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Cambridge University Press Uncertainty, Production, Choice, and Agency: The State-Contingent Approach

Name: Uncertainty, Production, Choice, and Agency: The State-Contingent Approach
Brand: Cambridge University Press
Price: 21.2 GBP
Availability: InStock

Illustrated

Business & Economic History

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Description

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.

Product Specifications

Brand: Cambridge University Press
Model: Illustrated
Format: hardcover
ASIN: 0521622441
Category: Books > Subjects > Business, Finance & Law > Biographies & Histories > Business & Economic History
Domain: Amazon UK
Release Date: 25 September 2000
Listed Since: 04 January 2007

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Cambridge University Press Uncertainty, Production, Choice, and Agency: The State-Contingent Approach

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