Uncertainty in Economics A New Approach
In this book the author develops a new approach to uncertainty in economics, which calls for a fundamental change in the methodology of economics. It provides a comprehensive overview and critical appraisal of the economic theory of uncertainty and shows
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Julia Köhn
Uncertainty in Economics A New Approach
Contributions to Economics
More information about this series at http://www.springer.com/series/1262
Julia K€ohn
Uncertainty in Economics A New Approach
Julia K€ohn Berlin, Germany
ISSN 1431-1933 ISSN 2197-7178 (electronic) Contributions to Economics ISBN 978-3-319-55350-4 ISBN 978-3-319-55351-1 (eBook) DOI 10.1007/978-3-319-55351-1 Library of Congress Control Number: 2017942769 © Springer International Publishing AG 2017 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Printed on acid-free paper This Springer imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Preface
In mainstream economic theory, uncertainty is closely linked to the theory of economic choice. Particularly, since the 1950s the epistemic aspect of uncertainty dominates the intellectual debates and uncertainty became modelled as a subjective probability belief of a rational economic agent. Several attempts have been made to extend this approach and make it more realistic.1 Yet, the ontological aspects of uncertainty are still not reflected in economic theory. The overarching goal of this book is to seek a comprehensive understanding of the economic theory of uncertainty and to appraise it critically. Based on this, I aim to develop a theory of economic uncertainty that integrates epistemological and ontological aspects of uncertainty. This book is based on my dissertation, which was supervised by Professor Birger Priddat (Department of Economics) at Witten/Herdecke University. Therefore, I firstly should establish that ontological aspects of uncertainty are similarly important as epistemic ones. In Part I of this book, I therefore analyse the concept of uncertainty in economic thought and show that origin
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