrial and Business Management     Open Access   (Followers: 31)
American Journal of Medical Quality     Hybrid Journal   (Followers: 13)
American Law and Economics Review     Hybrid Journal   (Followers: 33)
ANALES de la Universidad Central del Ecuador     Open Access   (Followers: 4)
Ankara University SBF Journal     Open Access   (Followers: 1)
Annales de l'Institut Henri Poincare (C) Non Linear Analysis     Full-text available via subscription   (Followers: 2)
Annals in Social Responsibility     Full-text available via subscription  
Annals of Finance     Hybrid Journal   (Followers: 37)
Annals of Operations Research     Hybrid Journal   (Followers: 12)
Annual Review of Economics     Full-text available via subscription   (Followers: 52)
Anuario Facultad de Ciencias Económicas y Empresariales     Open Access   (Followers: 2)
Applied Developmental Science     Hybrid Journal   (Followers: 4)
Applied Economics     Hybrid Journal   (Followers: 61)
Applied Economics Letters     Hybrid Journal   (Followers: 35)
Applied Financial Economics     Hybrid Journal   (Followers: 29)
Applied Mathematical Finance     Hybrid Journal   (Followers: 9)
Applied Stochastic Models in Business and Industry     Hybrid Journal   (Followers: 7)
Apuntes Universitarios     Open Access   (Followers: 1)
Arab Economic and Business Journal     Open Access   (Followers: 7)
Archives of Business Research     Open Access   (Followers: 12)
Arena Journal     Full-text available via subscription  
Argomenti. Rivista di economia, cultura e ricerca sociale     Open Access   (Followers: 4)
ASEAN Economic Bulletin     Full-text available via subscription   (Followers: 7)
Asia Pacific Business Review     Hybrid Journal   (Followers: 9)
Asia Pacific Journal of Human Resources     Hybrid Journal   (Followers: 330)
Asia Pacific Journal of Innovation and Entrepreneurship     Open Access   (Followers: 3)
Asia Pacific Viewpoint     Hybrid Journal   (Followers: 5)
Asia-Pacific Journal of Business Administration     Hybrid Journal   (Followers: 6)
Asia-Pacific Journal of Operational Research     Hybrid Journal   (Followers: 3)
Asia-Pacific Journal of Rural Development     Hybrid Journal   (Followers: 2)
Asia-Pacific Management and Business Application     Open Access   (Followers: 3)
Asian Business Review     Open Access   (Followers: 5)
Asian Case Research Journal     Hybrid Journal   (Followers: 1)
Asian Development Review     Open Access   (Followers: 16)
Asian Economic Journal     Hybrid Journal   (Followers: 10)
Asian Economic Papers     Hybrid Journal   (Followers: 8)
Asian Economic Policy Review     Hybrid Journal   (Followers: 7)
Asian Journal of Accounting and Governance     Open Access   (Followers: 5)
Asian Journal of Business Ethics     Hybrid Journal   (Followers: 13)
Asian Journal of Economics, Business and Accounting     Open Access   (Followers: 2)
Asian Journal of Social Sciences and Management Studies     Open Access   (Followers: 9)
Asian Journal of Sustainability and Social Responsibility     Open Access   (Followers: 4)
Asian Journal of Technology Innovation     Hybrid Journal   (Followers: 7)
Asian-pacific Economic Literature     Hybrid Journal   (Followers: 9)
AStA Wirtschafts- und Sozialstatistisches Archiv     Hybrid Journal   (Followers: 5)
ATA Journal of Legal Tax Research     Hybrid Journal   (Followers: 7)
Atlantic Economic Journal     Hybrid Journal   (Followers: 13)
Australasian Journal of Regional Studies, The     Full-text available via subscription   (Followers: 1)
Australian Cottongrower, The     Full-text available via subscription   (Followers: 1)
Australian Economic Papers     Hybrid Journal   (Followers: 9)
Australian Economic Review     Hybrid Journal   (Followers: 4)
Australian Journal of Maritime and Ocean Affairs     Hybrid Journal   (Followers: 9)
Balkan Region Conference on Engineering and Business Education     Open Access   (Followers: 2)
Baltic Journal of Real Estate Economics and Construction Management     Open Access   (Followers: 6)
Banks in Insurance Report     Hybrid Journal   (Followers: 1)
BBR - Brazilian Business Review     Open Access   (Followers: 5)
Benchmarking : An International Journal     Hybrid Journal   (Followers: 9)
Benefit : Jurnal Manajemen dan Bisnis     Open Access   (Followers: 1)
Berkeley Business Law Journal     Free   (Followers: 13)
Beta : Scandinavian Journal of Business Research     Full-text available via subscription  
Bio-based and Applied Economics     Open Access   (Followers: 2)
Biodegradation     Hybrid Journal   (Followers: 2)
Biology Direct     Open Access   (Followers: 10)
BizInfo (Blace) Journal of Economics, Management and Informatics     Open Access   (Followers: 1)
Black Enterprise     Full-text available via subscription  
Board & Administrator for Administrators only     Hybrid Journal  
Boletim Técnico do Senac     Open Access  
Border Crossing : Transnational Working Papers     Open Access   (Followers: 3)
Brazilian Business Review     Open Access  
Briefings in Real Estate Finance     Hybrid Journal   (Followers: 7)
British Journal of Industrial Relations     Hybrid Journal   (Followers: 47)
Brookings Papers on Economic Activity     Open Access   (Followers: 72)
Brookings Trade Forum     Full-text available via subscription   (Followers: 4)
BRQ Business Research Quarterly     Open Access   (Followers: 3)
BU Academic Review     Open Access  
Bulletin of Economic Research     Hybrid Journal   (Followers: 20)
Bulletin of Geography. Socio-economic Series     Open Access   (Followers: 4)
Bulletin of Indonesian Economic Studies     Hybrid Journal   (Followers: 4)
Bulletin of the Dnipropetrovsk University. Series : Management of Innovations     Open Access   (Followers: 1)
Business & Entrepreneurship Journal     Open Access   (Followers: 35)
Business & Information Systems Engineering     Hybrid Journal   (Followers: 6)
Business & Society     Hybrid Journal   (Followers: 15)
Business : Theory and Practice / Verslas : Teorija ir Praktika     Open Access   (Followers: 1)
Business and Economic Research     Open Access   (Followers: 13)
Business and Management Horizons     Open Access   (Followers: 15)
Business and Management Research     Open Access   (Followers: 24)
Business and Management Studies     Open Access   (Followers: 20)
Business and Professional Communication Quarterly     Hybrid Journal   (Followers: 9)
Business and Society Review     Hybrid Journal   (Followers: 6)
Business Economics     Hybrid Journal   (Followers: 16)
Business Ethics Quarterly     Full-text available via subscription   (Followers: 20)
Business Ethics: A European Review     Hybrid Journal   (Followers: 21)
Business Horizons     Hybrid Journal   (Followers: 12)
Business Information Review     Hybrid Journal   (Followers: 17)
Business Management Analysis Journal     Open Access   (Followers: 4)
Business Management and Strategy     Open Access   (Followers: 51)
Business Research     Open Access   (Followers: 4)
Business Review Journal     Open Access   (Followers: 1)
Business Strategy and Development     Hybrid Journal   (Followers: 2)
Business Strategy and the Environment     Hybrid Journal   (Followers: 13)
Business Strategy Review     Hybrid Journal   (Followers: 16)
Business Strategy Series     Hybrid Journal   (Followers: 8)
Business Systems & Economics     Open Access   (Followers: 2)
Business, Economics and Management Research Journal : BEMAREJ     Open Access   (Followers: 7)
Business, Management and Education     Open Access   (Followers: 22)
Business: Theory and Practice     Open Access   (Followers: 1)
Cadernos EBAPE.BR     Open Access   (Followers: 1)
Cambridge Journal of Economics     Hybrid Journal   (Followers: 81)
Cambridge Journal of Regions, Economy and Society     Hybrid Journal   (Followers: 13)
Canadian Journal of Administrative Sciences / Revue Canadienne des Sciences de l Administration     Hybrid Journal   (Followers: 1)
Canadian Journal of Economics/Revue Canadienne d`Economique     Hybrid Journal   (Followers: 44)
Canadian journal of nonprofit and social economy research     Open Access   (Followers: 3)
Capitalism Nature Socialism     Hybrid Journal   (Followers: 27)
Case Studies in Business and Management     Open Access   (Followers: 15)
CBU International Conference Proceedings     Open Access   (Followers: 2)
Central European Business Review     Open Access   (Followers: 2)
Central European Journal of Operations Research     Hybrid Journal   (Followers: 5)
Central European Journal of Public Policy     Open Access   (Followers: 3)
CESifo Economic Studies     Hybrid Journal   (Followers: 24)
Chain Reaction     Full-text available via subscription  
Challenge     Full-text available via subscription   (Followers: 6)
Chandrakasem Rajabhat University Journal of Graduate School     Open Access  
China & World Economy     Hybrid Journal   (Followers: 21)
China : An International Journal     Full-text available via subscription   (Followers: 22)
China Economic Journal : The Official Journal of the China Center for Economic Research (CCER) at Peking University     Hybrid Journal   (Followers: 16)
China Economic Review     Hybrid Journal   (Followers: 16)
China Finance Review International     Hybrid Journal   (Followers: 7)
China perspectives     Open Access   (Followers: 15)
Chinese Economy     Full-text available via subscription   (Followers: 4)
Chinese Journal of Population, Resources and Environment     Open Access  
Chinese Journal of Social Science and Management     Open Access  
Christian University of Thailand Journal     Open Access  
Chulalongkorn Business Review     Open Access  
Ciência & Saúde Coletiva     Open Access   (Followers: 2)
Ciencia, Economía y Negocios     Open Access   (Followers: 1)
Circular Economy and Sustainability     Hybrid Journal   (Followers: 4)
Climate and Energy     Full-text available via subscription   (Followers: 7)
CLIO América     Open Access   (Followers: 2)
Cliometrica     Hybrid Journal   (Followers: 5)
Colombo Business Journal     Open Access  
Community Development Journal     Hybrid Journal   (Followers: 31)
Compendium : Cuadernos de Economía y Administración     Open Access   (Followers: 2)
Compensation & Benefits Review     Hybrid Journal   (Followers: 8)
Competition & Change     Hybrid Journal   (Followers: 12)
Competitive Intelligence Review     Hybrid Journal   (Followers: 3)
Competitiveness Review : An International Business Journal incorporating Journal of Global Competitiveness     Hybrid Journal   (Followers: 5)
Computational Economics     Hybrid Journal   (Followers: 11)
Computational Mathematics and Modeling     Hybrid Journal   (Followers: 9)
Computer Law & Security Review     Hybrid Journal   (Followers: 25)
Computers & Operations Research     Hybrid Journal   (Followers: 15)
Consilience : The Journal of Sustainable Development     Open Access   (Followers: 3)
Construction Innovation: Information, Process, Management     Hybrid Journal   (Followers: 17)
Consumer Behavior Studies Journal     Open Access   (Followers: 1)
Consumer Psychology Review     Hybrid Journal   (Followers: 2)
Contemporary Wales     Full-text available via subscription   (Followers: 1)
Contextus - Revista Contemporânea de Economia e Gestão     Open Access   (Followers: 1)
Continuity & Resilience Review     Hybrid Journal   (Followers: 3)

        1 2 3 4 5 6 7 8 | Last

Similar Journals
Journal Cover
Cambridge Journal of Economics
Journal Prestige (SJR): 0.764
Citation Impact (citeScore): 2
Number of Followers: 81  
 
  Hybrid Journal Hybrid journal (It can contain Open Access articles)
ISSN (Print) 0309-166X - ISSN (Online) 1464-3545
Published by Oxford University Press Homepage  [414 journals]
  • F. H. Knight’s Risk, Uncertainty, and Profit and J. M. Keynes’
           Treatise on Probability after 100 years

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      Authors: Faulkner P, Feduzi A, McCann C, Jr; et al.
      Pages: 857 - 882
      Abstract: KnightKeynesProbabilityRiskUncertaintyFinancial marketsHistory of economic ideas
      PubDate: Fri, 06 Aug 2021 00:00:00 GMT
      DOI: 10.1093/cje/beab035
      Issue No: Vol. 45, No. 5 (2021)
       
  • The writing and reception of Risk, Uncertainty and Profit

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      Authors: Emmett R.
      Pages: 883 - 900
      Abstract: Risk, Uncertainty and Profit was published in 1921, but started as the doctoral thesis ‘A Theory of Business Profit,’ defended in 1916. The first half of the paper examines the changes in organization and argument that Knight undertook between completing the thesis defense and the book’s publication five years later. The reorganization helped Knight focus attention on uncertainty as the most important aspect of economic life standing between the worlds of perfect and imperfect competition, and to explore more of its implications for both price theory and entrepreneurial judgment. The second half of the paper carries the story forward by examining the reception Risk, Uncertainty and Profit received from 1921 until Knight’s retirement in the early 1950s. The study of its reception uses a database of citations of Knight’s book in economics journals found through a JSTOR search. While Knight’s book is remembered today mostly for its introduction of uncertainty, in the economics literature the book’s treatment of basic price theory is more frequently cited, especially in the leading economics journals of the interwar period. The citation data indicates that the role of Risk, Uncertainty and Profit in economics education at the London School of Economics and the University of Chicago extended and expanded the book’s impact.
      PubDate: Fri, 30 Apr 2021 00:00:00 GMT
      DOI: 10.1093/cje/beab005
      Issue No: Vol. 45, No. 5 (2021)
       
  • Uncertainty and general equilibrium: an evaluation of Professor Knight’s
           contributions to economics

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      Authors: Brooke G; Cheung L.
      Pages: 901 - 918
      Abstract: One hundred years ago Frank Hyneman Knight made a distinction between risk and uncertainty. The distinction, and the theories of profit and entrepreneurship that followed from it, are widely considered his most important contributions to economic theory. In this paper, we ask why they have not had more impact on economic theory and whether they are indeed his most important contributions. The distinction between risk and uncertainty has been of limited use; in making it, Knight overlooked all forms of partial information. The uncertainty theory of profit in turn has been superseded by theories of imperfect competition based on oligopoly and monopolistic competition. Rather than these innovations, Knight’s real contribution to economics was promoting the model of perfect competition.
      PubDate: Tue, 29 Jun 2021 00:00:00 GMT
      DOI: 10.1093/cje/beab022
      Issue No: Vol. 45, No. 5 (2021)
       
  • The Early Enlightenment roots of Keynes’ probability concept

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      Authors: Aristimuño F; Crespo R.
      Pages: 919 - 932
      Abstract: In the brief preface to A Treatise on Probability, Keynes states, ‘It may be perceived that I have been greatly influenced by W. E. Johnson, G. E. Moore and Bertrand Russell, that is, by Cambridge, which, with great debts to the writers of Continental Europe, yet continues in direct succession the English tradition of Locke, Berkeley and Hume, of Mill and Sidgwick’ (J. M. Keynes, 1921, p. v). The authors who have recently stressed the relevance of Keynes ideas on probability have paid special attention to the influence of the former, but not to that of the latter. This article intends to show that the Treatise on Probability is deeply rooted in the history of probabilistic thinking, particularly in the Early Enlightenment (roughly between 1650 and 1750), before mathematicians claimed ownership over the subject. We find that important aspects of Keynes’ notions were already present in Locke and other Early Enlightenment writers, albeit with some note-worthy differences.
      PubDate: Wed, 19 May 2021 00:00:00 GMT
      DOI: 10.1093/cje/beab004
      Issue No: Vol. 45, No. 5 (2021)
       
  • Probability and arguments: Keynes’s legacy

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      Authors: Peden W.
      Pages: 933 - 950
      Abstract: John Maynard Keynes’s A Treatise on Probability is the seminal text for the logical interpretation of probability. According to his analysis, probabilities are evidential relations between a hypothesis and some evidence, just like the relations of deductive logic. While some philosophers had suggested similar ideas prior to Keynes, it was not until his Treatise that the logical interpretation of probability was advocated in a clear, systematic and rigorous way. I trace Keynes’s influence in the philosophy of probability through a heterogeneous sample of thinkers who adopted his interpretation. This sample consists of Frederick C. Benenson, Roy Harrod, Donald C. Williams, Henry E. Kyburg and David Stove. The ideas of Keynes prove to be adaptable to their diverse theories of probability. My discussion indicates both the robustness of Keynes’s probability theory and the importance of its influence on the philosophers whom I describe. I also discuss the Problem of the Priors. I argue that none of those I discuss have obviously improved on Keynes’s theory with respect to this issue.
      PubDate: Fri, 02 Jul 2021 00:00:00 GMT
      DOI: 10.1093/cje/beab021
      Issue No: Vol. 45, No. 5 (2021)
       
  • Keynes’ contribution to statistical science

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      Authors: Schneider D.
      Pages: 951 - 966
      Abstract: The thesis of this contribution is that Keynes’ 1921 Treatise on Probability provides the logical foundation for frequentist, evidentialist and belief-type (‘Bayesian’) inference as it is practiced in the biological and environmental sciences.
      PubDate: Sat, 14 Aug 2021 00:00:00 GMT
      DOI: 10.1093/cje/beab031
      Issue No: Vol. 45, No. 5 (2021)
       
  • Knightian uncertainty: through a Jamesian window

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      Authors: Rizzo M; Dold M.
      Pages: 967 - 988
      Abstract: Frank Knight is famous for the distinction between risk and uncertainty. In this paper, we argue that Knight’s distinction is different from the one made by those who seek to interpret it within a neoclassical framework. Knight does not reduce ‘true uncertainty’ to the application of (axiomatic) subjective probability. Instead, Knight highlights the power of intuitive judgement in situations of uncertainty. Moreover, Knight conceptualises uncertainty along a continuum which means that many of our real-world problems must be seen as mixed cases of risk and uncertainty. This paper illustrates that Knight’s arguments can be more fully understood through the lens of William James’s psychology, which deeply influenced Knight’s way of thinking. Finally, this paper links Knight’s argument to a growing body of recent empirical literature that shows how effective judgemental–intuitive modes of reasoning are in cases of environmental instability. In doing so, this paper begins to fill out the uncertainty framework, which Knight has sketched in Risk, Uncertainty and Profit (1921).
      PubDate: Wed, 16 Jun 2021 00:00:00 GMT
      DOI: 10.1093/cje/beab011
      Issue No: Vol. 45, No. 5 (2021)
       
  • On the relevance of Knight, Keynes and Shackle for unawareness research

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      Authors: Svetlova E.
      Pages: 989 - 1007
      Abstract: This paper is dedicated to the interpretation of Knightian and Keynesian uncertainty as a situation of unawareness in which agents lack perfect knowledge of possible future states (not just of probabilities assigned to those states). So far, a systematic and nuanced debate of unawareness with relation to Knight’s and Keynes’ legacy has been largely neglected. The paper aims to fill this gap. It discusses in detail how Knight’s, Keynes’ and also Shackle’s ideas about the state space, surprises and ignorance are echoed (but often unacknowledged) in contemporary unawareness research. Parallel reading of these two streams of the literature reveals strong commonalities in argumentation, suggesting that the topic of unawareness could facilitate the dialogue between Post-Keynesians and mainstream economics. The paper concludes with a list of research questions relevant to the development of such a dialogue.
      PubDate: Fri, 06 Aug 2021 00:00:00 GMT
      DOI: 10.1093/cje/beab033
      Issue No: Vol. 45, No. 5 (2021)
       
  • Patterning uncertainty: partial likeness, analogy and likelihood1

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      Authors: Scazzieri R.
      Pages: 1009 - 1026
      Abstract: This paper examines the role of similarity judgements in Keynes’s theory of analogy as discussed in the Treatise on Probability (Keynes, 1921) and outlines a conceptual framework in which induction by analogy based on the identification of partial resemblances leads to likelihood as the central disposition by which human actors assign a pattern to uncertainty. The structure of the paper is as follows. Section 2 discusses Keynes’ view of analogy as the foundation of inductive inference. Section 3 outlines a theory of similarity based on Keynes’s criteria of finite variety and negative analogy. Section 4 highlights the relationship between a similarity-based theory of induction and Keynes’ ontological view that similarity features derive from a finite number of ‘generator properties’. Section 5 examines the social structuring of similarity features and the active role of agents in constructing the inductive knowledge of the world they inhabit. Section 6 brings the paper to close by calling attention to the relationship between dispositions, circumstantial visualisation of similarity features and problem-solving actions in the world of practice.
      PubDate: Thu, 22 Jul 2021 00:00:00 GMT
      DOI: 10.1093/cje/beab020
      Issue No: Vol. 45, No. 5 (2021)
       
  • From Knightian to Keynesian uncertainty: contextualising Ellsberg’s
           ambiguity

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      Authors: Zappia C.
      Pages: 1027 - 1046
      Abstract: This paper argues that Daniel Ellsberg regarded the urn examples and conception of ambiguity presented in his famous 1961 paper as merely a step towards the analysis of more fundamental forms of uncertainty. Drawing on what is known about Ellsberg’s activities during the 1950s and early 1960s, it is shown that, after starting his project as one of reviving Frank Knight’s ideas about uncertainty, Ellsberg went on to realise that his position was in fact rather closer to that of John Maynard Keynes in his A Treatise on Probability. Furthermore, it is shown that formerly classified research Ellsberg undertook in the early 1960s also reveals an abiding influence in fundamental uncertainty.
      PubDate: Mon, 12 Jul 2021 00:00:00 GMT
      DOI: 10.1093/cje/beab024
      Issue No: Vol. 45, No. 5 (2021)
       
  • Financial markets and Keynes’s long-term expectations

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      Authors: Basili M; Zappia C.
      Pages: 1047 - 1067
      Abstract: This paper presents an intuitive way to represent Keynes’s theory of expectations and its implications for financial markets. Further to a suggestion by Ellsberg, a coherent expectational function for the valuation of assets under Keynesian uncertainty is derived. By following the thread that goes from the non-numerical probabilities of the Treatise on Probability to the expectations of the General Theory, this paper suggests that a function accounting for Keynesian expectations can be modelled by using a class of the so-called ε-contaminated probability priors, where the parameter ε is suggestive of the quality of information about the relevant odds.
      PubDate: Fri, 25 Jun 2021 00:00:00 GMT
      DOI: 10.1093/cje/beab013
      Issue No: Vol. 45, No. 5 (2021)
       
  • The safety of speculation …

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      Authors: Woods J.
      Pages: 1069 - 1097
      Abstract: Doubtless writing tongue-in-cheek to the Estates Committee of King’s College in 1938, Keynes remarked that it was safer to be a speculator than an investor. In the 1920s when first assuming responsibility for the College endowment, he had been a speculator, experiencing a remarkable conversion in the early 1930s to become a genuine long-term investor. Viewing the development of portfolio practice through Keynesian lenses, we demonstrate the essential continuity in conventional practice from Keynes’ time to the present day, the enduring characteristic being the treatment of uncertainty as if it were risk. Current practice is technically sophisticated, manifested in the reliance on benchmarks and risk controls to such an extent that we can refer to the fetish of benchmarking. In contrast, Keynes’ indirect, allusive, indeed elusive, approach embodies a unique insight—one that has been totally obscured by the conventional emphasis on ‘capital appreciation and depreciation generally’.
      PubDate: Thu, 17 Jun 2021 00:00:00 GMT
      DOI: 10.1093/cje/beab012
      Issue No: Vol. 45, No. 5 (2021)
       
  • Keynes and Knight on uncertainty: peas in a pod or chalk and cheese'

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      Authors: Packard M; Bylund P, Clark B.
      Pages: 1099 - 1125
      Abstract: For many years, the ideas of Knight and Keynes have been widely understood to overlap greatly and they are presumed to have developed notions of uncertainty that deeply intersect, both describing a state where outcomes have non-probabilistic likelihoods. Furthermore, even their political philosophies are historically somewhat homogenised, both considered ‘liberals’. We critically review the historical records and writings of these key scholars with the purpose of dehomogenising their political philosophies, scientific epistemologies and their famous works on uncertainty, published in the same year—1921. We show that neither Keynes nor Knight has been considered fairly by history. Keynes, far from a liberal, was a political socialist who supposed that economic futures could be predicted rationally via deduced probabilities (in an abstract sense) and concluded that expert economists could and should engage in economic planning. Knight, in stark contrast, was something of a radical liberal, holding uncertainty and paradox to be the permeating fact of human existence, which implied, for Knight, significant political and economic complexities far beyond any planner. In short, Knight and Keynes held to radically different philosophic assumptions and, consequently, derived distinctive theories of uncertainty, much further apart than previously supposed. By more fully and accurately placing their ideas within the context of their ideological priors, we gain a stronger sense of how they truly understood the mechanics of economies.
      PubDate: Fri, 02 Jul 2021 00:00:00 GMT
      DOI: 10.1093/cje/beab025
      Issue No: Vol. 45, No. 5 (2021)
       
  • Keynes and Knight: risk-uncertainty distinctions, priority, coherence and
           change

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      Authors: O’Donnell R.
      Pages: 1127 - 1144
      Abstract: Concerning the risk-uncertainty distinctions deployed by J.M. Keynes and F.H. Knight, this paper poses three questions. Historically, who has priority in introducing the distinction' Analytically, are both conceptions logically coherent' Temporally, did changes in viewpoint occur' Careful analysis leads to conclusions departing from conventional views.
      PubDate: Fri, 06 Aug 2021 00:00:00 GMT
      DOI: 10.1093/cje/beab034
      Issue No: Vol. 45, No. 5 (2021)
       
  • Uncertainty and inequality in early financial thought: John Hicks as a
           reader of Knight and Keynes

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      Authors: Hirsch R.
      Pages: 1145 - 1163
      Abstract: The article examines the early reception of Knight’s and Keynes’ accounts of uncertainty and their overlooked role in the development of financial economics. Knight’s famous distinction between risk and uncertainty bore a deep social and political significance, dividing humanity into risk-takers and the risk-averse. This same distinction, I argue, along with its asymmetries of power and rewards, was reproduced in Hicks’ 1939 dynamic equilibrium model. It was recast as an opposition between hedgers and speculators in a market for risk, on the one hand, and between institutional investors and the general public, on the other. Hicks’s synthesis heeds both Knightian and Keynesian notions of uncertainty, adopting the former’s idea of profit-earning uncertainty-bearers and the latter’s definition of money as an imperfect though widely used hedge against uncertainty. Closer to Knight than to Keynes, Hicks’s model raises a fundamental political question: is inequality a price worth paying for greater certainty in economic life'
      PubDate: Sat, 14 Aug 2021 00:00:00 GMT
      DOI: 10.1093/cje/beab032
      Issue No: Vol. 45, No. 5 (2021)
       
 
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