After the Crisis: Financial Economics and Decision Theory

Abstract

This paper reviews the classics of financial economics with the benefit of insight offered by the recent financial crisis. The failure of mainstream financial models to explain the observed behavior of markets is put in relation with Itzhak Gilboa’s critique of the \ndecisional model used for assessing choice under uncertainty. The paper argues that Gilboa’s attempt to develop an alternative theory of decision under uncertainty has a clear Keynesian derivation.

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