A Functional Representation of Potential Surprise Ordering

Authors

Se Ho Kwak, Department of Economics, University of Massachusetts Amherst

Working Paper Number

2022-17

Publication Date

2022

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.

DOI

https://doi.org/10.7275/15q9-ev22

Creative Commons License

This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License.

License

UMass Amherst Open Access Policy

Recommended Citation

Kwak, Se Ho, "A Functional Representation of Potential Surprise Ordering" (2022). Economics Department Working Paper Series. 336.
https://doi.org/10.7275/15q9-ev22