CARDIM DE CARVALHO’S CONTRIBUTION TO THE UNDERSTANDING OF DECISION MAKING IN CONTEMPORANEOUS FINANCIAL MARKETS // A CONTRIBUIÇÃO DE CARDIM DE CARVALHO À COMPREENSÃO DAS TOMADAS DE DECISÃO NOS MERCADOS FINANCEIROS CONTEMPORÂNEOS
Keywords:
Keynesian uncertainty, decision making, financial asset’s markets, conventions, speculation // incerteza keynesiana, tomada de decisão, mercados de ativos financeiros, convenções, especulaçãoAbstract
ABSTRACT: According to the post-Keynesian approach, uncertainty is inherent to the loci in which investors decide the portfolio allocation of their wealth (or the wealth they manage) in a monetary economy. In financial assets’ markets, to deal with uncertainty, agents use instruments that evolved with time and encompass two elements of the decision-making process: (i) which premises will be considered to make a decision, the focus of Keynes’ General Theory; (ii) the sequel between the premises and the very decision, the focus of Keynes’ Treatise on Probability. The aim of this paper is twofold. The first one is to summarize the contribution of Fernando Cardim de Carvalho to the understanding of the decision-making under uncertainty. The second one is to analyse the decision-making instruments used in contemporaneous financial assets’ markets in light of his contribution that is especially suitable for this goal due to his acquaintance with the Treatise.
===============
RESUMO: De acordo com a abordagem pós-keynesiana, a incerteza é inerente aos loci em que os investidores tomam as decisões de alocação da sua riqueza (ou da riqueza que administram) numa economia monetária. Nos mercados de ativos financeiros, para lidar com a incerteza os agentes utilizam instrumentos que evoluíram ao longo do tempo e englobam dois elementos do processo de decisão: (i) as premissas que serão consideradas, foco da General Theory; (ii) a sequência entre as premissas e a própria decisão, foco do Treatise of Probability. O objetivo deste artigo é duplo. O primeiro é resumir a contribuição de Fernando Cardim de Carvalho para a compreensão da tomada de decisão sob incerteza. O segundo consiste em analisar os instrumentos de tomada de decisão utilizados nos mercados de ativos financeiros contemporâneos à luz desta contribuição que é especialmente adequada a este objetivo devido ao seu profundo conhecimento do Treatise.
Downloads
Published
Issue
Section
License
The Revista de Economia Contemporânea (Journal of Contemporary Economics) adopted the Creative Commons license attribution-type BY-NC until April/2015. The license attribution-type BY has been adopted ever since.
Ownership of copyrights belongs to the IE-UFRJ (Instituto de Economia da UFRJ), which will not pay copyrights for published works. In accordance with current copyright regulation and the type of copyright license adopted (CC-BY), article full or partial reproduction and release are allowed provided that the citation source is disclosed. In case this copyright rule is not obliged, a written warning will be issued by the publisher to the person who has disregarded this regulation.
