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Item Details
| Title:
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UNCERTAINTY, PRODUCTION, CHOICE, AND AGENCY
THE STATE-CONTINGENT APPROACH |
| By: |
Robert G. Chambers, John Quiggin |
| Format: |
Hardback |
| List price:
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£65.00 |
| Our price: |
£56.88 |
| Discount: |
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| You save:
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£8.12 |
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| ISBN 10: |
0521622441 |
| ISBN 13: |
9780521622448 |
| Availability: |
Usually dispatched within 1-3 weeks.
 Delivery
rates
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| Stock: |
Currently 0 available |
| Publisher: |
CAMBRIDGE UNIVERSITY PRESS |
| Pub. date: |
25 September, 2000 |
| Pages: |
390 |
| Description: |
This book presents a justification of the state-contingent approach to the economics of uncertainty. |
| Synopsis: |
This book demonstrates that the state-contingent approach provides the best way to think about all problems in the economics of uncertainty, including problems of consumer choice, the theory of the firm, and principal agent relationships. The authors demonstrate that dual methods apply under uncertainty and that the dual representations can be developed for stochastic technologies. Moreover, proper exploitation of the properties of alternative primal and dual representations of preferences allows analysts to generalize and extend the results of the existing literature on preferences under uncertainty, thus making expected-utility theory largely superfluous for many decisions. These insights open the way for developments in the basic theory of production under uncertainty, the theory of hedging behavior, the analysis of agency problems and the theory of production insurance. |
| Illustrations: |
69 b/w illus. |
| Publication: |
UK |
| Imprint: |
Cambridge University Press |
| Returns: |
Returnable |
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