The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1998 was awarded to Amartya Sen "for his contributions to welfare economics"
CAMBRIDGE – A central premise of neoclassical economics is that the consequences of the decisions of market participants can be known in advance and quantified as risk-adjusted estimates. As John Kay and Mervyn King showed in their 2020 book, Radical Uncertainty: Decision-Making Beyond the Numbers, such probabilistic reasoning has a long history. As applied in |