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Fuzzy logic and Keynes's speculative demand for money

Author

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  • Sheila Dow
  • Dipak Ghosh

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'.

Suggested Citation

  • Sheila Dow & Dipak Ghosh, 2009. "Fuzzy logic and Keynes's speculative demand for money," Journal of Economic Methodology, Taylor & Francis Journals, vol. 16(1), pages 57-69.
    • Handle: RePEc:taf:jecmet:v:16:y:2009:i:1:p:57-69
    DOI: 10.1080/13501780802684260
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    References listed on IDEAS

    as
    1. Paul Davidson, 2002. "Financial Markets, Money and the Real World," Books, Edward Elgar Publishing, number 2467.
    2. Paul Davidson, 1978. "Money and the Real World," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-1-349-15865-2, December.
    3. Victoria Chick, 1983. "Macroeconomics after Keynes: A Reconsideration of the General Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262530457, April.
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    Cited by:

    1. Alexandre Souza & Gabriel Porcile, 2009. "Aplicação da lógica fuzzy em processos de decisão econômica," Working Papers 0084, Universidade Federal do Paraná, Department of Economics.
    2. Ekaterina Svetlova & Henk van Elst, 2014. "Decision-theoretic approaches to non-knowledge in economics," Papers 1407.0787, arXiv.org.

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    More about this item

    Keywords

    fuzzy logic; liquidity preference; diversity of opinion; B41; C0; E41; E50;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C0 - Mathematical and Quantitative Methods - - General
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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