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Contrary to what everyone else seemed to think then, he showed that quite commonly, greater uncertainty is a reason for saving more, not less. Then he met Paul Samuelson and Bob Solow, and gave a seminar at MIT on optimum growth under uncertainty. They spotted a mistake but were nevertheless encouraging. The thesis was duly submitted in September 1963, on Optimum Accumulation under Uncertainty. Wonderfully, Ken Arrow was visiting Cambridge that year, and was one of his two examiners. He tried very hard to find the mistakes and failed. But James had still never been able to solve the main problem the thesis addressed, at least to his satisfaction...
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