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Uncertainty, Production, Choice, and Agency by Robert G. Chambers & John Quiggin
The State-Contingent Approach
Justification of the state-contingent approach to the economics of uncertainty.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. |
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| Author(s) : Robert G. Chambers & John Quiggin | Format : Hardback Book |
| ISBN-10 : 0521622441 | ISBN-13 : 9780521622448 |
| RRP : £65.00 | Best available price : £ / $ |
| Prices as of : BST check live prices | |
Product Details:
Country Publication : United Kingdom
Publication Date : 25/09/2000
Publisher : Cambridge University Press
Page Length : 384mm
Page Size : 238mm