Fuzzy logic and Keynes's speculative demand for money
Journal of Economic Methodology 16 (1):57-69 (2009)
| Abstract | The purpose of the paper is to explore the potential for using fuzzy logic to analyse economic decision?making under Keynesian uncertainty, and in particular in circumstances where variety of opinion is important. Fuzzy logic is shown to apply where expectations may differ because the nature of the subject matter impedes any ?crisp? way of describing the underlying variables. The particular case of the speculative demand for money is considered, since it explicitly reflects variety of opinion as to whether interest rates are ?high? or ?low? | |||||||||
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