Titolo 'Incertezza knightiana', fallimenti di mercato e Stato sociale Periodico Economia pubblica Anno: 2006 - Volume: 36 - Fascicolo: 3/4 - Pagina iniziale: 31 - Pagina finale: 52
Incertezza Knightiana, fallimenti di mercato e Stato sociale (di Alberto Feduzi) - ABSTRACT: This paper examines the possibility of providing a rigorous theoretical foundation to the piggy-bank function of the welfare state, by considering a recent contribution in the modern decision theory under uncertainty, namely, the knightian decision theory proposed by Bewley (1986). In giving formal expression to Knight’s ideas, by dropping the completeness assumption of the bayesian model and adding an assumption of