Lars Syll — Probability and economics

Modern neoclassical economics relies to a large degree on the notion of probability.

To at all be amenable to applied economic analysis, economic observations allegedly have to be conceived as random events that are analyzable within a probabilistic framework.

But is it really necessary to model the economic system as a system where randomness can only be analyzed and understood when based on an a priori notion of probability?

Lars P. Syll's Blog
Probability and economics
Lars P. Syll | Professor, Malmo University

Follows up on previously posted Probability and Economics.