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- W3177249610 abstract "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." @default.
- W3177249610 created "2021-07-05" @default.
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- W3177249610 date "2021-06-25" @default.
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- W3177249610 title "Financial markets and Keynes’s long-term expectations" @default.
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- W3177249610 doi "https://doi.org/10.1093/cje/beab013" @default.
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