In an important paper, Lawson (1985a) discusses the conditions under which it is possible to carry out a coherent economic analysis of a system which is subject to fundamental uncertainty (as opposed to mathematical risk).
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Bibliographic citation: Omar F. Hamouda and John N. Smithin, “Some Remarks on ‘Uncertainty and Economic Analysis'”, The Economic Journal Vol. 98, No. 389 (March, 1988), pp. 159-164.