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Appears in Collections:Economics Journal Articles
Peer Review Status: Refereed
Title: Fuzzy logic and Keynes's speculative demand for money
Author(s): Dow, Sheila
Ghosh, Dipak
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Keywords: Fuzzy logic
liquidity preference
diversity of opinion
Fuzzy logic
Keynesian economics
Demand for money Mathematical models
Decision making Economic aspects
Issue Date: Mar-2009
Date Deposited: 23-Mar-2009
Citation: Dow S & Ghosh D (2009) Fuzzy logic and Keynes's speculative demand for money. Journal of Economic Methodology, 16 (1), pp. 57-69.
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’.
DOI Link: 10.1080/13501780802684260
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