Economics Department Working Paper Series
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 π-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