Abstract
Part I provides a brief biographical portrait of G. L. S. Shackle together with an overview of his contributions to the literature of economics. These are predominantly on the general theme of ‘uncertainty and expectations’. His major original work (and this is also his own opinion) is his theory of individual decision making in a world of incomplete information. A detailed study of that theory constitutes Part II of this essay. Substantial parts of this essay were contained in two essays published in the Shackle Festschrift by the Journal of Economic Studies (vol. 12, issues 1/2,1985). I am grateful to the Editor, Frank Stephen, for permission to use here whatever material I wished from those essays.
This is a preview of subscription content, log in via an institution.
Buying options
Tax calculation will be finalised at checkout
Purchases are for personal use only
Learn about institutional subscriptionsPreview
Unable to display preview. Download preview PDF.
References
C. F. Carter (1950) ‘Expectation in Economies’, Economic Journal, vol. 60, pp. 92–105.
C. F. Carter and J. L. Ford (eds) Uncertainty and Expectations in Economics: Essays in Honour of G. L. S. Shackle (Oxford: Basil Blackwell).
R. A. D. Egerton (1956) ‘Safety-first or Gambler-preference and the holding of Assets’, Oxford Economic Papers, vol. 8, 1956, pp. 51–9 (Oxford: Basil Blackwell, 1972).
R. A. D. Egerton (1960) Investment Decisions under Uncertainty (Liverpool: Liverpool University Press).
J. L. Ford (1983) Choice, Expectation and Uncertainty (Oxford: Basil Blackwell).
J. L. Ford (1984) ‘G. L. S. Shackle’s Theory of Expectations: A Critical Overview’, paper prepared for Shackle Conference, Guildford 1984: to be published in the conference volume (ed., S. Frowen) by Macmillan, 1988.
J. L. Ford (1987) Economic Choice under Uncertainty: A Perspective Theory Approach (London: Gower Press (Edward Elgar Publishing); New York: St Martin’s Press).
J. D. Hey (1979) Uncertainty in Microeconomics (Oxford: Martin Robertson).
L. Hurwicz (1951) ‘Optimality Criteria for Decision Making under Uncertainty’, Cowles Commission, Discussion Paper.
H. Jeffreys (1939) Theory of Probability (Oxford: Oxford University Press).
Journal of Economic Studies (1985) Shackle Festschrift, vol. 12, Issues 1/2.
D. Kahneman and A. Tversky (1979) ‘Prospect Theory: An Analysis of Decisions under Risk’, Econometrica, vol. 47, pp. 263–91.
W. Krelle (1957) Review of G. L. S. Shackle’s Uncertainty in Economics, Econometrica, vol. 25, pp. 618–19.
G. Loomes and R. Sugden (1982) ‘Regret Theory: An Alternative Theory of Rational Choice under Uncertainty’, Economic Journal, vol. 92, pp. 805–24.
D. R. Luce and H. Raiffa (1957) Games and Decisions (New York: John Wiley and Sons).
Milnor (1951) ‘Games Against Nature’, in G. K. Kalish, R. M. Thral, C. H. Coombs and R. L. Davis (1951) Decision Processes (New York: John Wiley and Sons).
S. Ozga (1965) Expectations in Economics (London: Weidenfeld and Nicolson).
A.D. Roy (1952) ‘Safety-first and the Holding of Assets’, Econometrica, vol. 20, pp. 431–49.
A. Sandmo (1970) ‘The Effect of Uncertainty on Saving Decisions’, Review of Economic Studies, vol. 37, pp. 353–60.
G. O. Schneller and G. P. Sphicas (1983) ‘Decision Making under Uncertainty: Starr’s Domain Criterion’, Theory and Decision, vol. 15, pp. 321–6.
G. L. S. Shackle (1938) Expectations, Investment and Income (Oxford: Oxford University Press), 2nd edn (Oxford: The Clarendon Press, 1968).
(1939) ‘The Multiplier in Closed and Open Systems’, Oxford Economic Papers, no 2, May, pp. 135–44.
(1949) Expectation in Economics (Cambridge: Cambridge University Press); 2nd edn, 1952.
(1952) Mathematics at the Fireside (Cambridge: Cambridge University Press).
(1953) What Makes an Economist (Liverpool: Liverpool University Press).
(1955) Uncertainty in Economics and other Reflections (Cambridge: Cambridge University Press).
(1958) Time in Economics (Amsterdam: North Holland).
(1959) Economics for Pleasure (Cambridge: Cambridge University Press); 2nd edn, 1968.
(1961) Decision, Order and Time in Human Affairs (Cambridge: Cambridge University Press); 2nd (enlarged) edn, 1969.
(1965) A Scheme of Economic Theory (Cambridge: Cambridge University Press).
(1966) The Nature of Economic Thought: Selected Papers 1955–1964, (Cambridge: Cambridge University Press).
(1967) The Years of High Theory: Invention and Tradition in Economic Thought 1926–1939 (Cambridge: Cambridge University Press).
(1970) Expectation, Enterprise and Profit (London: George Allen and Unwin).
(1972) Epistemics and Economics: A Critique of Economic Doctrines (Cambridge: Cambridge University Press).
(1974) Keynesian Kaleidics (Edinburgh: Edinburgh University Press).
J. Venn (1880) The Logic of Chance, 3rd edn (London: Methuen).
J. Von Neumann and O. Morgenstern (1947) The Theory of Games and Economic Behaviour, 2nd edn (Princeton: Princeton University Press).
Editor information
Editors and Affiliations
Copyright information
© 1989 David Greenaway and John R. Presley
About this chapter
Cite this chapter
Ford, J.L. (1989). G. L. S. Shackle, 1903–. In: Greenaway, D., Presley, J.R. (eds) Pioneers of Modern Economics in Britain. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-09376-2_3
Download citation
DOI: https://doi.org/10.1007/978-1-349-09376-2_3
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-09378-6
Online ISBN: 978-1-349-09376-2
eBook Packages: Palgrave Literature & Performing Arts CollectionLiterature, Cultural and Media Studies (R0)