Indeterminate Probabilities and Smithian and Keynesian Uncertainty

Abstract

Smith, Keynes, and Knight, in that order, made seminal contributions to decision making which emphasized uncertainty and indeterminate probabilities, as opposed to mere imprecision.De Finetti’s views on uncertainty are diametrically opposed to those of Smith, Keynes, and Knight once the clear cut distinction is drawn between imprecise probabilities and indeterminate probabilities.