Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/283947 
Authors: 
Year of Publication: 
2022
Series/Report no.: 
Working Paper No. 2022-17
Publisher: 
University of Massachusetts, Department of Economics, Amherst, MA
Abstract: 
In the history of economic thought, Shackle was one of the representative critics about probability based economic theory. Specifically, he constructed his own concept of subjective uncertainty called potential surprise to replace probability. In 1980s, the potential surprise is axiomatized by Katzner as Kolmogorov-styled measure defined on the 𝜎-field over the set of possible states. In this paper, potential surprise function is reconstructed as the functional representation of potential surprise ordering on the space of hypotheses about future called monad.
Subjects: 
Shackle
uncertainty
probability
JEL: 
B21
B50
D81
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Working Paper

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